Rising costs of living, inflation and a tumbling pound are critical indicators for those in business to think about shutting up shop and leaving this business lark to the big boys. Some may think out loud with these exact sentiments, but there are always alternatives. As fashion, home decor and travelling have trends, so to make the spending habits of the consumer. Now is the time for you to adjust and apply to the “hearts and minds” of your customers. These are a few tips for consideration if you are looking to stand out from the rest.
Tightening the belt in the Spending Market
This notion that money is somehow vanishing is ridiculous. If a salaried person is paid £1000 this month, they will be delivered the same amount the following month. As prices continue to rise, more conscious thought has to go into purchasing. Compromises will be made so that the individual can retain more disposable income.
There are levels to compromising: the essentials, the non-negotiable essentials, the nice-to-have treats and the rewards for getting through the more challenging times. What level are your goods or services to your clientele? If you are desirable, you must make your offerings of emotional desire a logical justification. Many times the sway is in the perks and added extras.
Attractive Trends in the Market
It is not only the tangible of getting a free bag, money off the next purchase or a multi-buy offer. The aftercare service and how matters are handled should there be a problem will become a more significant consideration as the disposable income pot gets smaller. As a business owner, it is time to look at your policies.
The rapid shopping trends over the past few years have allowed some to fall into complacency. Consumers suddenly faced with restricted liberties took to the internet to get their retail therapy fix. As a result, many hobbies turned into overnight businesses without a robust business structure. In hustler mode, it was a case of extreme demand, so there was no need to offer refunds. Often it wasn’t even a consideration. The focus is on the sale.
Why struggle alone when we can work together?
Understanding Your Positioning in the Market
There are different rules for online businesses selling goods compared to those in a traditional brick-and-mortar set-up. If you are a smaller business, you may have looked to the larger, more established companies for guidance. If you are unclear on your legal obligations, you risk acting illegally. A refund policy is essential for internet business. You can read through the Consumer Rights Act 2015 or talk to someone in the know.
It is not only the shopper who has to justify emotions with logic; it’s easier to not think about the negative what-ifs. However, it is not the actions of someone taking charge of their business and controlling the narrative to offer difference.
As your business scales, the return policy that you started with may benefit from a revamp. Have you reviewed your consumer feedback to address any issues or suggestions? Remember, key performance indicators don’t only come from the sales report. In times like these, you want to remain in the hearts of your clients and be the logical solution.
You know (or will realise) that I will not keep you longer than necessary. Time is a precious resource, and I value yours and mine. So if you want to find out more, feel free to connect and let’s start a conversation. However, if you are ready to organise your intentions into HouseRules, book a Sip & Chat. Until next time best wishes for your pursuit of “la dolce vita”!