In the face of rising living costs and an economy teetering on the brink of recession, Australian businesses must find innovative ways to stand out and attract customers.
With consumer spending on the decline, companies are under pressure to engage with a shrinking customer base more effectively.
Pratik Doshi, the founder and CEO of Convincely, a tech company known for its innovative use of gaming techniques to enhance online user experiences, emphasizes that businesses must work harder than ever to connect with potential customers. “Consumers are increasingly time-poor but still expect high-quality service,” Doshi notes. “In this environment, success is about connecting people with the right products faster than ever before.”
Recent data highlights the challenging retail landscape. Retail sales grew by just 0.5% month-on-month in June, a slowdown from May’s 0.6% increase. Despite these modest gains, retail turnover has been stagnant since the start of the year as consumers cut back on discretionary spending.
To help businesses navigate these challenges, Doshi offers five key strategies to engage customers effectively:
- Remove Choice Paralysis: Streamline the decision-making process for consumers by clearly identifying your product’s unique selling points and highlighting its key benefits. This approach helps eliminate obstacles that might prevent a purchase.
- Avoid Over-Reliance on Discounts: While it may seem tempting to boost sales through discounts, this strategy can undermine the perceived value of your products over time. Instead, focus on other ways to add value for customers.
- Monitor Google Ad Spend: Many businesses depend heavily on platforms like Google and Meta to drive traffic, but rising costs per click—up about 20% year over year—mean it’s crucial to optimize your ad spend. Finding unique ways to differentiate your brand in this competitive environment is essential.
- Hyper-Personalize the Customer Experience: In today’s market, it’s not enough to have great technology behind the scenes; the front-end customer experience needs to be equally compelling. Creating personalized, engaging online experiences can help your brand stand out to time-poor consumers.
- Shift Away from the Hard Sell: Customers are more likely to engage with your brand if they feel they’re on a journey of discovery rather than being subjected to aggressive sales tactics. Craft experiences that guide them towards a purchase naturally.
Doshi’s company, Convincely, has seen tangible results from these strategies. Data from House.com.au reveals that customers who interacted with Convincely’s technology were four times more likely to make a purchase, with sales increases ranging from 150% to 450%. The Melbourne-based software company is also helping organizations like RMIT Online and RAC Western Australia achieve significant growth in conversion rates by enhancing their online customer experiences.
Keep up to date with our stories on LinkedIn, Twitter, Facebook and Instagram.
