As we have all heard in every commercial, campaign, business
impact statement - COVID-19 has and will continue to dramatically change consumer
and business behaviors. Many of these behaviors will remain long after the
diminishment and defeat of the virus. In
other words…there is no ‘going back to normal’…there is just creating the new
normal.
New behaviors become more permanent the longer they are in
place. Because of this, organizations must consider how the current crisis will
change long-term social interactions, events, personal contacts and what
products and services will better serve customers in the post COVID-19 world.
If you’re not ready for post-COVID-19 consumer behavior,
you’re not ready to ‘re-open’.
Many people will certainly have higher sensitivity to germs
and the risks of spreading infections. This behavior alone will change many
industries.
Customers and workers will be more skeptical of close
contact with others. Consumer travel, dining, entertainment and product
preferences will be different. How consumers shop will also be altered and
businesses need to be prepared.
The number of behavior changes will grow depending on how
many people are directly affected, how severely and for how long. Many new
behaviors will be normalized as customers practice them repeatedly over months.
How will behaviors shift in your industry? Customer behavior
changes will require new or modified products and services. New market leaders
will emerge while some past leaders falter. Many companies will struggle post
COVID-19 because they haven’t adequately adapted.
Take a proactive approach to survive and thrive past
COVID-19
Knowing your marketplace/customers/consumer needs is always
the best way to meet market demands and win—but what you knew before may not
benefit you in an altered tomorrow.
Smart companies will adopt a proactive approach to
understand what changes will occur and be ready to adjust their products,
services and strategies quickly to meet current and future customer needs.
What you can do now:
1) Debrief
Convene key members of your team and debrief them on what
they have been hearing from customers. Have a work session to identify what
might be changing and how you could and should adapt.
2) Gather insight
Develop a plan to “take the temperature” of the marketplace.
How can we validate new behaviors we are seeing and hearing, and gather the
information we don’t know? Don’t assume anything. Your customers can tell you
what they will need, but you must ask them.
Conduct customer interviews, surveys, market research or
customer feedback by other means. Gather the comments, attitudes and data, then
analyze. Be open to things you may have never thought would occur, and to how
it can impact YOU!
When interacting with customers during this time, train your
staff to open conversations with, “How can we help you get through this?” not,
“Here’s what we’ve got.” In other words, lead with empathy not competence. Try
to be part of the solution to their crisis.
3) Re-plan
You have your 2020 plans, but clearly COVID-19 requires
forward thinking, new strategies and re-planning on many fronts.
Understanding what your customers will value in the
post-COVID-19 business world and acting on it will ensure your survival and
success and put you ahead of competitors. This cannot be over-emphasized.
Knowing your current and future customers will sort the post-COVID-19 business
winners from losers.
Remember that customers buy VALUE, and value comes from
meeting their needs, which comes from understanding their needs, in their words
and actions. Focus on providing Value, and Revenue and Profit will take care of
itself.
Historical post-COVID-19 business impact
History provides validation that major changes will continue
to occur. Look back at 9/11 or even the financial crisis of 2009.
The post 9/11 world brought us tighter airport security, the
creation of the TSA and Homeland Security, and increased security at everything
from sporting events and concerts to large office buildings in major cities.
(At least for a while) Behaviors changed, industries were changed and created,
and they will be again.
It is no question that COVID-19 will affect millions of
people and businesses directly. It will
probably have a further reaching impact on businesses of all types than another
other crisis in the past five decades. Are
you ready for it?
Bottom line
Change creates opportunity. Business leaders who act now,
communicate with customers and take a proactive approach to their changing
markets will do much better than those who don’t. Those who sit back and don’t adapt, will be
sitting back while their competitors forge ahead.
