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Cost of living crisis: adapting your business to thrive

Steering a business through difficult economic times is tough. But with a robust mindset and careful planning companies can continue to attract and retain customers.

Alison Edgar MBE is a self-made businesswoman, and a self-described “entrepreneur’s godmother”. She has published two best-selling books and runs her own successful events company, hosting sales and leadership forums worldwide.

In her discussion with hosts Eshita Kabra-Davies and Holly Mackay, Alison offers some useful tips on how enhancing your sales and marketing techniques can help your business flourish during the current cost-of-living crisis.

She advises:

  • know your numbers
  • adapt your sales and marketing strategies
  • maintain a growth mindset
  • be confident in your pricing
  • remember, people will still buy

“What is the secret to a successful business?” asks Alison. “It gets really complicated but actually, it’s: sell more stuff, spend less money, stay in profit.”

Listen to The NatWest Business Extra Show’s full interview with Alison Edgar.

Data-led marketing

Akash Mehta is the CEO and founder of hair wellness brand Fable & Mane. In a discussion with NatWest Business Extra Show host Angellica Bell, Akash shares his journey of launching a premium brand during the first wave of Covid-19 lockdowns, and adapting it to thrive during the current cost-of-living crisis.

Your customer is always your priority. They are your first and most important touch point so making sure you have a very customer-centric mindset in business is so crucial

Akash Mehta
CEO and founder, Fable & Mane

Fable & Mane’s success is largely driven by Akash’s desire to bring ancient Indian wellness techniques and products to a wider audience, and his data-led approach to digital marketing.

He advises business owners with a digital focus to follow three steps to improve audience engagement and, ultimately, sales.

  1. Collation – gather all your customer information into a central point
  2. Communication – establish the right channels for each customer
  3. Segmentation – organise your customers by type

And when it comes to retaining Fable & Mane’s customers, and staying resilient as a business in the current economic climate, Akash credits his success to three elements: transparency in pricing, education on the value of the product and customer trust in the product and its sponsors.

“Your customer is always your priority,” says Akash. “They are your first and most important touch point so making sure you have a very customer-centric mindset in business is so crucial.”

Listen to the NatWest Business Extra Show’s full interview with Akash Mehta.

Support for rising costs

To help you mitigate the rising costs of living and trading, we’ve created a hub of resources. We’ll keep updating it as new developments arise and solutions become available.

This material is published by NatWest Group plc (“NatWest Group”), for information purposes only and should not be regarded as providing any specific advice. Recipients should make their own independent evaluation of this information and no action should be taken, solely relying on it. This material should not be reproduced or disclosed without our consent. It is not intended for distribution in any jurisdiction in which this would be prohibited. Whilst this information is believed to be reliable, it has not been independently verified by NatWest Group and NatWest Group makes no representation or warranty (express or implied) of any kind, as regards the accuracy or completeness of this information, nor does it accept any responsibility or liability for any loss or damage arising in any way from any use made of or reliance placed on, this information. Unless otherwise stated, any views, forecasts, or estimates are solely those of the NatWest Group Economics Department, as of this date and are subject to change without notice.

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