27 May 2020 by Steven Giannoulis
Unless you are a courier company, supermarket, hand sanitiser manufacturer or a similar business that prospered under Covid-19, at Level 2 your business is back up and running but facing reduced revenue.
You’ve survived lockdown but the revenue reduction over the last two months will be more noticeable in your bank account this month. The business might be okay for a while but it can’t maintain reduced revenue forever. Without getting sales levels back up, the only alternative will be cost cutting. The challenge is many of your customers are also cutting back to deal with their own new situation.
In this blog we explore ideas to help you grow revenue by engaging with existing customers and using your learnings to attract new customers. We also offer you a unique opportunity to engage us, for free, in any issue your business is currently facing.
Your B2C customers are more than likely re-evaluating their priorities as they work out how to adjust to a new reality. Changes in their and their family’s work and financial situations, plus the fear of what may be ahead, will be driving their priorities. Disruption in their routine may also be contributing to changing preferences and spending behaviours.
Your B2B customers are likely to be going through similar circumstances to you. They’re facing uncertainty and disruption and looking for ways to kickstart their business and cashflow. Work out how you can best help them. Often this is as simple as a quick call or email asking them how.
Actively supporting their business to get going again will provide both short- and long-term benefits for your business. Offer existing customers any support you can, even if it’s for free or at heavily reduced rates. Support them with advice, tools and initiatives that allow them to generate revenue, to engage their customers, or to make savings. What you invest now in your customers will be repaid in loyalty. And customer loyalty is the foundation for your long-term growth plans.
While your customers are thinking about their current situation, they also have one eye on the longer term, considering how Covid will change their business forever and what they need to do to adapt. This may mean a different range of products and services, new price points and distribution channels, a new operating model or new marketing strategies. Help them plot the future by being a sounding board, providing ideas and helping them advance their thinking. Re-establish your role as a trusted partner in their new value chain as soon as possible, by offering new and modified products, services and support packages.
One of the benefits of starting with existing customers is understanding them gives you some insights into what similar customers may need. The process of attracting new customers starts right here.
Like existing customers, uncertain times will see new business prospects needing to take action but unsure of how to go about it. This opens the door for new suppliers who can show an appreciation of the situation and can provide accessible answers that give a customer a sense of moving forward.
What your existing customers are thinking, saying and doing is a start but don’t fall into the trap of thinking everyone is in the same boat. Take a wide view and consider how the last few months may have changed consumer preferences, shopping patterns and behaviours, communication channels, or preferred ways of interaction. Who do these changes benefit? Ask and answer these questions in the prospecting process to gain understanding, to add value and to uncover new business opportunities.
All change reveals opportunities but it may take time for prospects to take their eyes off what they’re missing and to focus on what’s ahead. As with existing customers, invest in helping them get there quicker.
Give us one hour to learn more about the new challenges and opportunities facing your business in Level 2 and beyond. In return, we’ll give you three strategic-creative ideas to help you address them.
No charge. No obligation. Get your boss, your peers and your team together and let’s talk about how you’ll adapt, grow and thrive in your new New Zealand.