The latest AU-NZ Business Innovators Index 2022 by Harvard Business Review Analytic Services in association with Mastercard sheds light on what consumers are looking for in a business when it comes to purchasing goods and services. And for a majority of them (68 per cent), they put a high level of importance on brand trust, with three quarters (75 per cent) saying they won’t spend money with a business they don’t trust.
“As consumers look for reliability, trust gives organisations a license to innovate,” Dan Martin, vice presidentand head of Digital Partnerships in ANZ at Mastercard, said. “They have shown that it isn’t always the latest tech that excites them, but rather those solutions that are easy to use and understand, prioritise their safety, and come from organisations that have earned their trust, time and time again.”
The research also reveals the most meaningful areas of innovation for ANZ customers, which are:
- lower costs/pricing (76 per cent)
- prioritising the safety of consumers (63 per cent)
- offering convenience and ease of use (63 per cent)
- ensuring data security and information privacy (62 per cent).
On the other hand, consumers least value the things that businesses value more when it comes to innovation, such as:
- the most up-to-date technology (27 per cent)
- personalisation and customisation (23 per cent)
- touchless or virtual human interaction (12 per cent).
“The most powerful innovation you can deliver right now is one that delivers more value to consumers,” Martin said. “After a couple of years where ‘digital transformation’ were the two words on almost every business agenda, what’s needed now is to meet consumers where they are – prioritising health and safety, making their lives easier and ensuring the security and privacy of their information.”
Martin pointed out that the most successful innovators in the years ahead are likely to be those who can be “the best at the basics”, with 78 per cent of AU-NZ consumers claiming they don’t trust businesses or brands whose product or service delivery is unreliable. In addition, 45 per cent of respondents have cited previous interactions or experiences with a company as a primary element in evaluating trust.
“This report reminds us that when it comes to innovation organisations should be looking to add value, build trust and ultimately, improve people’s lives,” Martin said. “In today’s market climate, if you lose sight of this core objective, you’re limiting your ability to make an impact.”
