It’s obvious that the economy has hit the rock due to the current pandemic. According to the prediction of the IMF, between 2020 and 2021, the global GDP cumulative loss is going to be about $9 trillion.
Of course, it’s not only the global markets that are affected. Individuals’ priorities, needs, lives as well as spending habits have been impacted as well. When the economic crisis hit, consumers tend to be more discreet when it comes to what to buy, how to buy, and who to buy from. This in return poses a fresh challenge for business owners.
Therefore, one of the major keys to surviving the major disruptions caused by the crisis is to become customer-centric – this will result in customer loyalty that your business yearns for. Truth be told, you need increased customer loyalty now than ever. This calls for adapting your offers to meet the changing needs of these customers. You also need to proactively determine what they would demand even before they make the demand.
Here are major ways customer relationship is changing in this season and how to adapt to the changes;
1: Growth is Ceasing to be the Priority Right Now
With the financial turmoil going on right now, do you think you can pursue growth to a conclusive end? What should matter to any business now is survival. It’s time to face the reality. The pandemic is going to exert (it is already doing so) both immediate and future economic pressure on businesses.
And, the way to still stay in business right now is to focus on keeping your existing customers. Channel whatever resources you have now to factors you can control. While you should look for more customers, it shouldn’t be at the detriment of your existing and loyal customers who will continue to be there through thick and thin (depending on how you treat them).
As you probably know, it costs much more to pursue new customers than existing ones. The costs and efforts will be even higher in tough times such as these. It simply means that a business should do all it can to keep its existing customer base happy and satisfied. Your in-house or outsourced customer reps should focus on excellent customer service right now.
2: Operational Excellence Matters a Lot and Should Prioritize Customers
It’s good to embark on continuous improvement towards compliance expectations, stable operations, and standardized costs. But, stay focused on the bigger picture which is your customer and what keeps them satisfied.
It’s good to know that the pandemic has jump-started executives to start adopting a different mindset that prioritizes customer experience in the course of an end-to-end process. In essence, every ambition and decision of a business should truly become customer-centric.
3: Pursuing Precision Using Customers Data
The business world witnessed social communication and digital marketing rise more than ever during the pandemic. This is going to become a norm during the post-pandemic period. When applied correctly, digital marketing can reveal more specific information regarding customers’ behaviors.
Ensure you adapt your business to these major turns in the event towards retaining customers in a long term.
Daven Michaels is a New York Times Best Selling Author and CEO of premiere global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! Inspires entrepreneurs to build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams
Lisa Anderson says: 
The Pandemic Is Permanently Changing Customer Relationship In 3 Major Ways
It’s obvious that the economy has hit the rock due to the current pandemic. According to the prediction of the IMF, between 2020 and 2021, the global GDP cumulative loss is going to be about $9 trillion.
Of course, it’s not only the global markets that are affected. Individuals’ priorities, needs, lives as well as spending habits have been impacted as well. When the economic crisis hit, consumers tend to be more discreet when it comes to what to buy, how to buy, and who to buy from. This in return poses a fresh challenge for business owners.
Therefore, one of the major keys to surviving the major disruptions caused by the crisis is to become customer-centric – this will result in customer loyalty that your business yearns for. Truth be told, you need increased customer loyalty now than ever. This calls for adapting your offers to meet the changing needs of these customers. You also need to proactively determine what they would demand even before they make the demand.
Here are major ways customer relationship is changing in this season and how to adapt to the changes;
1: Growth is Ceasing to be the Priority Right Now
With the financial turmoil going on right now, do you think you can pursue growth to a conclusive end? What should matter to any business now is survival. It’s time to face the reality. The pandemic is going to exert (it is already doing so) both immediate and future economic pressure on businesses.
And, the way to still stay in business right now is to focus on keeping your existing customers. Channel whatever resources you have now to factors you can control. While you should look for more customers, it shouldn’t be at the detriment of your existing and loyal customers who will continue to be there through thick and thin (depending on how you treat them).
As you probably know, it costs much more to pursue new customers than existing ones. The costs and efforts will be even higher in tough times such as these. It simply means that a business should do all it can to keep its existing customer base happy and satisfied. Your in-house or outsourced customer reps should focus on excellent customer service right now.
2: Operational Excellence Matters a Lot and Should Prioritize Customers
It’s good to embark on continuous improvement towards compliance expectations, stable operations, and standardized costs. But, stay focused on the bigger picture which is your customer and what keeps them satisfied.
It’s good to know that the pandemic has jump-started executives to start adopting a different mindset that prioritizes customer experience in the course of an end-to-end process. In essence, every ambition and decision of a business should truly become customer-centric.
3: Pursuing Precision Using Customers Data
The business world witnessed social communication and digital marketing rise more than ever during the pandemic. This is going to become a norm during the post-pandemic period. When applied correctly, digital marketing can reveal more specific information regarding customers’ behaviors.
Ensure you adapt your business to these major turns in the event towards retaining customers in a long term.
Daven Michaels is a New York Times Best Selling Author and CEO of premiere global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! Inspires entrepreneurs to build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams
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