4 Deals to Offer Inflation-Weary Customers

We’re all feeling the pinch of inflation these days. Small businesses are not immune to these emotions, either – recall our recent post about the MetLife and U.S. Chamber of Commerce Small Business Index, which noted that for the past 8 quarters, over 50 percent of small businesses see inflation as their biggest challenge. And this is despite small business confidence hitting its highest score since 2020. To quell some of these inflation fears, big stores are offering deep discounts on popular items including groceries and personal care. This strategy might work for a corporation with deep pockets, but it’s not necessarily sustainable for small businesses. Today, let’s dive in to 4 deals your small business can offer customers suffering from inflation fatigue.

1. Subscription Plans

Subscription plans, sometimes referred to as “continuity programs,” are strategically sound strategies for small businesses to employ. By nature, they help contribute to ongoing, steady income for your business, giving you the freedom to more accurately predict revenue. And for customers, subscription plans are perfect way to get a static price (sometimes discounted!) on things they regularly purchase. Subscription models also have the power to give your business a better idea about inventory needs and staffing requirements, plus help you build a loyal customer base.

2. Bulk Discounts

 Offering discounts for bulk purchases encourages customers to buy more and stock up, allowing them to take advantage of current prices before inflation causes higher prices. Not only does this strategy drive increased sales, but it also enables your small business to benefit from bulk purchasing. By buying in larger quantities from suppliers, you can enjoy reduced per-unit costs, further enhancing your profit margins. This win-win approach helps you navigate the inflationary landscape while keeping your customers happy and your bottom line healthy.

3. Competitor Price Matching

 In the world of retail, price is a powerful driver of customer loyalty. Shoppers are always on the hunt for the best deals, and small businesses can capitalize on this by advertising a price-matching policy for certain items. By promising to meet or beat competitors’ prices, you can attract consumers without drastically lowering your own prices. This strategy allows you to stand toe-to-toe with larger retailers while maintaining sustainable pricing and minimizing financial risk. Additionally, price-matching helps build customer loyalty and enhances the shopping experience, encouraging repeat business and fostering long-term relationships with your customers.

4. Bundle It!

 Bundling is a strategy in which you offer multiple products at a cheaper rate if they’re purchased together; this is a homerun idea because it makes customers believe the value of your goods is higher, and it nudges them toward making bigger purchases. There are several ways to go about a bundling plan, including creating bundles based on popularity or stock levels, offering tiered discounts (“Buy 1 save 15 percent, buy 2 save 25 percent,” etc.), or making personalized deals catered to specific clientele’s buying behaviors.

At ARF Financial, our seasoned loan consultants are here to help you capitalize on your business’s potential, offering fast access to the most innovative and flexible loan products available. From lines of credit to working capital loans and everything in between, we make business financing easy!