As a business leader, recognizing a bona fide opportunity to create or increase revenue streams can improve your chances of competing for market share. In today’s current climate, the ability to evolve and change with consumer tides is more important than ever. It may not be enough for your company to be the best at one particular thing that you’ve done for years. It may be time to strive to improve or give your product or service a total makeover.
If you haven’t noticed the many opportunities that have surfaced during the pandemic, well, you should take a moment to look around you. Consumers are changing the way they do business. New realities are taking shape like remote working, online shopping, banking, etc. And it’s not likely to stop there. The beauty of having more time to share with family, less time commuting, and better shopping options will drive more changes. So, what should you be doing to stay competitive? What opportunities exist to grow your business?
Consider the customer experience
The recent pandemic has forced many companies to rethink their offerings. Just going through the motions of servicing customers may no longer cut it. Ask yourself the right questions. How can I deliver goods more efficiently? Can I offer curbside/pick up services? What can I do to make life a little easier for my customers?
The customer experience you offered before COVID will likely need adjusting if you haven’t already done so. What worked before COVID may not be enough even for your existing customers. According to Forbes, there are “three ways to prepare for the post-pandemic customer experience” including creating confidence, incorporating health and safety policies into marketing strategies, and listening to your customers.
Look for and incorporate different, more efficient ways to create an improved customer experience—one that keeps them coming back for more. Communicate with customers to gain and retain their confidence. Listen to their needs and be sure to address their concerns regarding safety. Doing so can present opportunities to win over new customers and retain old ones.
Show empathy and increase your sales
The pandemic has made many people anxious due to an ongoing state of uncertainty. As always, it’s a good idea to be aware and sensitive to how people are feeling. Knowing what is happening around you and in your community should help guide decisions. Even if you don’t think it affects your business, it’s affecting your customers.
As a company, the empathy that you show towards people and your understanding of what they’re going through can open the doors to better communication. And although empathy is a soft skill it can yield “hard, bottom-line results for organizations big and small.” Entrepreneur shares four reasons why it’s a good business practice including increased sales. In addition to increasing sales, empathy can increase productivity and innovation. It can also give you a better competitive edge and improve engagement and collaboration.
Check customer reviews and get feedback from your customers and employees even when business is slow. What better time to explore ways to improve your offerings! Understanding and acting on your customer pain points are key to showing how your product and services will meet their needs.
Update your online presence
If you ever needed a reason to improve your website and social media strategies, this is it. As COVID-19 unfolded early on, many customers were not able to eat in restaurants or shop in person for nonessentials. Gyms and beauty parlors also suffered and continue to struggle in certain areas.
Customers are now flocking to online sites to take care of their everyday needs. If you’ve depended heavily on in-person relationships with your customers pre-pandemic, being offline both now and post-COVID will undoubtedly be risky.
Ask yourself the tough questions about your online presence. How does your product or service fare compared to your competitors? What do your conversions say about your online content and offerings? What about your social media strategies?
In today’s climate, “brands have to build more direct digital relations with their customers.” They need to be able to find you and consider your offerings as a viable option. These unique times have accelerated the need for companies to be online and many businesses have taken advantage of the opportunity. With so many people looking online to solve their problems, it made sense to move swiftly to keep and gain customers.
According to Deloitte, “the post-COVID -19 world is digital.” In addition to staying focused on understanding your customers, you will need to stay relevant among the sea of online options. Getting ahead of the competition will take a combination of improved business processes, customer data, and effective use of technology.
Waiting until things get back to normalis a huge risk. “Back to normal” may have changed forever, if not completely, at least in part. As more time goes by, how customers adapt to the changes may stick and morph into today’s reality. The reason may have something to do with how customers have embraced the new ways of doing things. They save time, save money, save a trip to the store or mad search for that hard-to-find product, and so much more.
It’s safe to say that we have moved into a new era. This is a digital era that gives skeptical people a big push to see what a new reality can do for them.
Bitbean can help you navigate today’s business climate. Contact us today for your efficient move into the digital era.