COVID 19: Navigating through the crisis
The rapidly evolving COVID-19 outbreak has disrupted the global economy in unprecedented ways. While few industries like e-learning, medicine, and insurance are flourishing, most of the world has been on the shutdown. Nothing like this has ever happened before and no one was prepared for it. Many companies worldwide are struggling with their survival, and customer retention along with employee engagement has taken the center stage.
Among other things, this pandemic has forced many businesses to consider outsourcing, reduction in pay, furloughs, downsizing, and other cost control methods. Understanding that the current critical challenge of the companies worldwide is to get through this outbreak, we have put together a list of the tips that can help your business to navigate through this uncharted territory.
1. Salary Reductions and Deferrals
Considering the current situation, it is imperative for the employers to understand that no matter how established their business is, they need to re-define and re-create their entire business process. They need to take that extra step forward to control the costs of the company and minimize their expenses. In lieu of salary reduction and furloughs, they may need to temporary defer salaries or downsize the business to survive.
2. Analyze Expenses against Revenue
The COVID-19 pandemic has raised the alarms of many businesses and has forced them to conduct a comprehensive and meticulous assessment of their expenses against their actual revenue in order to get a clear picture of the financial status of the company. Also, this will help in analyzing and planning the options ahead considering the disconcerted market. This strategy will also help in reopening the business after this pandemic.
3. Investigate the feasibility of the business model
Customer requirements, expectations, and overall customer journey has changed for the better or worse due to COVID-19. Hence, it is crucial for Salesforce businesses to analyze their business model as per their current buyer personas and demands. Many businesses have shifted to the digital space, many have started home delivery, and many have taken health safety as the top priority. It is high time to assess your business model and evaluate its feasibility as per the current market.
4. Invest in customer experience
With social distancing and lockdown this has affected customers in unpredictable ways. We are all in this together and our existing customers are now the lifeline to the existence of many organizations. It’s time to think about retention, satisfaction and advocacy to grow. Empathizing with customer needs and being transparent about how we can all work together and come through these challenging times. This will build their trust and credibility into your organization, also enabling us to understand the true value of Salesforce services offered and how-to delivery them in the best way possible.
5. Explore opportunities
For many organizations this might be a wake-up call to navigate through the unknown territory and explore innovative ways to understand your customers or find new ones. What more can you offer! You can digitize your business, connect with your customer via webinars, engage with thought leaders, train and sell with your training videos, and more. Furthermore, it is crucial to reinvent, recreate, and redefine your customer experience as per the new normal of the community.
Conclusion:
The real challenge for businesses is to keep their financial wheels turning. The lockdown has seen a huge jump in the customer churn losing millions of revenues. Cutting costs may be the solution for today, but it is important to have a vision for the future and enabling your teams and organization for growth. It is high time for the business to devise an adaptive, holistic, and futuristic approach to withstand this pandemic for now and beyond.