Businesses Have Changed Due to COVID-19: Here’s How to Leverage Yours

Only a handful of businesses haven’t been scathed by the COVID-19 pandemic. For the rest of the industry, entrepreneurs have been grappling to stay afloat, forcing themselves to cut down on costs and even drop some of their employees just to keep up with the losses. But more than that, customers have also changed the way they look at businesses and buying in general. This is why customer-centricity is now the name of the game, and here’s how you can leverage your business to keep up with the competition:

• Nurture those who are already loyal to you. While it’s very important to acquire new customers, this pandemic has taught us a lesson about taking care of those who are already loyal to you. Since you can’t control a lot of the factors that are involved with this pandemic, you need to focus on what you can control and that is the loyalty of your customers. Plus, nurturing existing customers is a lot cheaper than acquiring new ones, which costs five times more to convert, according to research by Forrester

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• Invest in your data. No matter what industry you’re in, it’s crucial to invest in data, especially since digital marketing is now at the forefront of customer-centric business. Having the right tools will not only make you more efficient, but it will also help you offer the best experience to your customers to keep them loyal to you. For instance, if you’re in the building, plumbing or timber industry, it would be smart to invest in building software Australia that will help streamline processes such as inventory, financials, project management, point of sale and workflow.

• Put your customers at the centre of your business. This isn’t anything new in business, but a lot of entrepreneurs have lost track of it because of how focused they were on developing their products. But even if you have the best products out there, none of that would matter if your customers are not happy with you. These days, running a customer-centric business means putting your customers at the centre of your operations. Every decision, change, and upgrade you make should be based on how your customers will have a better experience with your business. If you do that, it would be easier for you to not only keep your loyal customers but also win new ones without even spending a lot on marketing.

While we are slowly recovering from the devastation of COVID-19, it’s wise to make smarter decisions that will allow your business to not only survive its effects but also thrive in the coming years. At the end of the day, it’s all about focusing on who matters most to your business, your customers, and how you can keep them loyal to you even if the economy is down. After all, loyalty is very important if you want to last long in a competitive industry like a business.