Remaining connected to customers with less purchasing power
Uncertainty and the looming economic crisis have slowed hiring, ended numerous initiatives and investments, and forced companies to roll out containment and expense-reduction strategies (especially for their own consumers), all of which has had a negative impact on business results. So, how can we face the challenge of staying connected to customers with less purchasing power without failing in the attempt?
In times of recession, customers value coherent and consistent attention and service from companies, as well as training and loyalty programs. At the same time, it is also vital for businesses to use listening resources and creativity to develop products that better suit customer needs, as well as set prices according to their value proposition.
- Customer journey. Establish the correct business and marketing priorities and ensure quality in all customer interactions. To achieve this, companies must understand and work with the customer journey so they can remain relevant throughout it.
- Customer programs. Develop customer loyalty and training programs to provide clear added value during uncertain times, building stronger relationships with both new and existing customers.
- Ongoing measurement. Innovate in products or services to meet changing customer needs, but listen closely to responses and track reactions to ensure success.
- Efficient data analysis. Analyze the pricing model that best suits the company’s value proposition. No business should simply set very low prices, but it is key to understand what to do to adapt to new needs and challenging environments.