A while ago, we posted a blog titled, “How brand loyal are customers in the metrology field?” where we discussed what seems to trend in metrology customers in terms of how loyal they are to certain brands and why. Some precision measurement consumers are more brand loyal while others are more price conscious. Today we want you to ask yourself, what type of customer are you? Has it changed over time? Do you alter your loyalty to brand or price depending on what you are buying? Asking yourself these questions and thinking about what goes into the purchase decisions you make can help you to be a more mindful shopper. We want you to think about your own habits and contemplate why and how they may have formed.
Generally, at Higher Precision people tend to either be brand loyal or price conscious and make all of their precision measurement shopping decisions based on their original categorization. However, there is always some room for adjustment and what people value changes with both experience and time. Many of us like to stick with a brand that has served us well in the past. Trust has been built, whether in regard to functioning of a tool we previously purchased or how the company handles it when your tool stops functioning. Alternatively, others of us believe that most tools are built similarly no matter what brand name is on it and just look for the cheapest option. For these individuals it has less to do with an established relationship and more to do with getting the most bang for your buck.
Customers who are price conscious are searching for lower prices, better discounts, or any other qualities that relate directly to money and finances. Customers who are brand loyal are going to buy from the brand they like as long as that brand offers the tool or service they are trying to purchase. Brand loyal customers are therefore typically repeat customers and rarely concern themselves with the financial aspects of a purchase, while price conscious shoppers are more likely to shop around before making a purchase. One advantage of being a brand loyal customer is that you might be more adventurous when it comes to trying new tools and products. Since your central focus is brand name, you are more willing to test out other devices that you may not have originally sought out. Alternatively, if you are shopping with price in mind alone, you do not have as much motivation to go off the beaten path and buy anything that is not on your shopping list. An advantage of being a price conscious shopper is that you will in the end save some money. Since these individuals are more likely to take their time until the cost satisfies them, they will also be more likely to find a good deal.
The ways in which companies impact your shopping habits will vary depending on whether you are brand loyal or price conscious. When a company offers low prices, discounts, special offers, or multi-buy deals they are specifically targeting those who prefer being price conscious. This is an important way that a company loops you in and gets your attention. Importantly, if you are exclusively paying attention to prices, the only way the brand will keep you as a customer is with continuous deals. In this way, being price conscious is advantageous because there are typically deals available for this very purpose. Product quality and better levels of service are the two biggest tactics to get and maintain brand loyal customers. Once you have decided to be loyal to a particular brand, it is likely that you will leave only in the event that your expectations are not met. In other words, if you encounter lower quality products or impatient and unhelpful customer service representatives you might consider changing your allegiance. From this perspective, you would no longer be getting what you pay for. Being brand loyal is beneficial because companies are vying to keep you and this motivates them to keep up the high standards you have set by remaining loyal to them.
Knowing whether you are more of a price conscious consumer or a brand loyal consumer will help you to make informed shopping choices. Depending on what category you identify with, precision measurement companies will be targeting you in different ways. At the end of the day, it is simply a matter of preference—stick with the brand you know or go for the price you like. However, by questioning how you decide on precision measurement product purchases will help you make intentional choices based on logic and preference. No matter what type of consumer you are, keep an eye out for deals! Whether you are brand loyal or price conscious, you can still benefit from a discount from a company you love.