UK businesses are currently facing a difficult situation with inflation rates reaching a six-year high. However, this doesn’t mean that businesses have to suffer and can’t do anything about it. In fact, there are many ways that businesses can fight against inflation and even thrive in these tough times. One way is through digital transformation. In this blog post, we will discuss how UK businesses can use digital automation and optimisation to survive the crisis and even beat inflation rates!
Get Strategic About Pricing
One of the most common mistakes that many businesses make is failing to go after every opportunity they can. When faced with a difficult market, business owners may feel tempted to reduce their prices in order to try and attract more customers. However, this is actually not the best strategy for fighting inflation rates.
Instead of cutting prices and reducing your margins, why not focus on increasing your revenues? That can be done by using digital automation and optimisation to increase the number of sales you make. One way of doing this is through price segmentation. By breaking down your existing customers into targeted groups based on past behaviour and demographics, you can create custom pricing packages for each group, which may give you more opportunities to target this customer group with offers that are more tailored to their needs. This can give you a significant boost in revenue, allowing you to weather the storm of inflation without cutting prices and reducing your margins.
Digital automation and optimization
Another way that businesses can fight against inflation is through digital automation and optimization. For example, whether or not your business is online, improving business processes and implementing leading cloud business management software can help you optimise your business processes, reduce costs and have better visibility on all aspects of your business. This means that businesses can better allocate their resources and make more informed decisions, allowing them to focus on areas of the business where they can see the most growth.
NetSuite is the leading integrated business software suite, including business accounting, ERP, CRM and e-commerce software. With its cloud-based platform, businesses can streamline their operations to achieve greater efficiency across the entire organisation. This means that they are able to cut costs, reduce waste and keep ahead of inflation rates by improving productivity and providing a better customer experience.
If your business is looking for ways to beat inflation in these challenging times, our experienced team at Elevate2 can help you with the implementation of NetSuite. Our cloud business management software is the ideal tool to help your business grow and thrive, despite inflationary pressures. Contact us today to learn more!
Invest In Your Online Presence
Another effective way to beat inflation is by investing in your online presence. Often times marketing costs are cut first in crisis times, but this can be a mistake. With the high use of digital technology by consumers, it is crucial for businesses to have an online presence in order to reach and engage with their target customers.
Three key pillars of generating your business online presence are:
– Employing search engine optimisation techniques to improve your online visibility, using a combination of keyword research, on-page SEO tactics, and backlink building.
– Building an engaging and active social media presence with quality content that resonates with your target audience and encourages them to follow your brand.
– Investing in paid advertising
Another way to achieve impressive results during challenging economic times is to be creative with your advertising. For example, if your business offers services for certain industries or audiences, you can create highly targeted content and ads that are more likely to appeal to your target audience. This will help boost engagement and conversions, allowing you to keep up with inflation rates without having to spend too much money on ineffective marketing strategies.
2022 challenged all industries. However, with a solid understanding of the key drivers of inflation and by taking proactive measures such as investing in digital automation, optimisation and your online presence, businesses will be able to weather the storm. Whether you are looking for ways to streamline your processes or grow your business in times of inflation, there are many options available to you. So don’t be afraid to invest in the solutions that you need to succeed and thrive, despite rising inflation rates.
This blog post has given some great tips on how UK businesses can beat inflation by using digital automation and optimization. By focusing on increasing revenues through price segmentation and implementing leading-based business software such as NetSuite, businesses can weather this difficult period and even thrive in these tough times. If you’re looking for expert guidance to help your business thrive, contact us today!