Your clients have shifted. Here’s how to get them involved again
The shock from coronavirus has more disrupted than jobs, supply chains and financial markets. The consumer too has radically changed. For several companies now the number one challenge is to figure out where their B2C and B2B clients have relocated to and re-engaged with them.
COVID-19 is a beast separate from previous global disasters and recessions, such as the 2008 Great Depression and the Mideast oil crisis, the triggers of which were financially induced. Health and safety issues are the underlying cause of the pandemic, and thus consumer focused. The immobility of consumers and their willingness to be secure in the current world has culminated in uncertainty in sales and profitability across categories of idiosyncratic goods, culminating in a net economic downturn of a nature that has not been experienced by anyone alive today.
Government-imposed quarantines, self-isolation, and shop and office closures have prompted further customer shifts, and thus firm-based behaviours. The outcome of the wellbeing and concerns of consumers has resulted not in a typical recession but rather a “deaccession,” where supply and demand remain, but dramatically shut down consumer access to goods and services.
All in all, this combination of conditions and tighter budget restrictions make consumers less able to spend and less likely to spend in contrast with previous recessions. Where are you going to find those? When do you keep them engaged?
How do businesses adjust?
It is evident in the COVID-deaccession is that this change in consumer behavior is moving businesses into a new “directional reality.” By adopting a more customer-centric approach, corporations need to respond to changing customer desires. They need to go to their customers, rather than expect their customers to come to them.