A healthy business environment is not one with the best customer-to-client relationship but a business with a fluent employee-to-employer interpersonal relationship. In the wake of the world economic crisis, prudent organizations find ways to protect the brand name while sourcing for means to protect its workers alongside their bottom lines. These efficient but straightforward practices are the highlights of the most effective business ethics employed by noteworthy organizations and corporations from around the globe.
Just as stated in PwC’s Summer 2020 issue of strategy & business – as the COVID-19 pandemic continues to expand, likewise, enterprises are expected to evolve as well. In other to thrive amid the current financial recession, it is best to pay more attention to certain metrics while keeping abreast of the vital changes in the upcoming months. To upscale, organizations would have to practice the three key business strategies, renowned for faster growth in trying times. This includes; Mobilizing, Stabilizing, and Strategizing.
1. Be More Sensitive and Attentive
One can never overemphasize the importance of care at this time because care is a halo that shines on all aspects of an organization. Desperate times call for desperate measures they say, which is why it is most important to engage in the most trivial and spontaneous practices as merely listening to people – which includes existing and prospective customers, in general. Now is not a time for some over-the-top advert placement on social media platforms, in lieu, it is a time to reach out to clients and make them feel your impact just when they are in their low spirits. Take this time to listen to what people desire and make an effort to show them that you are keen on what they want. Do this by sending goodwill messages via texts and emails, placing calls to clients – for business with a one-to-one customer relationship outreach. And in cases where you need to put up an advert placement, you could try a more subtle approach as granting promotional offers for your products & services. The key is to increase hospitality during this period and watch how it increases your business visibility and, subsequently, organic growth. People – employees, run Businesses; hence in crises, customers pay more attention to how you are treating these people and not just how you handle your customers. And a healthy employee relationship goes a long way in fostering a salutary business environment, just as a healthy working environment increases the business’s profit margin. Therefore, always keep in mind the employee-to-employer relationship clause.
2. Go with the Flow
Even though the key to managing any crises all lies in your preparedness; however, one can never be too prepared for occurrences. That said, to ensure your organization is in the best shape to withstand what’s ahead, you would need to conduct investigations with your finance team to highlight critical sensitives while responding to the following questions; What are the trending performance standards in your target niche? How have your customers’ expectations and needs changed along with the underlying factors for this change? What is your business’s best and worst-case scenarios, and also, is the business equipped to handle these at the moment? If not, what could be the extent of a possible impact on a long-term basis? Review your supply chain, starting from them the most crucial products, looking beyond the top and mid-tier suppliers down to the raw materials, if possible. By so, you could expose potential vulnerabilities and aptly reorganize your strategy and execution around the current trend of events using the answers these questions might unearth.
3. Boost Your Brand’s Credibility
There is no better time than now to boost your brand’s credibility. Whether you are a small-scale business or an established corporate organization, there is always the need for improved customer reliability in your business. Such improvements could be garnered through straightforward and seemingly insignificant routines like engaging customers to discussions openly, honestly, and as routinely as possible. Make sure your actions and brand premise are both in synch as this would foster increased credibility and because transparency and variability are more valued than the best marketing strategies, at times such as this.
4. Reward Loyal Customers
Rewards, special offers, and bonanzas are a few of the critical instruments for fostering a closer client-to-business relationship. The most important thing to keep in mind here is; how you could show you loyal customers who have stuck with you over the years that you are here for them, no matter the situation. Figure out ways to show these customers that you always have them in mind by rewarding them with gifts and special coupons. In a time when everyone is feeling exhausted by circumstances, it makes it an even healthier atmosphere for your business to thrive on – but only if the proper conditions are in place. Given the situation, such a subtle marketing methodology as rendering unpredictable acts of kindness speaks volumes in more ways than one.
5. Brace Yourself for The Worst.
Amidst the current trend of events, always keep in mind that the actions you take today carry the immense potential for a profound relationship with your customers. But in all of this, also trust that new values around collaboration would eventually spring. Note that consistency and accuracy of messaging and communication are key. Assure the interests of your business stakeholders and employees while preparing the business for the worst. Maintain an efficient communication medium, because most of your employees would be working remotely, it is pertinent to get communication right. Even though I have witnessed situations where employers work hard to keep their workforce appropriately informed, misinformation, and confusion have been spreading and continues to spread with much broader outreach than the virus.