According to brand specialist Jonathan Coles, to be successful in a premium market, your brand must offer premium value and premium customer service.
In the second episode of Financial Simplicity’s podcast series “How Investing is Evolving”, Founder and CEO, Stuart Holdsworth, interviewed consumer brand specialist Jonathan Coles and they dived into the importance of consumer value when putting together an investment proposition.
During the podcast, Jonathan provided his detailed understanding of attaining the premium consumer by building a brand that offers both premium value and exceptional customer service. Jonathan said, “if you want to operate in the higher end, you need to make sure you understand the real mindset of that consumer and you meet their desired value every time, all the time.”
Jonathan continued, ‘a business must truly identify why they are in business and the consumer they are trying to attract”. Jonathan believes that it’s not just providing a premium product it is understanding the premium customer’s mindset if that is the space you want to do business in, you need to consider their values, attitudes, and behaviours rather than drilling too deeply into the demographics of the ideal customer market’.
Stuart and Jonathan went on to discuss the importance of businesses spending time to solidify why they are in business, what their value proposition is, and outline the characteristics of the consumer you are looking to attract. Jonathan said, ‘what somebody at the premium end is looking for is that piece that they place a higher value on.’
In the competitive market in which Stuart and Financial Simplicity operate, consumer confidence has been battered by recent turbulent conditions. Jonathan suggests that savvy consumers are more inquisitive, and measure how much they trust and distrust particular brands based on their actions. Brand distrust can be highly corrosive and can lead consumers away. What savvy consumers look for is authenticity, exceptional design and service, and consistent innovation. It helps when businesses are socially responsible and have a lived purpose that is identifiable. These are the attributes that will attract a premium consumer.
If you want to hear more, you can listen and download the full episode of our How Investing is Evolving podcast here.
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