“Building Lasting Customer Loyalty Amid Inflation” by Matt Ramerman via Total Retail

“Building Lasting Customer Loyalty Amid Inflation” by Matt Ramerman via Total Retail

The COVID-19 pandemic plus the war in Ukraine created a perfect storm for inflation, and now the prices of goods and services are dominating the minds of consumers everywhere. Annual inflation rose by 8.3 percent in April, close to a 40-year high, according to the U.S. Department of Labor. Everything from food and gas to travel and housing is more expensive, which has many consumers watching their wallets and shopping around for the best prices. With many concerned about rising inflation, we can expect once-loyal customers to switch brands if it means cheaper prices. The stakes have never been higher: in addition to inflation challenges, 87 percent of consumers across all generations avoid buying from brands they don’t trust (especially boomers). Now more than ever, you need to understand what your customers are facing and ensure they both trust your brand and feel supported. Since people are increasingly using their mobile devices to shop, this means your brand must be present where your customers are, regardless of time, location or channel (e.g., SMS, Facebook Messenger, Instagram, etc.). Related story: AI in the DMs: Seizing the Social Commerce Opportunity With Conversational Messaging The Secret to Communicating With Customers: Have Open Dialogs As consumers keep a close eye on prices, ensuring they’re able to converse with your brand is key. Now is not the time to be using high-pressure, high-frequency one-way campaigns focused on driving conversions. Remember, since they’re ready, and willing, to experiment with new brands, your communications strategy with your customers needs to focus on inviting a relationship as means to build loyalty. Implementing a conversational marketing strategy not only allows you to have...