LOYALTY LEADERS OPINIONS

Customer loyalty & inflation

Andrews Ayiku, Lecturer and Business Coach at University of Professional Studies, Accra, Ghana looks at the challenges businesses face to maintain high customer loyalty during times of inflation.

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In his article published in the Graphic News (Ghana), Andrews looks at the challenges companies face to retain customer loyalty during high inflation:

• Rising prices due to inflation can be a challenge for businesses to navigate, especially when it comes to maintaining customer loyalty. However, there are several strategies that businesses can employ to mitigate this challenge.
• Firstly, marketing campaigns should be empathetic to customers’ current financial challenges, with messages that offer solutions to their problems. Businesses can also boost loyalty by offering discounts and promotions, recognising customers for their continued business, and providing convenient services such as online transactions and delivery.
• Businesses should also emphasise the unique value of their products and services, and express gratitude to customers for their loyalty. Checking in with customers regularly and prioritising customer appreciation can also contribute to stronger relationships and higher retention rates.

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