BUSINESS INSIGHTS During these uncertain times, we believe it’s critically important that we look out for each other, to ensure our businesses emerge from this period stronger than before and with renewed relationships. We’ve put together a series of tips to assist our readers with their business operations and bolster customer loyalty during this time.
Be true to your brand and purpose
Through every interaction, people are paying attention to COVID-19 responses. On a business level, this could correspond to internal policies such as additional sick leave or more thorough sanitization procedures. If any policies like these are/were in place prior, reiterate these to help build trust & confidence. The most important point, however is to stay true to your brand and purpose. Your business was founded on a set of ideals, with a goal in mind – don’t lose sight of this.
Communicate with your customers
Like us, our customers are experiencing a difficult time just the same. IT is important to let them know that their business is greatly appreciate, now and ongoing. Touching base with your customers on a regular basis will let them know that they are valued, and this will assist in forging stronger relationships for the future.
Communicate with your employees
Your employees are your most valuable asset, many employees all over the globe are currently experiencing anxiety and uncertainty. Help alleviate this in your business by keeping your team in the loop regarding business decisions, advise of them of issues as they arise, and work with them to find solutions - the more minds the better. Help protect their personal health by implementing/reiterating distancing and cleaning processes, to ensure everyone who doesn’t have the ability to work remotely feels safe in the workplace.
Try to team up
Times like these really highlight the collaborative nature of our people. Many businesses are displaying shows of good will to properly service their customers. For example, if you run out of inventory, is it possible to source from your competitor? The important outcome is that the job gets completed – this will help maintain trust and confidence from your customers.
Take care of your loyal customers
Further to the previous point, who are your most loyal customers? What impact have they made on your business over the life of your relationship with them? Without these kinds of customers, there would be a lot more uncertainty in our day to day. Think about what special services and resources you can supply to your most valuable customers. Special offers and discounts will not only encourage retention, but attract new business as well. Keep in mind this will only apply if you have the ability to service everyone.
Find ways to drive revenue
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If a revenue stream has been impacted, it may be time to switch focus. Think about your current assets, particularly those which are revenue-generating. Is there another way they can be used, or can they be used for a different purpose? This could ease pressure on your top line, and prevent you needing to cut costs. It could also suggest a more diversified revenue
mix in the long term, not to mention your customers will be happy that you can now meet more of their needs.
Assess orders, inventory and service levels
This could include delivery timeframes, sales forecasting, and supply chain interruptions. If you identify any delays or interruptions, be sure to communicate this with your customers so they know what to expect. This may also be a good time to build relationships with other businesses in your sector – working together to find alternate solutions could result in a mutually beneficial arrangement, which would see you through until we begin to approach normality again.
Review your marketing and advertising strategy
Given that certain products may be in short supply, or unavailable altogether, you may need to shift or rebalance your marketing communications. Now is a good time to review your spend on search engine marketing (SEM), social media and traditional media. For example, if one of your most popular products is temporarily out of stock, this should free up some budget to funnel into other search terms. Make sure everything currently not relevant is switched off, so that your budget is not being wasted on clicks that do not become conversions.
Review digital properties
This applies to digital assets such as your website and e-commerce store. During this time of product shortages, it’s essential that all your product information is up to date. Ensure that any out of stock products are removed from your online store, and if a price increase is necessary, explain the reasoning behind this to your customers. It’s also wise to ensure that your digital assets have adequate capacity. Online traffic has seen a dramatic increase and demand is shifting from traditional to online retail, and those not prepared for this shift should do so as soon as possible.
Consider using advanced technology
Now that social distancing is becoming a part of everyday life, consider ways that you can use technology to accomplish tasks previously based on face-toface interaction. For example, you could use augmented reality or video to walk people through procedures such as setting up products for use, installing spare parts, and maintaining products. Another example is the use of chat bots, which can be used across your website and social media to free up your customer service team, and make them available for other tasks.
Remember that cash matters
An unfortunate consequence of recent times is financial uncertainty, which means that now more than ever, efficient invoicing and payables practices are imperative. It’s important to have timely and accurate invoicing, as errors in the process can lead to delays. Identify businesses who may be changing their payment and invoicing practices, so that all parties are on the same page, and invoices are processed and paid in a timely manner.
