While the impact of COVID-19 will be felt for years, it offers nations an unprecedented opportunity to reset their economic policies.
It also offers – and will no doubt require – organisations to not only rethink where they prioritise their efforts but how they interact and engage with their customers.
Two things businesses will have to do to protect their future are:
- Reduce their operating costs
- Increase the benefits they add to their customers in order to retain their loyalty
In terms of reducing costs, for most organisations this will require a reduction in staff numbers or hours to right-size the business for the foreseeable future. It will also require companies to reconfigure the structure of the business in terms of how they operate including such things as outsourcing more non-core activities.
In regards to retaining customers, loyalties will shift for no other reason than a significant portion of the market will feel, rightly or wrongly, let down by the Government, their employers and existing customers so will be more willing to put themselves first. Further to this, they will be more conscious of where they spend their money and who they are prepared to give it to.
As organisations grapple with the challenge of what it means, it is vital we remember that economics are not only driven by necessity, i.e. what people need but also by what they want.
As a result, the organisations who have the foresight to put their customers first will influence where the money goes.
For this reason, I urge you to think about your customers. To really understand who they are, why they have purchased your products and services in the past and what they would want to see you do to retain their custom in the future.
If you get this right, you will not only survive the crisis, you will attract more customers in your target market who will be willing to switch their allegiance to realise the benefits you offer.
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