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Find out our top tips to help protect your profit
Food and beverage brands can tackle the cost of living crunch
People are watching their budgets and there’s no doubt that trading is tough. But opportunities still exist to connect with customers (and new customers) in ways that reflect how and why people turn to a takeaway.
So do things differently. Take the opportunity to adapt your offer to the changing market conditions. A number of interesting reports and surveys have been looking into consumer attitudes recently and what they tell us can help maintain your profitability.
There are a number of options to demonstrate value and care for consumers facing difficult times. With 94% of consumers saying they’re more likely to remain loyal to a brand that offers transparency, instead of painting an ‘always positive’ picture, brands will let customers in and lift the lid on business decisions they’ve been forced to make and the reasons why.
Brands should shift to acknowledge these price or product changes openly and upfront, rather than reactively when they get rumbled by the public. Communicating and, most importantly, proving any social, environmental or economic good the brand is doing in the world has never been more important.
Transparency is the new currency
With rising costs and potential changes to products and pricing, brands will need to acknowledge these changes openly and upfront rather than reactively when confronted by their customers.
With 94% of consumers saying they’re more likely to remain loyal to a brand that offers transparency, instead of painting an ‘always positive’ picture, brands will let customers in and lift the lid on business decisions they’ve been forced to make and the reasons why.
Making a difference will make all the difference
With consumers becoming savvier about where their disposable income goes, it’s never been more important to communicate the good your brand is doing in the world to give you the edge.
Strive to remain empathetic. Be open, upfront about shortfalls but continue to prove you are doing good in the world.
