In 2022, inflation rates reached the highest they’ve ever been in 40 years, according to the Bureau of Labor Statistics. While it may be routine for you to conduct competitor audits, or evaluate the performance of your product, equally important is assessing how your product is perceived in current market conditions.
Due to price increases in every space from housing and food to transportation, and overall uncertainty, consumers have changed their spending habits—and are steadily losing confidence. To stay ahead of the curve, a key difference between an organization that retains and attracts customers, and another that doesn’t, is how they adapt and respond to inflation.