The Covid-19 pandemic has changed a lot of things about the world as we once knew it. One of the main things people have started to focus on more since the beginning of the global health crisis is how they spend their money, and how much of it they are spending.
As millions of people faced layoffs, job cuts and other financial issues in the wake of the pandemic, the economy was shaken to its core. Now, entrepreneurs face the added challenge of boosting sales when consumers are being much more mindful of their spending habits. Here, the members of Forbes Coaches Council share the best ways they know of for entrepreneurs to rise to that challenge today.
1. Understand The Consumer Persona
It is not about the price of the product or service. It is about the consumer persona—their needs and wants, their pain points, what they’re struggling with and what keeps them up at night. It is about focusing on showing how you are a solution that solves their issue, what value and transformation you’re adding to their life and how you fit their needs. It will no longer be about price. – Sahar Andrade, MB.BCh, Sahar Consulting, LLC
2. Personalize, Customize And Differentiate
When something is coveted, economics only matter in terms of emphasizing supply and demand. Personalization, customization and differentiation that separate a product or service from the competition will always stand out. The more an entrepreneur provides this for a consumer, offering the thing that only one or a few individuals can possess, the greater the boost will be to sales. – David Yudis, Potential Selves
3. Put Yourself In The Customer’s Shoes
Beyond covering basic physiological and safety needs (such as food, clothing, shelter, healthcare and job/income security, for example) there’s only one reason to buy something, and that is because you want to. Put yourself in your customer’s shoes. Why do they want to buy your product? That’s the story you need to market. Now, make it easy for them.
4. Get More Creative With Pricing
Getting creative with pricing can go a long way. Whether it’s with a new-client introductory rate or a thank-you discount for a loyal client, acknowledging the need to be more mindful of spending can further strengthen the relationship. – Cheri Bachofer, Forwarding Leaders
5. Adapt Your Offers To New Consumption Habits
Focus on your customers’ needs and see how you can adapt your offers to their new consumption habits. Ask them questions and take their feedback into account. It’s not about you; it’s about what you can offer them and how your service offering can evolve with them. The more your products will evolve with your customers, the fewer questions you will have to ask yourself about it. – Xavier Preterit, BIMR EDITION
6. Talk About And Show The Potential Regret
Ironically, I think you need to talk not about the benefits of your product or service, but rather what the customer may lose by not having those benefits. This selling mindset has a theme of cognitive dissonance. People are so used to hearing about all the benefits, they become skeptical. Talk about what happens when they don’t buy what you have to offer. Talk about it and show how their potential regret will manifest. – John M. O’Connor, Career Pro Inc.
7. If You Don’t Provide Unique Value, Reconnect With Your Purpose
Regardless of consumer spending habits, if you provide a unique product or service that genuinely provides value in the market, you will do just fine. If you do not, and sales dip, then you need to reconnect with your original purpose to drive meaning for the consumer and create brand loyalty. Don’t provide useless junk—create an experience for your customers and connect with what matters. – Jonathan H. Westover, Utah Valley University & Human Capital Innovations, LLC
8. Make Sure Your Offering Is Compelling, Reliable And Supported
To sell your product or service, your answers to the following questions are critical: First, how compelling is the product in meeting the “here and now” need of the consumer? How strong and reliable is your service? How easy is it for a customer to reach a real person in case their need evolves and they need support? – Gowri Ramani, Coach Lumen
Source: How To Boost Sales When Consumers Are Being More Mindful Of Their Spending (forbes.com)
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