Consumer Impression: Key Role in Business Success

Consumer impression plays a key role in business success, but most companies do not have a comprehensive strategy for this; lack of data is the biggest obstacle to Hungarian companies' ability to offer personalized offers to their customers, EY found in a study of 50 Hungarian marketing and sales executives, which was published in a press release by EY.

The survey shows that customer satisfaction has a direct impact on business performance. Previous EY research has shown that the cost of acquiring customers has increased by almost 60% in the last five years, making it increasingly important for companies to retain brand loyal customers. Companies that focus on improving the customer experience not only stand out in a competitive market, but also increase employee loyalty and adapt to change, the study found.

The release quotes Roland László, a senior partner in EY's business consulting practice, as saying that customer preferences have never changed as quickly as they are now. It is vital for business leaders to understand and respond effectively to their customers' expectations. However, the study shows that many companies have not yet built systems to collect and use relevant data effectively. But those that do can gain a competitive advantage. Companies with high brand loyalty grow revenues two and a half times faster than their competitors. Moreover, engaged customers are four times more likely to repurchase a product," he added.

According to the executives who took part in the research, the best way to increase customer satisfaction is through innovation and environmental awareness, followed by value for money and personalized experience.

László Palincsár, Head of Customer & Growth Services at EY, said in a statement that consumers are becoming increasingly aware and are only willing to share their data if it can bring them real benefits. To achieve sustainable growth, he said, companies need to adopt a data-driven strategy that not only tracks current trends but also anticipates changes in consumer needs.