5 Tips For Attracting Consumers Despite Skyrocketing Inflation Rates
By Simon Bacher, Co-founder of Ling, a mobile application company, specializing in language learning.
Throughout this year, all of us have encountered some type of inflation firsthand, whether at the grocery store while staring at what used to be your favorite $3.00 loaf of bread that’s now $5.00, or at the pump.
With the state of the economy right now, most consumers are looking to save rather than spend. But, that doesn’t mean your business has to suffer. There are plenty of products that consumers are still willing to open their wallets for.
For example, despite high inflation rates, Apple still reported a 3% increase in revenue this past summer compared to the same time last year. This means that your business can still attract consumers in this economy, but it’ll take some extra work.
1. Make your product the best it can be.
Whether you’re launching your product for the first time or simply promoting it, make sure that your product is ready.
When it comes to apps, for example, fix as many bugs and glitches as you can. If you work hard to improve your product, consumers will notice and be more likely to buy from you again in the future.
If you launch or promote a faulty product, you’ll be left with negative ratings, reviews and feedback that could hurt your business long term.
2. Personalize your approach.
Consumers can tell when your email has been sent to hundreds of other recipients. So try your best to personalize. The more readers feel close to you, the more likely they’ll be to use and purchase your product.
Also, don’t underestimate the power of personalization on social media. Nowadays, people want authenticity and to feel like posts are talking to them directly. Personalize your social media presence to make consumers feel more connected to you before selling your product.
3. Offer valuable promotions and discounts.
Inflation has affected everyone in some way, shape or form. If you can afford it, offer promotions and discounts this holiday season. Consumers will feel closer to you since you’re empathizing with them during this tough economic time.
However, it’s important to make your promotions worthwhile for both consumers and you. Instead of “Buy 1 Get 1 Free,” try “First One Free, Second At A 20% Discount.” This way, consumers feel inclined to try your product since it’s free, but you can still make some profit if they continue using it.
4. Expand your outreach.
Facebook, Instagram, LinkedIn, Twitter, Reddit and Quora. These are just a few ways to get in touch with consumers. Don’t limit yourself to one channel.
Instead, maximize your reach so that you can address as many consumers as possible. Your business will be more successful for it in the long run.
5. Follow up.
If you manage to attract consumers, don’t forget to follow up with them afterward. Again, consumers want to feel close to the product and company, so your relationship with them shouldn’t stop after they buy the product.
You can follow up about how they enjoyed your product via email, Facebook, Instagram or however you see fit. If they’ve had a negative experience, this is also a great chance to resolve any issues before they leave a negative review or rating.
Launching apps in 2017 and launching apps in 2022 seem like completely different worlds. Back then, there were fewer apps being published as well as fewer monthly app store visits. According to Apple, the App Store is now visited by half a billion people each week around the world.
It’s a mixed bag these days when it comes to the app world, but we’ve managed to stay afloat with these tips. There’s still time before the holiday season to attract consumers and meet—or even exceed—your revenue targets. It’s time to get your product out there!