Embracing change in uncertain times
Just about nothing in recent history has got the attention of the whole world in such a short space of time. The 2008 recession happened over several months, but this Covid-19 global pandemic is happening at a speed that is changing customer behaviour daily and presenting challenges we have never come across.
Top tips to help get you through:
We need to keep on top of and overcome these daily challenges by acting
now. Changing your messaging, how you communicate to your customers and thinking
outside the box will help keep customers buying and ensure your business
survives and comes out at the other side.
It’s easy to say, but how do you do this? Here are some of our tips on how to be flexible and nimble and the embrace change in order to see you through in these unprecedented times:
1. Monitor your market
What you thought you knew about your channels and market is not enough anymore, so it’s more important than ever to look at consumer behaviour and their ever-changing need states. A tool we would recommend using is Google Trends, it gives cues as to what is happening in your market and allows you to see related topics and queries. Remember that your competitors aren’t always who you think they are.
2. Look ahead and prepare to pivot
There will be light at the end of the tunnel but no one knows when this might be. With this in mind, you need to have some sort of plan in place for the next 12 – 14 weeks. Look at your messaging, continue conversations with customers, show empathy and make the most out of topics that are trending. Look at your data and identify how you can build a story around it.
3. Break down your strategy
We can’t all be Dyson, having the assets, knowledge and capital to start building ventilators, but what you can do is ask yourself; what can your business do differently? What can you sell or what small changes you can make that will make a difference? Your previous marketing plans need to be revisited and you need to have plans in place to be able to adapt to changing customer behaviour. Perhaps focus on what products you have in stock now and how to shift these. Adapt messaging on how these products can be useful now whilst people are stuck at home.
4. Do data analysis
NOW! Your customer data is like sitting on a gold mine and all you have to do is analyse it. What are the trends, which channels are the best performers, who are your priority customers are and what products can you offer them? What worked well previously may not be the case now so by looking at your data you will be able to identify changes you can make to generate the most revenue and profit. It’s about being ahead of the curve and ready for potentially more change.
5. Rip up your channel plan
Respond to change in customer behaviour, be compassionate and give inspiration. People are isolated and locked at home. How can you inspire them and build loyalty during this time? Perhaps talk to your customers by engaging more on social media.
We cover all of this and more in our recent webinar ’12 Steps to Ensure Your Business Beats the Coronavirus’ – catch up here:
What are you going to do differently? How are you going to change your messaging in these challenging times? Don’t just turn the lights off – think outside the box, get under the data, and don’t be afraid to try something new. What have you got to lose?
We hope this was useful and would love to hear how we can help? Challenge us!