As prices continue to rise, businesses need to focus on creating new value for customers
U.S. business owners and consumers alike are feeling the pinch of inflation, but companies that focus exclusively on cost cutting or raising prices may be jeopardizing future relationships with customers. A recent installment of the Expert Insights podcast from BizFilings – a leader in online incorporation services for small businesses and part of Wolters Kluwer CT Corporation – offers tips for how businesses can continue to generate new consumer incentives in the face of escalating prices.
Ivana Taylor, publisher of the small business resource DIYMarketers.com, tells CT Expert Insights that consumers will react negatively to price increases if they can’t identify the benefit they are receiving in return. She advises business owners to focus on the core selling points that customers value most – time, security, trust, relationships and the promise of transformation – in order to devise value-added buy-ins like “premium” service options or memberships granting access to exclusive deals and coupons. Businesses can also study their website data to pinpoint the products and services most relevant to customers.
“Inflation is really all about understanding what your customers love when they buy from you,” Taylor said. “Consumers are willing to pay more for what they want and I don’t feel as though many companies are paying attention.”
BizFilings provides small business owners with a full suite of services to incorporate, form an LLC, Benefit Corporation and other business structures. The company has assisted hundreds of thousands of businesses with their incorporation needs.
