The rising costs of living means that companies have had to increase their prices to be able to stay afloat and continue operating. Inflation isn’t only bad news for consumers, but also for companies that are trying to motivate customers and generate sales. This is a challenge as it is driving more consumers to go without some purchases or to find more cost-effective solutions. While it is more difficult for companies to make a direct impact on the purchasing decisions of their target audiences during this time, with the help of the right strategies, businesses can still make sure their consumers keep coming back.
One useful strategy is to create customer loyalty programs. These types of programs allow businesses to draw in potential customers while reinforcing their existing customer base. According to research from Globe News Wire, a one-time customer has less than a 30% chance of returning to a business, while a customer that’s made at least three purchases in the past has over a 50% chance of returning.
That makes getting customers to return vital. To establish long-term customers, a company needs to create a strong loyalty reward program. Any loyalty program needs to have reachable benchmarks and be constantly updated to keep consumers engaged and converting. Many loyalty programs end up stagnating either because companies aren’t updating them, or because the best perks are too difficult for the customers to reach. Balancing these two factors allows companies to create engaging loyalty reward programs that keep consumers coming back for more despite inflation.
Buy Now, Pay Later
Another effective way that companies can make sure their consumers stick around for the long term is to use Buy Now, Pay Later opportunities. Customers that are conscious of their spending during an inflationary crisis find these programs appealing. These customers can have the products they need now, and pay for them in installments that are easier on a tight budget. If a company isn’t already offering this type of payment option to its consumers, it’s the perfect time to start to get more consumers interested.