"Take a look at your processes and the way you communicate with your clients to identify areas where you can make improvements. "
Every year, they test this hypothesis with their World's Simplest Brands survey. More than 14,000 people are surveyed in nine countries to gather perspectives on how industries or businesses can make people’s lives simpler or more complex. The most recent wave of research found that 55% of consumers are willing to pay more for simpler experiences. What’s more, 64% of people are more likely to recommend a business because it provides simpler experiences and communications.
This positive sentiment towards simplicity seems to have a direct impact on bottom line performance. Siegel+Gale has created a portfolio of the top 10 publicly listed businesses that have been the best performers within the survey, the combined share price of which has grown by 679% since 2009. This compares to growth of just 52% in the FTSE.
A plan to grow your business
Growth doesn’t necessarily have to come from diversifying into new areas. Based on this research by Siegel+Gale, you could do a lot worse than focusing on delivering a more straight-forward, simple experience for your clients. This can also help to increase your conversions, customer loyalty and referrals.
Making things easier
As Benjamin Franklin once said, “without continual growth, such words as improvement, achievement and success have no meaning.”
Take a look at your processes and the way you communicate with your clients to identify areas where you can make improvements. Even marginal gains can lead to a big improvement.
This focus on simplicity is something we take very seriously at Pepper Money. It is the driving force behind our recent changes to streamline our criteria, making it easier for you to identify the right product tier for your clients.
