Post by account_disabled on Dec 10, 2023 1:42:22 GMT -5
Of consumers said the cost of inflation caused them to switch brands in the past two years. How to retain customers during times of inflation Inflation cost impact The same group was asked what factors would encourage them to stick with a brand despite rising inflation costs. The graph below shows the distribution of their answers. How to Retain Customers in Times of Inflation Brand Loyalty Factors Let’s look at the first three strategies in more detail. Product discounts or freebies While it may seem counterintuitive to deal with rising costs and offer discounts, customers want to find value in the way they spend their money. Especially during periods of inflation, the purchasing power of money is lower. Surveys show that of consumers say product discounts or freebies help increase brand loyalty during inflationary times.
Even if your company can't frequently offer Phone Number List discounts or free gifts, try to find strategic ways to save money without affecting your bottom line. For example: If you offer fewer promotions, make them more efficient. Create targeted, personalized offers for consumers based on consumer behavior such as cart abandonment rate or purchase frequency. Also, be cautious when offering seasonal or holiday sales. Conduct some research to determine how seasonality affects consumer buying habits and prioritize the activities your customers care about most.
C in addition to product promotions Because even if the customer's request isn't something you would do, responding is always better than not responding at all. Put findings into action. As with any form of data collection, one of the biggest mistakes is putting all your energy into data collection and analysis, only to fail at taking action. But that’s why we collect data: to inform decision-making. How you act on customer satisfaction data will vary based on the company and the situation (as well as available resources and many other variables), but it's important to have a plan of action. Ask yourself, if I received feedback, what would I do with that information? Just asking this question will put you on track to improve your customer experience and put you into an ongoing customer feedback loop for better customer insights and actionable takeaways.
Even if your company can't frequently offer Phone Number List discounts or free gifts, try to find strategic ways to save money without affecting your bottom line. For example: If you offer fewer promotions, make them more efficient. Create targeted, personalized offers for consumers based on consumer behavior such as cart abandonment rate or purchase frequency. Also, be cautious when offering seasonal or holiday sales. Conduct some research to determine how seasonality affects consumer buying habits and prioritize the activities your customers care about most.
C in addition to product promotions Because even if the customer's request isn't something you would do, responding is always better than not responding at all. Put findings into action. As with any form of data collection, one of the biggest mistakes is putting all your energy into data collection and analysis, only to fail at taking action. But that’s why we collect data: to inform decision-making. How you act on customer satisfaction data will vary based on the company and the situation (as well as available resources and many other variables), but it's important to have a plan of action. Ask yourself, if I received feedback, what would I do with that information? Just asking this question will put you on track to improve your customer experience and put you into an ongoing customer feedback loop for better customer insights and actionable takeaways.