Building insights for your organization
1. Tighten your belt
- Know your fixed and variable costs – don’t get boxed in so you have time to move funds and maneuver
- Continue to be disciplined with your expenses, look for purchasing and operations saving
- Manage cash flow to survive with an eye to recovery
2. Invest time in authentic communication
Take time to learn how your stakeholders use and value communications – do they use social media? How important is personal outreach?
- With Customer – Build trust = safety + consistency + empathy
- For Employees – Be open, transparent and supporting
- For Supplier – be creative, patient, open
- For Community – Be engaged, give back , serve your community – be remembered for your generosity
3. Be a Smarter, Engaging Marketer
- Focus on Loyalty and Retention: LISTEN to your existing customers as an extension of you team. They are cheaper to market to, think of new ways to upsell and increase sales without bringing in a NEW customer.
- Maximize Referrals: Ask existing customers for referrals. Offer them some rewards such as discounts on future purchases for giving you referrals.
- Encourage Feedback: It is an ideal time to ask your customers what they want, what can be improved and what would make their experience more safe and comfortable.
4. Reimagine your business model
- Rethink how you create value for your customer now in time of crisis and going forward – can they count on you?
- Respond to the changing expectations of your customers, the needs of your employees, and the flexibility of your suppliers. Your business model will benefit when you LISTEN to these changes.
- Reinvent your product, if needed, so that it’s more flexible, addresses changing needs of your target market, at a reasonable cost and within necessary safety restrictions.
- Redesign product delivery – provide customers with a speedy, safe, convenient, user-friendly experience.
5. Generate new immediate revenue with minimal investment or expenses
- Leverage unused resources – See if a pop-up model works for your services
- Share current facilities with other companies
- Sell compatible products at your facility to build traffic
- Consider collaboration, merging with competitors for mutual advantage