Last year was far from an easy ride, primarily because of COVID-19 – then along came 2021.
With vaccines rolling out at the beginning of the year, many people already reentered society. However, businesses have forever changed their structures and business models.
So, how can you help customers survive in 2021?
Here are five critical business models to adopt that will not only help your customers get through 2021 –but thrive! And as a bonus, your business will also feel the positive effects of investing in happy customers.
Key Takeaways:
- Business models have permanently changed since COVID-19.
- Customers prize their experience over products and prices.
- Adapting your business to customer needs is foundational to success.
- A customer-centric business model will also boost your ROI.
Take Time to Listen and Care
Last year, your customers experienced a complete upheaval of their lives. Some lost their jobs. Others spent months separated from family. As a result, many are struggling financially and emotionally.
One prevalent business challenge is finding a balance between pushing a sale and respecting your customers. Because many businesses experienced a loss of customers due to COVID-19, they want to focus most of their attention on driving more sales to make up for the loss. However, remember that your customers aren’t a transaction. They are a relationship you build.
Businesses that invest in their customers see 5.7 times more revenue than those that don’t. Also, 73% of customers who have a positive experience are more likely to remain loyal to your brand.
Many people are still struggling and crave a listening ear and human touch. Customer-centric businesses provide both. Another way to show customers that you care is by creating customer value. Perks like loyalty programs and gifts acknowledge their struggles and thank them for remaining loyal to your brand despite any challenges they face.
Offer Alternative Customer Experience Options
During the height of COVID-19, many businesses went remote or offered contactless options. While some of these changes were temporary, others remain in place. As a result, you can make the most out of your business and its remote options to gain more customers and keep the ones you already have.
Have you invested in your digital and online options? If not, now is the time to do so.
Some areas where you could use more contactless options include:
- Virtual events
- Contactless service
- Online social hours
- Interactive online content
Over a third of people prefer to solve their issues using self-service options, like FAQ pages. When you invest in your service pages and optimize their experiences, you can boost your customers’ happiness.
Artificial intelligence should be your new best friend. Through AI, you can automate many processes to make your customer experience faster, more convenient, and more accurate.
Be Proactive in Your Business Model
There are two primary business models: proactive and reactive.
When you are reactive, you are constantly playing catchup. When something negative occurs, your goal is to minimize the damage. However, when you are proactive, you prepare for challenges and negative feedback.
For example, when a customer buys an item, they may also receive instructions for returning or exchanging the item. In addition, a business will sometimes add a gift a customer will receive if they aren’t 100% satisfied.
Your customers should never have to hunt for information when they aren’t satisfied. A tedious process will only make a dissatisfied customer more upset. Instead, offer help and support before a customer ever asks.
You can also avoid upsetting situations by being proactive in your communication. With many changes in regulations, customers are unsure of the latest information. For example, are you requiring masks? Does your business have shortened hours? Do you still have an entire team of customer service representatives? Your customers need to know this information to avoid frustrations later.
Using a proactive business model will increase your customer retention by 3-5%.
Meet New and Changing Customer Needs
A solid business model includes understanding your customers’ needs through surveys, research, and collecting feedback. However, knowing what your customers needed last year will not guarantee success this year.
Customers want and need something different every year depending on what is happening in their personal lives and the world. For example, in 2020, some of the most popular products were face masks, toilet paper, streaming services and devices, and educational courses.
However, now people are starting to end their quarantines and rejoin their social circles and jobs. Because of this new emergence into society, there is a rise in the popularity of athletic equipment, retail, and beauty products.
Do you know what people want in your industry to help them adjust back into society? You can also help your customers by adding products or services you didn’t have before that are specific to your customers’ needs. For example, many cosmetic branches did this during COVID-19, when they began manufacturing more hand soaps and sanitizers.
Not only are people shifting in what they buy, but also with whom they are doing business. For example, 63% of customers want to buy from socially responsible companies. In addition, 54% of customers want to buy from companies focusing on diversity, equity, and inclusion.
Help Customers Survive by Educating and Communicating with Them
Most importantly, communicate with your customers. Some common questions customers may ask are:
- What are you doing to keep me safe?
- Do you offer help for customers who are struggling financially?
- Have you changed any policies because of COVID-19?
Let your customers know you want to hear from them, then give them a way to reach out. Over 57% of inbound calls in businesses are customers who can’t find what they need. You will save your company and customers valuable time by being open and connecting with customers as you go through 2021 together.
Are you looking to grow your business amidst the changes of 2021? Then, contact one of our communications experts at BOOM Communications Group and create a strategy to overcome your business challenges.