The short answer is YES – but we all need to think a little differently.
With thousands and thousands of businesses globally closing their doors for good following the pandemic, no brand has gone unscathed; however, in adversity, there is always opportunity.
What we’ve noticed is three trends emerging…
- Customers are seeking the quickest, easiest and most efficient method of buying, and in many cases, this tends to be online.
- Customer expectations and standards have changed. Tolerance levels are less, and if a consumer isn’t happy, they are prepared to tell the world.
- With the closure of so many businesses, competition is less, particularly in larger markets, therefore reducing customer choice.
So how do we adapt?
We need to create relationships and loyalty among this new breed of consumers. If there was ever a time to really think like your customers, this is it.
Gone are the days of relying on ‘customer-centric’ mantras or boasting about ‘best customer experience’. Now’s the time to literally do it, make it, provide it and prove it!
Here are a few ways you can get ahead of the game.
Make it easy, quick and efficient.
This sounds simple, and we should all be doing it anyway, but you would be amazed by how many businesses don’t follow this mantra. Speed, ease, efficiency and transparency are now the new norm, thanks to the likes of Amazon and Apple who have set the precedence for user experience. You don’t have to be the quickest, but you do have to stay true to your word. So, for example, if you say you will deliver in 3-5 days, make sure you can, and if things go wrong, make sure to communicate the problem and solution to the customer before the end of the delivery period. This is vital in building trust with your customers.
Efficiency means reducing complicated buying processes. It’s time to offer consolidated customer touchpoints as much as possible. Can you turn that two-step signup form into one? Can you give that registration page two fields instead of six?
Take out the friction and be nice.
Anything a customer sees as pointless, too long, too jargony, too salesy, or overly intensive is likely to be met with an exit, abandoned cart, lost buyer or never again returning customer. Don’t lose sight of the fact that we are all consumers. Don’t treat your customers in a way you would not appreciate as a buyer yourself. Coming out of the pandemic, there’s never been a better time to show a little kindness and generosity. Giving when others are taking will make you stand out from the crowd.
Make sure you’re competing with the right competition.
Many consumers are now brand-agnostic, meaning that they do not show a preference for one brand over another. These consumers tend to be more motivated by discounts, their personal values, product/service quality, and emotional connections, favouring online marketplaces like Amazon and eBay, where they can purchase just about anything. It may be that competition has diminished in your industry, but don’t lose sight of the shift!
Competing with this shifting trend needs a slightly different mindset.
- Does your business allow you to move into more of a subscription-type economy where you can collect repeating or recurring revenue? This adds stability and really helps with cash flow.
- Like it or not, online is more important than ever. Unless you have a high street shop generating more than 50% of your turnover, now’s the time to manoeuvre even more resources to the online world because that’s where everyone will be.
- Add unique, personal value for customers. Giants like Amazon can be somewhat commercialised. Being so big can very often make them impersonal. This is something you can exploit by offering unique value to your customers. Show them you know them, cultivate intimate relationships and make it personal. After all, it’s unlikely that a giant retailer is going to take the time to personally write or reach out to their customer with 1:1 messages, but you can, and they’ll be super impressed if you do.
So, to summarise, regaining your edge is about getting into your customer’s shoes and really thinking like them. The landscape has definitely changed, and you need to prepare for the major shift to the online, digital economy. Create an experience that offers efficiency, transparency and empathy. Keep it simple with the least amount of friction, and make it as personal as possible.