Not only are the media telling us that times are tough with rising prices and interest rates, but we’re hearing it from our business customers. Like you where not immune to rising business costs.
But let’s take a glass half full look at the situation. While growing, or at least maintaining, business sales during tough times may be can be challenging, it is not impossible. In fact, some businesses have been able to thrive during tough economic conditions by implementing innovative strategies and adapting to the changing market landscape.
In a recent planning session here at Creative Hampers we put on our thinking caps about strategies for thriving in tough times. We thought we’d share them with you and spice it up with a few thoughts about how we can help you implement them.
In tough economic conditions, it is more important than ever to retain your existing customers. It costs more to acquire new customers than to retain existing ones, so make sure you are providing excellent customer service and building strong relationships with your customers. Stay in touch and keep them informed about any new products or services.
Gifting can be a powerful way to show your appreciation for their business and build strong relationships. Consider sending gift hampers to your customers on special occasions such as birthdays, holidays, or anniversaries. Personalised gift hampers can leave a lasting impression and show your customers that you care. Branded gift hampers can help longer term brand visibility.
Offering exclusive gifts to loyal customers makes them feel good about doing business with you. Consider creating a loyalty program that rewards customers for their continued patronage.
During tough economic times, consumers are looking for ways to save money. Offering promotions and discounts can be a great way to attract customers and increase sales. However, make sure that you are not devaluing your products or services by offering discounts that are too steep.
Gifting can also be a valuable tool for promotions. Offering gift hampers as part of a promotion can encourage customers to make a purchase or try a new product. For example, you could offer a free gift hamper with purchase, or you could offer a gift hamper as a reward for customers who refer new business to you.
When planning a promotional gift, make sure it aligns with your brand and values, so we suggest giving us a call to chat about your strategy. A well-thought-out gift hamper can make a lasting impression on customers and increase brand loyalty.
Review your business operations and identify areas where you can cut costs without sacrificing quality. This may include renegotiating contracts with suppliers, reducing overhead costs, or streamlining your operations.
We’ve jumped right into this one and created a new range of value hampers. They still offer the great wow factor of a Creative Hampers but at a more budget friendly price point. Check them out here. We believe Corporate gifting doesn’t have to break the budget.
If your current market is experiencing a decline, it may be time to explore new markets. Look for untapped markets or industries that are growing despite the tough economic conditions. Conduct market research to understand the needs of these markets and tailor your products or services to meet those needs.
Gifting can also be used to explore new markets. Consider sending gift hampers to potential customers or partners in a new market to introduce yourself and get your foot in the door. For example, if you are expanding your business to a new city, you could send a gift hamper to potential customers or partners.
Attending trade shows or events in a new market and offering gift hampers to attendees can help raise brand awareness and generate interest. Make sure you choose gifts relevant and valuable to the new market. Again, we’re happy to chat about the right hamper for your market.
Technology can be a powerful tool for growing and maintaining sales during tough economic conditions. Consider implementing e-commerce solutions, social media marketing and other digital marketing strategies to reach new customers and increase sales.
However, one of the most powerful forms of technology is also one of the most overlooked – the simple phone call. At Creative Hampers we love talking to our customers to really get a full understanding of their needs and wants, resulting in corporate gifting that has a better outcome and a world of impact.
It’s the most direct and best form of communication, and it can also bring a vital personal aspect to a business relationship.
Partnering with other businesses can be a great way to expand your customer base and increase sales. Look for businesses that complement your products or services and explore partnership opportunities.
Gifts can help establish a connection and build trust with potential partners. Consider sending a gift hamper to a potential partner along with a personalized note expressing your interest in working together. The gift could be something that reflects your shared values or interests.
Offering gift hampers to existing partners can help strengthen the relationship and encourage continued collaboration. Consider offering a gift as a token of appreciation for a successful partnership or to celebrate a milestone.
When gifting to partners, it is important to be thoughtful and respectful. Make sure the gift aligns with your brand and values, and is appropriate for the relationship and occasion.
It is important to remain flexible and adaptable during tough economic conditions. Keep an eye on market trends and adjust your strategies accordingly. Be willing to try new things and take calculated risks to stay ahead of the competition.
Flexibility is about being small enough to stay close to your customers and big enough to have the resources to respond to the customer needs as they arise. Don’t we know it at Christmas time in the hamper business. Last Christmas we needed to guarantee a large hamper delivery to a client so instead of using our usual couriers we hired a van for the delivery. Check Sarah heading out for the delivery in this video.
It is important to stay positive and build motivated amongst your team. Focus on your goals and stay committed to your business vision. Stay in touch with your customers and employees. Communicate regularly to build trust, inspire confidence and reward them for a job well done.
Let’s face it: some of your staff are going to be facing some troubled times with rising mortgage costs. We know they’d love a pay rise but in tough times increasing the salary costs is unlikely.
By comparison to a pay rise or absent employee, a gift hamper is a really cost effective way of keep people motivate and on track. Its shows you care and appreciate your team’s efforts without adding to the salary bill.
It’s also more memorable. One thing you might like to try are our hamper trunks for teams. Great fun and clear very memorable.