If you are lucky your firm has yet to be impacted by this devastating pandemic. Following is a 2-pronged approach for weathering the crisis. Protect and insulate your business while you strengthen customer loyalty.
When you sanitize you disinfect, prevent and or mitigate negative occurrences. With a virus we think in terms of microbiology and germs but businesses are subject to all sorts of disasters. Preventing them to the extent possible should always be on your radar.
On a personal level virtually all of us have felt the virus’ consequences. All one has to do is stroll the empty disinfectant aisles of any brick and mortar establishment or view the “unavailable,” at on-line retailers.
If you’re invested in the market, the Dow’s precipitous fall probably feels like root canal without Novocain. Whether you are feeling the pain yet or not, planning and then flawless execution is essential.
Before dealing with a catastrophe using best business practices will stand you in good stead.
It’s important to run your firm in a way that engenders loyalty. You need to be proactive. This means delivering a quality service or product in a manner that naturally makes your customer’s want to do business with you… over and over again! Satisfied customers usually stick by you despite problems that sometimes occur.
As far as crises are concerned most of the principles are the same. Right now, with or without hard data it’s a good idea to assume that your customers are already feeling the impact of the Coronavirus and in the short term it will only get worse.
What can you do? More importantly, what should you do?
If you’re a large business you likely have a public relations firm specializing in “crisis communication.“
If not, you have to take the bull by the horns and proactively reach out to your customers. I lecture often on loyalty marketing and how to increase the lifetime value (LTV) of consumers. The Coronavirus may seem a strange venue to discuss this. It’s not.
In 2020 where digital marketing is king and the “human touch,” is all but lost, you must find the best way to ensure your customers think of you as their business partner and even friend. Realistically, you may never have spoken a word between you.
What does this mean for your business? Of course, you can’t control the virus, but you can mediate its impact on your business by protecting and insulating it. This starts with the relationship you have with the individuals that buy your product or services.
Here’s how this plays out. First, you must be vigilant with your customers at five levels.
· Reach out through all channels with an empathetic message both personal and business related. People feel good when others are concerned for them. Your customers are more than $$ in the corporate account. They are people who share emotions just like you or me.
· Offer them assistance in any way possible.
· Be flexible in your offers, pricing and all aspects of the service you provide.
· Explain what you will do (within your power) to minimize the financial impact on their bottom line. Tell them “I’ll work with you!” It’s a very strong line.
· Ask them for suggestions how you might help their business weather this crisis. Demonstrating honest concern for them is a business aphrodisiac.
All of the above costs virtually nothing. As I wrote in Build Customer Loyalty — Cost — $00.00
There are virtually no dollar expenditures when we treat our customers as we’d like others to treat us.
When you do the above you are insulating your business from competitors who for a variety of reasons might be better positioned during the crisis to meet their needs or at the very least are in the same position as your business.
You have solidified a personal relationship with your customers, made them feel valued and let them know you are available to them.
Many readers were very young when former Arkansas Governor Bill Clinton told voters “I feel your pain.” He didn’t have all the solutions… he did get elected President… twice!
Finally, and most importantly is contingency planning. Although generally not on the top of your To Do List always plan for contingencies. This is critical whether or not you are facing a crisis.
These are just some of the questions for which you should have answers.
What If?
· What if our server goes down?
· What if a more innovative competitor emerges?
· What if our top sales executive is wooed away by the competition?
· What if we lose a major investor?
· What if an employee makes a major gaffe with our most profitable client?
· What if the loss of one major client would mean financial ruin?
.What if a pandemic invades our market?
· What if… what if… what if…?
The list is virtually endless. At the same time, it’s not something to stress, ruminate or panic about.
You can’t control every aspect of your business. You couldn’t have predicted the Coronavirus. However, you can make sure that you don’t overlook all the key planning that will allow you to act expeditiously if catastrophe strikes.
The more you plan at the front end, the better equipped your business will be to weather any storm!
Previously published on Medium
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