These Tips Will Help Survive the Pandemic

Examining the shift, the companies are now embracing a people-centric approach
  • BY Jaspreet Kaur

    Feature Writer, BusinessEx

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  • Jul 02,2020
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  • 12 Mins Read

Businesses are currently striving to cope up with changes. They are reconsidering strategies and reassessing products as well as services. During the pandemic, consumer preferences have dramatically changed. Consumers are now eyeing on essential items only; however, definition of essential items changes from person to person. 

Examining the shift, the companies are now embracing a people-centric approach. They are listening to the customers, business partners and shareholders that help run their business. Accordingly, they are making vivid transitions in their offerings.   

In the beginning of this year, individuals, as well as businesses, had made several plans and assumed the fulfillment of every single objective. However, pandemic has led dramatic unprecedented changes in the world. As a result, many business plans cannot be fulfilled and corporations have modified products to make it more suitable for consumption. 

In this survival mode, business leaders are taking big moves to counter attack the pandemic. They are launching a new array of products and services aligning with the healthcare and food sector. They are making use of the present time by getting into dialogue with their network and communicating openly.

Strengthening Relationships 

Companies should use this time to nurture and strengthen their rapports with customers. It is significant to comprehend what changes are happening around. The companies need to be responsive to those changes, show their engagement and assemble customer insights.

Relationships and trust are cruxes of the business. During the crisis, it is vital to nurture these centres and stay true to the business values. This will reinforce a company's position in the market. Thereafter, general masses will recognise a brand for its values, thereby, creating opportunities for it. 

Developing Support and Sense of Belongingness 

If customers prefer a company's products over its competitors, then it exhibits loyalty of that customer. To survive this pandemic, the company needs such a loyal customer base who invariably comes back to the firm. At the present, consumers ascertain brands that align with organisations that share similar brand values. Moreover, consumers see a brand as a product of the community; developing and flourishing by pivoting on various factors other than customers. 

Therefore, a firm needs to exhibit support to its community during pandemic. When the entire world is in disorder, people seek love and compassion within each other, thereby, demonstrating humanity. By doing a similar thing, a company can be close to its customers and develop itself as a sign of hope. 

It can create a virtual community and start interactions with customers on contemporary issues. In this way, it can eradicate bad effects on the health and mental state of the people. For this purpose, it can utilise the Internet as interactions are long lasting on it.

Organising Online Meetings 

Events play a crucial role in creating relationships between companies and their customers. Owing to the social distancing, businesses are averting to hold up social gatherings. As a result, companies are actively looking for other alternatives to connect with people. They can pivot to technology and begin launching online events. Such events will connect customers at their convenience with the companies. By sitting at home, online events can enable engagement, bring people out of their shells and help share their ideas with the outside world.

In the beginning, a company can hold an online event for C-level executives considering their intellect and polished networking skills. In the event, business leaders can share their knowledge regarding different spheres, talk about different problems and also, learn important things from other people.

Online events are basically an extended version of traditional events, allowing greater participation of people who face geographical barriers and time constraints. 

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