1) Understand your Customers
Don’t assume your previous customer insights hold true, economic challenges can change consumer views dramatically. Focus your research investments on customer behavior and tracking tools rather than branding. Create and disseminate engaging, relevant messages based on an understanding of customers’ preferences, needs and behaviors. The simplest thing you can do is ask.
2) Concentrate on Current Customers Focus on current customers, in tough economic conditions customers feel vulnerable and are more likely to stay with a company rather than make a switch. Increase your relevant engagement to generate sales, help your customers through their difficult situations to build stronger relationships. Use the opportunity to capitalize on the trust and goodwill that you’ve created and find ways to help them navigate through the slowdown. Try to invite as many of your current customers to join you on social media channels. Remember, true engagement with your current customers will help you spread the word to their friends. Begin with current customers – they will lead you to more.
3) Analyze and Segment
Pay attention to customer profiling to identifying which customers spend the most, new behaviors will emerge during a slowdown; proactively assess and respond. Focus on the improvement of your customer profiling, segmentation and modeling — not just analytics or insights. Use more sophisticated campaign planning, data management and creative execution. Try to break your customer list into deciles – it will help you drive more targeted offers as you focus closely on those you serve.
4) Recency is Vital
There are three types of customers – those who have just purchased, those who have purchased more than once, & those who have been customers for a long time. If you are looking for a fresh start – grab those you have just transacted with and try to get them to make the second purchase or transaction. Reinforcing each transaction with appropriate follow ups – can drive more business quicker.
There are three types of customers – those who have just purchased, those who have purchased more than once, & those who have been customers for a long time. If you are looking for a fresh start – grab those you have just transacted with and try to get them to make the second purchase or transaction. Reinforcing each transaction with appropriate follow ups – can drive more business quicker.
5) Empower Your ‘People’ Channel
Give your customer facing people the opportunity to connect with those they serve. Let your people have access to offers & customer information so they can best serve the customer. Don’t stifle their efforts on social media – instead have a policy and help them drive engagement through all channels.
