Remaining connected to customers with less purchasing power

Uncertainty and the looming economic crisis have slowed hiring, ended numerous initiatives and investments, and forced companies to roll out containment and expense-reduction strategies (especially for their own consumers), all of which has had a negative impact on business results. So, how can we face the challenge of staying connected to customers with less purchasing power without failing in the attempt?

In times of recession, customers value coherent and consistent attention and service from companies, as well as training and loyalty programs. At the same time, it is also vital for businesses to use listening resources and creativity to develop products that better suit customer needs, as well as set prices according to their value proposition.

LLYC solutions

  • Customer journey. Establish the correct business and marketing priorities and ensure quality in all customer interactions. To achieve this, companies must understand and work with the customer journey so they can remain relevant throughout it.
  • Customer programs. Develop customer loyalty and training programs to provide clear added value during uncertain times, building stronger relationships with both new and existing customers.
  • Ongoing measurement. Innovate in products or services to meet changing customer needs, but listen closely to responses and track reactions to ensure success.
  • Efficient data analysis. Analyze the pricing model that best suits the company’s value proposition. No business should simply set very low prices, but it is key to understand what to do to adapt to new needs and challenging environments.
IDEAS
31 Jul 2023

Precision medicine for cancer treatment: so close, yet so...

Cancer treatment research and the development of innovative treatments are at its peak. This was confirmed during the recent meeting of the American Society of Clinical Oncology (ASCO), which...
20 Jul 2023

FROM STANDBY TO INFINITY: M&A MARKET TRENDS

Mergers and acquisitions in Spain and most of Latin America had an outstanding first half of 2022. Momentum in most of these markets helped maintain year-to-date record highs. However...
11 Jul 2023

Why making people feel good is important: Moving from pur...

Anyone working for a brand, organization or company will likely be familiar with the concept of being “customer-centric.” However, you may have noticed that this concept is gradually giving...
5 Jul 2023

UNO 40 EUROPEAN UNION – LATIN AMERICA: New Times, New All...

The ties between Latin America and the European Union are undoubtedly special. The potential benefits of exchange between the two regions are many and reciprocal: foreign investment, trade agreements,...

We want to collaborate with you

Do you have a challenge?

Would you like to join our team?

Do you want us to speak at your next event?