3 Ways Customer Relationships Will Change Forever In Light Of COVID-19
Undoubtedly, COVID-19 has rocked the economy. The International Monetary Fund’s (IMF) World Economic Outlook predicts the cumulative loss to the world’s GDP from 2020 to 2021 will be approximately $9 trillion. That’s more than the combined economies of Germany and Japan.
But the crisis has disrupted more than global markets; it has changed peoples’ lives, needs, priorities and spending behaviors. Approximately 40 per cent of Australians are feeling financially insecure, and as a result, professional services firm PricewaterhouseCoopers predicts that household consumption will decline by $37.9 billion within the next year.
In harsh economic conditions, consumers become more discerning with where and how they spend their money—for businesses, this creates a new set of challenges.
Customer-centricity is a term that has been used since the 1960s, but it has never been more relevant than in today’s business landscape. In such extreme environments, customers want more than the best offering or the lowest price; they seek dependability, confidence and trust in the brands they choose to do business with.
The end goal for a customer-centric business is customer loyalty. A dedicated customer base is key to surviving disruption, as they will continue to depend on your services even in challenging climates. But true customer-centricity is no set-and-forget solution. Retaining loyalty is about adapting your offering depending on the changing needs of your customers, and in some instances, knowing what they want before they do. This is where the modern reality of customer-centricity starts to connect operations with experiences, creating new dimensions of customer excellence.