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In times of economic uncertainty, consumers are more cautious with their spending and may be less likely to make impulsive or nonessential purchases. This can be particularly challenging for businesses that rely on these types of consumer purchases to drive sales. However, there are strategies that companies can employ to encourage customers to continue buying from their brands, even when money is tight.
By building trust, offering value and providing exceptional customer service, companies can create a loyal customer base that will stick with them through both good times and bad. Below, a panel of Rolling Stone Culture Council members explain how to do this for your own business.
Help the Customer See Your Product as Necessary
Customers rarely make “unnecessary” purchases in good times, and even less so in hard economic times. The goal is to help the customer see your product or service as necessary. It could be that you provide a good they truly need or run a sale they can’t afford to pass up, but most likely it will be the experience and customer journey that endears you to them. – Ben Spell, GOOD RANCHERS
Prove Value With Tangible Metrics
Consider how you can prove to your customers that their lives have improved with your product or service. What tangible metrics can you show them? For example, Instacart tallies how many hours and dollars have been saved with each order. How can you measure value for your customers and show them? – Jeff Chen, Radicle Science
Build Relationships With Customers
Companies should always be working on building and strengthening relationships with consumers and looking for ways to add value so purchases aren’t considered unnecessary but are factored in as “needs,” not “wants.” Then, of course, stand behind your products with seamless support and return policies. Don’t sell to consumers — be their friend. – Cate Rubenstein
Support a Cause Important to Customers
One way that companies can get consumers to stay engaged and support them is to take steps to reduce their environmental impact by using more sustainable materials and better eco-friendly business practices. This could help the consumer feel good about spending money and supporting the brand because they know their money is also supporting a greener future. – Stephanie Dillon, Stephanie Dillon Art
The Rolling Stone Culture Council is an invitation-only community for Influencers, Innovators and Creatives. Do I qualify?
Craft a Tailored Marketing Message
Identify how your products and services address a need versus a desire or want, and then tailor your marketing messages toward supporting those needs. When your clients can see the value in what you’re offering and how it addresses a problem or provides some type of solution, they are emotionally triggered to respond to something that is needed instead of something that is unnecessary. – Sonia Singh, Center of Inner Transformations
Try New Ways of Communicating
Try communicating from a different angle or perspective. One way would be to think about what someone would say about your item to their friend, grandmother, colleague or someone else. You may glean new ways of communicating what it is that makes your product the thing they need now. – Susan Johnston, New Media Film Festival®
Go Above and Beyond Customer Expectations
With rising prices, it’s natural for consumers to think twice about their purchases. But businesses can still thrive if they do one thing: add value. Go above and beyond what the customer expects. Whether it’s through exceptional customer service, personalized recommendations or even just a positive attitude, businesses can make their customers feel appreciated and valued. – Cody Jefferson, Embrace The Lion
Tap Into Consumer Emotions
Find the emotional reason why customers purchase your products or services and tweak or tailor your offerings to their emotions. The old way of thinking is, “I have a product, so let me find out how to convince others to buy it.” You should be thinking, “They have these needs and wants, and this is how I am going to create more value for them than my competition.” If this is unfamiliar, you need to work on your business strategy. – Rene Nunez, Sensum
Be Transparent When It Comes to Fees
Customers buy a product because it benefits them. Convincing and continuously communicating with your customers has become all the more important. Being transparent about the additional cost of purchasing the products helps customers avoid unexpected surprises and helps you lower cart abandonment rates. Give your customers options with varying prices so they can choose per their budget and preference. – Candice Georgiadis, Digital Day
Offer Perks and Rewards to Loyal Customers
Companies can offer additional value to customers, such as discounts, free shipping, special deals, loyalty rewards and more. Doing so shows customers that the company is willing to go the extra mile to help them and provide a meaningful way to reward their loyalty. Offering these types of perks can help customers feel appreciated, valued and rewarded for their support. – Theo Sastre-Garau, NFTevening
