COVID-19 has undoubtedly wreaked havoc on the economy. According to the World Economic Outlook of the International Monetary Fund (IMF), the total loss to the world’s GDP from 2020 to 2021 was more than $9 trillion. That’s more than the economies of Germany, and Japan put together.
But the crisis has wreaked havoc on more than just global markets; it has altered people’s lives, needs, goals, and spending patterns. Approximately 40% of Australians are financially insecure, and as a result, professional services firm PricewaterhouseCoopers forecasts a $37.9 billion drop in household spending over the next year.
Consumers become more careful with where and how they spend their money during difficult economic times, which presents a unique set of obstacles for businesses. Customer-centricity has been a buzzword since the 1960s, but it has never been more significant than in today’s corporate environment. Customers need more than the greatest offering or the lowest price in such severe settings; they seek reliability, confidence, and trust in the companies they choose to do business with.
Customer loyalty is the ultimate objective of a customer-centric firm. A loyal client base is essential for surviving interruption since they will continue to rely on your services even in adverse conditions. True customer-centricity, on the other hand, is not a one-size-fits-all answer. Maintaining client loyalty requires adjusting your product to the changing demands of your consumers, and in certain cases, anticipating what they desire. This is where the current reality of customer-centricity begins to link operations with experiences, resulting in unprecedented levels of customer satisfaction.
Don’t put too much emphasis on your growth objectives
If expanding your client base is a top goal for your company right now, consider the long-term cost of that expansion, both monetarily and in terms of reputation, to see if it is a viable option. COVID-19 has left few enterprises unaffected, if not completely destroyed. As a result, many businesses have had to refocus their objectives, resources, and ambitions in order to survive the crisis. If your company hasn’t yet analyzed the pandemic’s immediate and long-term economic implications and how it can influence your operations, you should do so immediately.
Try to achieve customer-centric operational excellence
In the past, a continuous improvement attitude was focused on things like uniform expenses, steady operations, and achieving regulatory requirements. It is true that these are crucial aspects of running a business; these organizations lost sight of the larger picture and discovered their product was no longer relevant to their customers. Operational excellence is vital, but if you miss the target with your client base, it doesn’t matter whether you do a procedure 10% better than the prior year.
Do not ignore data
Digital marketing and social communication channels are the names of the game in the post-pandemic age, and when utilized effectively, they may provide more particular insights into your clients’ behavior. Using customer data to generate meaningful insights may be as easy as conducting a poll of your current client base. It is better to get more data as it can allow you to make a more precise decision.
Consider each digital touchpoint in your customers’ journeys as a fingerprint, storing a wealth of DNA or data that may help you better understand their requirements, expectations, and worries.
