5 Reasons Why Business Should Pay Attention to Consumer Rights
Overlooking the impact of consumer rights on business performance is a poor, yet easily made mistake for a business. Working with consumer rights is not only a legal requirement, it is also a strategic asset that can bring significant benefits to your business.
Here, I’ll briefly cover five points that highlight how a positive approach to working with consumer protections can boost your brand’s prospects:
1. Reputation building
Displaying a sincere commitment to upholding consumer rights pays off in reputational benefits. With the availability of numerous online reviews and consumer advocacy communities, such as PissedConsumer Club, people can easily access personal assistance and expert guidance while also finding up-to-date consumer tips, which will likely sway purchasing decisions.
Brands that take care of their customers and their rights will be recognized as such on these platforms, and a positive perception will ensue.
2. Gain customer loyalty
Customers who feel respected and in safe hands will reciprocate with continued custom and brand loyalty. Actively adhering to and, more so, promoting consumer rights reflects well on the transparency and good intentions of the brand, and this is important to consumers, who will often make their purchasing decisions based on these factors.
3. Acquire usable insights
Engaging with customers is essential to making sure that your company is on the right track with regard to consumer rights practices. A further advantage of this is the end-user consumer insights that can be gleaned by discussing your customers’ needs and experiences — these actionable insights can then be applied constructively to product development, marketing, and customer service improvements.
Your brand should, therefore, always seek to understand consumer issues and encourage customers to share feedback.
4. Comply with legal regulations
Indeed, any business that ignores or neglects its consumer rights obligations will at some point find it catching up with them, usually in the form of fines and negative publicity. Consumer protections exist for good reason, and through strict compliance, brands will not have to be concerned with any legal difficulties that may otherwise arise.
5. Trust as a central brand selling point
Visible assurances such as company commitments and peer testimonials instill confidence in the consumer and hence, are a deciding factor in purchasing decisions. A clear track record of doing right by the customer, and sticking to their side of the deal will associate a brand name with trust, and the pay-off of more customers, consumer loyalty, and boosted retention.
Build a brand that is synonymous with trust and transparency
Every business should consider consumer rights as a key component of its overall strategy. Provide avenues for engagement and support that allow you to effectively care for your customers, and the rewards will soon become apparent.
