Often criticised for operating within a very “fluid” form of the sciences (Human/Social Sciences), economists and other professionals in the financial sector have the stage perfectly set for them to establish themselves as authorities in their field, or at the very least learn some very valuable lessons in economics. We certainly won’t miss this not-so-unique opportunity as we draw on some of the survival strategies implemented by some of the biggest and smallest companies and businesses in the past, to not only survive during a crisis, but ideally thrive as well.
Living in the Information Era has us in somewhat of a more fortunate position than some historic companies and businesses whose attempts at surviving crises such as the Great Depression would have had to rely in large part on taking some shots in the dark…albeit educated shots…
Taking a closer look at what companies such as Alibaba, Fed Ex, Cadbury, Apple and Procter & Gamble are doing, our take-away from the identified #BusinessSurvivalPlan by Utility Bidder brings to light an apparent focus on using social media to keep relationships with customers alive. Whether it’s identified as a so-called essential service or not, which your business is offering, at the end of the day maintaining good customer relations is about how those clients relate to your brand. Their mere knowledge that you’re in a struggle they’re contenting with, alongside them, goes a long way to further endear your brand to them.
They wouldn’t necessarily have to dip into their scant pockets during the peak power of the financial storm we all find ourselves in, but rather just need to know that you’ll be there to support them through the toughest of times. This leaves the door open for them to resume business with you when the storm settles down, because it will settle down, eventually.
So it’s really just a matter of keeping customers informed about details such as that you’ll ideally be reopening for business as soon as it’s possible to do so, but also all about how you’d naturally seek to do things a little differently to help them recover from the huge blow we’ve all subsequently suffered. We’re talking discounts, different payment plans, etc…
Social media is pretty much the only channel through which this can be done, and with pretty much all companies, businesses and brands seeking to make use of the same channels, there are a couple to a few things you’d need to do to stand out. Nothing beats authenticity, so even while delivering key information that would otherwise naturally resonate with customers, under the current conditions the same impact can only really be achieved through authentic content that is relatable. For instance, your brand or offering needs to painted in a light that has it fitting into the immediate needs of the customers, such as how they’d want to keep educating their kids and entertaining them (and themselves) during the lockdown. How will your product or service help them do that?
It is after all the customer that makes the business, so now more than ever is the time to ensure to keep the customer engaged with your business or brand. When the tide eventually turns, these survival mechanisms will turn into thriving mechanisms.