Inflation has pushed consumers to the brink of a meltdown and delinquencies are on the rise, yet consumer spending remains high and is expected to rise during the holidays. The pain caused by the current economic turmoil is affecting both consumers and small businesses but as in any situation there are opportunities to be explored. Understanding the current mindset of your consumers can open doors to better market your products and services. Any gesture you can make to alleviate the pressures that your consumers are facing, would most likely be rewarded with higher satisfaction levels and customer loyalty. Offering points, Discounts, payment options, or deals for repeat purchases is one place to start, but there are other things you can do to stay on top of your customers’ mind like sending a birthday message, engage with them on social media, and make customer service a priority.
The key is to show that you understand the pressures they are feeling and show them that you are working to help them. Consumers are looking for deals, and if you are looking to retain your customers you will have to find ways to build on your relationship. Offering Free Shipping when customers meet certain purchasing thresholds, offer a discount on a future purchase, offer tailored products or services specific to the customer, or offer payment options that can help them save. The theme for consumers during these times is spend less, save more. If you strategize your business to meet this current demand, not only will your survive this period, but you may find that your business will grow your customer base.
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