Energy prices in the UK will increase by more than 50% starting in April, which we were informed of from a statement released on Thursday, February 3rd. As well as this, the Bank of England hiked interest rates in the UK and cautioned the British public to brace themselves for the greatest drop in real income in the last 30 years – with records set to fall lower than comparable figures from the last three decades.
So, with the cost of living crisis gradually building up and set to pounce on UK citizens with shocking living cost increases, it leaves us wondering how brands and businesses can help with this financial crisis. Here are just a few ways in which brands can help customers to cope with the cost-of-living crisis.
Offer support and guidance
energy companies must have a variety of help and support solutions accessible. Communications must be personalised to meet consumer needs and demands. This might necessitate formulating and implementing several support structures in the long run or short term.
Payment matching could be proposed for providers who wish to give longer-term assistance, allowing consumers to donate what they can afford, while still feeling like they are contributing actively. Brands could even support customers through developing loyalty programs by working with a loyalty agency to provide the best schemes.
With the impending increased water prices, water companies must devise a plan to help their more disadvantaged clients get through this tough period. Water bills will be less burdensome for vulnerable households if efforts are taken to enhance communications and provide support services.
Similarly, the realm of fuel companies holds a responsibility to educate consumers about practical methods to curb escalating heating expenses. Encouraging the adoption of energy-efficient solutions, such as the installation of double-glazed windows, emerges as a viable approach. These advanced windows can offer enhanced heating and insulation capabilities by effectively retaining indoor heat and keeping cold temperatures at bay. These double glazed windows installed in Perth or in your locality can contribute to optimal energy efficiency and reduced utility costs, thereby fostering more sustainable and comfortable living conditions.
Educate and inform staff
All employees should receive extensive training, and they should be closely monitored to make sure they keep the essential knowledge and abilities to meet or exceed customers’ expectations. Continuous training will emphasise the significance and essential concepts of the brand’s risk strategy throughout all departments and units.
When recognising and helping vulnerable consumers, comprehensive data exchange is also beneficial. Suppliers should increase the amount of data and information they have on file for their clients in order to better identify individuals in need of financial assistance.
Enhance communications
Communication is a critical technique for brands and their consumers to identify and create connections. All communications, whether written or oral, must be clear, fair, and not misleading.
When working with vulnerable consumers, brands need to take more caution. Because some people struggle to grasp financial problems, and others have poor digital abilities, they could be hesitant to manage their finances online. Therefore, giving a more customised experience can make a big impact.
Deals for meals – Food and drink brands should allow individuals to eat their preferred meals on a budget
Brands could present themselves as part of a sensible food and drink scheme by giving recommendations on how their goods can be used as part of affordable meal alternatives, such as offering ingredient bundles or instructions on preparing their favourite meals and recipes on a budget.
Even when costs are consistent, marketers can’t always make their goods less costly without sacrificing the quality, but they can typically position them as part of an overall much more inexpensive and reasonably priced option.
And there you have it – just a few ways in which brands can help their customers to cope with the cost-of-living crisis that the UK is facing.
