Re-thinking Business Prospects after Corona Virus
We have been through an incredible period of a growing economy, rising valuations, customers willing to embrace innovation, and just overall good times. Now, we are in a period of great uncertainty, with many more questions than answers.
It’s a matter of outlook – are we hoping to just get past the pandemic quickly, so we can just get back to normal, or is there actually a normal we can get back to?
There is a lot of talk about a “snap-back” in the economy and financial markets, taking us back to recent levels, and continuing to trend up from there. Hope it happens. But as a company leader, what is your vision of the future; what will that “new normal” look like? None of us knows, but here are a few questions to ponder about your customers. Will they:
- Be able to continue buying, given their changed circumstances?
- Remain loyal?
- Have different or evolving needs, given the upheaval?
Indeed, you may be wondering if you will be able to grow at all in the near term, given the likelihood of a slow recovery. The list of questions you may be asking is likely quite long, touching every aspect of the business. As a customer insights firm, our focus, as always, is on customer-facing impacts.
Maintaining a great customer experience
In response to the crisis, you might be eliminating positions in customer support or customer success. If so, this message conveys even more importance. Even in “normal” times, companies experience customer churn – sometimes for benign reasons, and sometimes due to issues you can address.
Similarly, your competitors are experiencing similar circumstances. Their customers might be more willing to switch than before; perhaps your competitor’s customer has reached a “tipping point” due to a service lapse; perhaps they now are more receptive to your value message.
The key here is to focus on what you can be doing in the near term to shore up customer loyalty and in the process, become more attractive to your competitors’ customers. Even if the wait to resume growth is extended, there are things we can all be doing to exhibit strength. Growth will come in due time.