Let’s face it: with the rapidly changing economic landscape, businesses are trying to stay afloat. Everyone is experiencing turmoil. Yet, it’s the companies focused on determining what adjustments they’ll need to make amidst the ongoing crisis and adapting to these unusual circumstances that retain a revenue.
Read on to learn some thoughtful changes your company can make in light of a pandemic and not get left behind.
Budgeting with a Long-Term Mindset
By cutting non-essential costs and switching gears to budgeting long-term, the focus is on adapting to survive versus on growth. As a result, companies are spending fewer resources on audience expansion and directing more attention to the customer experience. Retention of their existing loyal customer base will aid in sustainability.
The customer experience, especially during these unprecedented times, means taking an interest in their well-being. The straight sell is avoiding the one-on-one interaction risks losing previously loyal brand advocates.
The key here is to ensure authenticity and to avoid looking opportunistic. Brands who can genuinely show they care for their customers rather than line their own pockets will have the best retention when the economy starts to recover.
Prioritization of Digital Efforts
The investment in e-commerce and increasing a digital presence through social media and .com is imperative for sustainability and future growth. The migration of retail sales and seasonal launches to 100% digital is only the start of what brands are doing to pivot in the current landscape.
Building awareness and connecting with customers primarily online is where marketers will thrive once they determine the magic formula that works for their particular audience.
There’s an evolution taking place on how to connect best and service a customer. Responsive loyalty care teams that are patient and empathetic to their customers and their team members stand out from the rest.
What Will the ‘New Normal’ Look Like?
Thinking about the "next normal" or what the "new normal" will look like is still unknown. Companies need to prepare for the long-lasting consequences of COVID-19 and adjust accordingly, as it’s unclear if an end to the pandemic is near.
As retail locations continue to reopen, health and safety measures are now set in place. Masks and sanitization have become mandatory when entering most, if not, all stores with even some locations providing masks to those who do not have one.
The new normal is all about finding creative ways to retain loyalty and attract new customers. It’s no longer about how we can fulfill face-to-face transactions, but how we can embrace this change and give customers the right balance of online exposure, while slowly and cautiously maintaining the in-store experience — safely.