Estimated reading time: 9 minute(s)
Afterthought 2:
Going to the supermarket on a cool Saturday morning, I intended to shop for a few home supplies and breakfast products. The aisles were quiet, and the usual hustle of shoppers was replaced by a serene calmness. As I walked through the sections, my mind went to somewhere else.
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There was something I paid attention to and found fascinating.
It’s how the products are arranged. The attention to detail, strategies and intentionality that goes into product arrangement on shelves:
- How high-demand items are placed
- How products that the promoters want consumers to pay attention to are placed.
- How the products are arranged in categories.
- How related products are placed close to each other to encourage cross-selling.
- How impulse products are placed near checkout counters.
- And many more strategies.
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Paying attention to these further validates the notion I have about paying attention as an important factor in business success.
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There is no way these products would have been arranged in this manner if the owners of supermarkets were not paying attention to consumers and their behaviours.
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Successful entrepreneurs pay attention.
They are not just like random people.
They pay attention to things a layman will just look at and pass.
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This leads me to talk about paying attention to changes in consumer behaviour due to inflation.
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One area a small business owner who wants to build something solid and sustainable should pay attention to is the consumer’s behaviour and adjustments.
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With inflation comes changes in consumers’ behaviour.
And if one should not be taken unawares in business, the adjustments in consumer behaviour in this inflation economy are one area a business owner should pay attention to and take the necessary action ASAP.
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Understanding changes in consumers’ behaviour in this inflation economy will help you, especially in these areas:
- Pricing strategies
- Development & adjustments of your existing product/services
- Introducing new products/services
- Marketing and messaging
- Customer relationships
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In this edition of BE IN THE KNOW, one of the things I looked at is the various consumer behaviour adjustments due to the inflation economy.
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Being aware of these adjustments will help you to make the necessary adjustments in your business. With a value-adding mindset, you can create and add value for any of these various adjustments consumers will be making. You can create value and make money.
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Apart from the various adjustments in consumers’ behaviour, I also shared other important tips that you can strategize on to move your business forward in this inflation economy.
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It’s not just about surviving; it’s about thriving.
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And remember, the insights you gain from this book can be your secret weapon – It can move you to innovate and succeed on your entrepreneurial journey.
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Take Action: Download this book today for FREE
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Click the button below to download the e-book:
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– because sometimes, a small shift can lead to monumental gains.
~awesomely creative
