Rick Wartzman
speaker
65 appearances
1 recordings
1 series
first heard Jun 2022
last heard Jun 2022
Rick Wartzman’s voice in public audio — every appearance, attributed to the second.
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Appearances
WSJ Your Money Briefing · Why Consumers Are Willing to Pay More for Some Brands · 10 Jun 2022
podcast
Where we see this positive correlation would be in industry like household and personal products.
Yeah, a great example is a company like Procter & Gamble.
They have leading brands, right?
People really want Tide or they want Crest or they want Pampers.
They really have a lot of loyalty to those specific brands.
And so far, from what P&G has said, although they are bracing for consumers to maybe rein in their spending and hunker down, so far they have been able to pass along price increases for those kinds of products without losing market share.
This is
you know, a company we see in our rankings that has, they rank in the top 1% of the, you know, nearly 850 companies we rank across all industries.
They rank in the top 1% in terms of customer satisfaction and customers are willing to pay a bit more and swallow those price increases.
You know, as prices go up, maybe before even this inflationary period hit, they are reinvesting their profits back into customer service, into innovation, new products and services that they can offer and build that brand loyalty.
I found telecom particularly interesting because, you know, I often sort of in my mind, I was like, oh, they really compete on price.
And, you know, we see ads on TV where, you know, some of it is very price based, depending on the company.
I think T-Mobile has an ad out that I see all the time now where they're talking about, you know, you switch to us and you get money back and we lock in the price for you.
But when I talked to some of our colleagues, like at J.D.
Power, a company that supplies some of the customer satisfaction data in our model, they were pointing out that, yes, there's often kind of a competition based on price among telecom companies, but they're increasingly also competing on customer service, offering 5G, offering better service at the end of the day, more hotspots and that kind of thing.
And so, again, they do have a lot of correlation.
They have a high correlation between net profit margin and customer satisfaction, which would tell us that by and large, they're in a better position to pass along those price increases.
The industries that we saw a negative correlation were in consumer durables and apparel, you know, food and staples retailing, right?
This sort of makes sense.
An interesting one was transportation.
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