To retain customers amid declining purchasing power, experiment with various mechanisms that can soften the negative impact of price increases. They can help increase the frequency of purchases and the number of items per transaction.
Here are some recommendations to help:
◆ Don't give out open discounts to everyone, transition to cumulative systems and personal offers.
◆ Activate work with loyalty cards if you have them, and start a loyalty program if you don't yet have one.
◆ Use unconventional moves to attract new customers. For example, announce that you accept points from loyalty cards of competitors that have left the market. According to this scheme, a customer can come and name any number of points they had accumulated in another store. This is all built on trust, and even if it's not true, the company takes their word for it. This mechanic is great for attracting new customers and turning them into regular shoppers.
◆ Use different types of installments in agreement with product suppliers or use installment programs.
◆ Give clients large deposits with restrictions on the use of points. Immediately credit a new customer with a large number of points, which can be spent with certain restrictions. For example, points can cover no more than 10%-15% of a purchase.
◆ Compensate for the price increase with good service. Become the most customer-focused company in your market. If the products and service are of high quality, and the customer is loyal to the company, they will be willing to pay more.