Wolters Kluwer BizFilings podcast offers strategies for U.S. businesses navigating the effects of inflation
U.S. business owners and consumers alike are feeling the pinch of inflation, but companies that focus exclusively on cost cutting or raising prices may be jeopardizing future relationships with customers. A recent installment of the Expert Insights podcast from BizFilings - a leader in online incorporation services for small businesses and part of Wolters Kluwer CT Corporation - offers tips for how businesses can continue to generate new consumer incentives in the face of escalating prices.
Ivana Taylor, publisher of the small business resource DIYMarketers.com, tells CT Expert Insights that consumers will react negatively to price increases if they can't identify the benefit they are receiving in return. She advises business owners to focus on the core selling points that customers value most - time, security, trust, relationships and the promise of transformation - in order to devise value-added buy-ins like "premium" service options or memberships granting access to exclusive deals and coupons. Businesses can also study their website data to pinpoint the products and services most relevant to customers.
"Inflation is really all about understanding what your customers love when they buy from you," Taylor said. "Consumers are willing to pay more for what they want and I don't feel as though many companies are paying attention."
BzFilings provides small business owners with a full suite of services to incorporate, form an LLC, Benefit Corporation and other business structures. The company has assisted hundreds of thousands of businesses with their incorporation needs.
For nearly 130 years, Wolters Kluwer CT Corporation has been the leading provider of registered agent services, incorporation services, and legal entity compliance. It is part of Wolters Kluwer's Governance, Risk & Compliance (GRC) division and has a global reach into over 150 countries. More than 75 percent of Fortune 500 companies, 95 percent of AmLaw 100 law firms, and 350,000 small businesses trust CT Corporation to handle their compliance needs. The other legal services business of Wolters Kluwer GRC is Wolters Kluwer ELM Solutions. The division's banking and regulatory compliance businesses are Wolters Kluwer Compliance Solutions and Wolters Kluwer Finance, Risk & Regulatory Reporting.
About Wolters Kluwer Governance, Risk & Compliance
Governance, Risk & Compliance is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to help ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes. GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.
Wolters Kluwer (WKL) is a global leader in professional information, software solutions, and services for the healthcare; tax and accounting; governance, risk and compliance; and legal and regulatory sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2021 annual revenues of €4.8 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 19,800 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.
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