With the cost-of-living crisis it’s well known that consumers worldwide are spending less and less. Prices for everyday items have gone up and certain “luxuries” that we would have been willing to spend more on in the past, now take a backseat and are not even considered.
According to recent research by management consulting company Oliver Wyman, this does not apply when it comes to telco services and broadband. The research states that there are specific customer segments in broadband and mobile which are still willing to pay more despite current conditions.
24% of Australian customers prioritise reliability and 17% speed when switching providers and are willing to pay more for those features compared to their European counterparts.
“While price remains a key factor for Australian broadband users, reliability and speed are becoming more important considerations in their decision-making process. Nearly half of them plan to upgrade their broadband speed within the next 12 months, and 64% are willing to pay more for faster speeds,” said Oliver Wyman partner Zia Bhadiar.
Should you be spending more too?
Not necessarily. We’ve stressed this many times in our articles and it all boils down to what your needs are. As a business, your IT budget should be the last one to be cut (we explain why in this article). Your IT department is fundamental to your communication channel with the outside world. And you need to communicate to be able to sell, serve and satisfy your customers and stakeholders.
However, if you’re not getting your money’s worth from your current IT setup then it makes sense that you would feel the need to cut back as it’s not meeting your expectations. So, for starters you should evaluate what you need, where you want to go and what’s the best way to get there.
That said, if the best way to get there is to invest more in your IT and Telco solutions then you should do just that! Your broadband, network, IT setup and communications system are one of the most vital aspects of ensuring business continuity and success.
What now?
And now you’re not sure where to start and what to look into first. Allow our team of experts to assess your current infrastructure and solutions and advise you on the best way to move ahead for YOUR business. Even if our fellow Australians are willing to spend more, you may not have to!
