Let’s face it, the coronavirus pandemic has torn apart economies and supply chains. With this downturn, not only companies, but even people who have faced job losses are better equipping themselves to face the imminent. We are here to help you reinvent your business in 7 ways after the Coronavirus crisis.
Every traditional business has succeeded only by taking advantage of the internet. Going online helps you reach a greater consumer base, as well as position yourself to better serve your customer needs. With the ability to understand customer reviews and share them, you can implement changes in your products, boost marketing and establish a larger footprint on the internet. A lot of companies are slowly realizing this during the coronavirus pandemic and going online!
Management thinker Peter Drucker is often quoted as saying “You can’t improve what you can’t measure.” What he means to say is that you wouldn’t taste success unless you know your progress. As companies have grown to realize the importance of data, it becomes essential for us to become resourceful with knowing what happens in the company both internally and externally, and tracking with metrics helps us better improve in those areas.
Coronavirus has left a permanent impact in the way people lead their lives today. Observe the shift in consumer interest. For example, your target audience who were fond of your high definition monitors may have now shifted from a younger audience (who now face potential job losses) to much older ones who are slowly getting acquainted to Zoom and other video calling portals (and may have the money to buy, saved from retirement funds and pensions). Learn to observe these changes with customer response, fuel your revenues and thus reinvent your business after coronavirus.
Do you know, U.S. companies lose more than $62 billion annually due to poor customer service? As a matter of fact, news of bad customer service reaches twice as many ears as praise for a good service experience. It is therefore important to cater exactly to consumer needs which can be achieved by listening to them effectively. For instance, coronavirus has instilled a sense of fear in consumers so retail businesses are finding innovative ways to make their shopping experience safer!
There are many ways to collect information: Customer interviews are insightful and deeply valuable, but they can be time intensive and biased. Product analytics data, on the contrary, is highly unbiased but also large in quantity. Your goal must be to effectively understand your customer needs, which can only be achieved by collecting ‘Qualitative’ information and acting upon it.
Successful billionaire Elon Musk who is often notorious for his activity on Twitter once helped solve quite a big concern of steering wheel wear by a suggestion of one of his customers. The customer tweeted for a program update to automatically move the seat behind and reposition steering wheel once the car was in park mode to improve ease of accessibility. The suggestion was acknowledged and implemented by Musk, thus retaining his customer. However, not everyone is Elon and quite honestly have the time to read tweets as tickets and therefore you must implement effective ways to retain your customers too!
Collecting information from customers can be easy, but achieving quality in your response, well that can be made easy too! At Pyoneer, we leverage Qualitative data at scale, which was not possible before (time-intense, difficult for large teams etc.). While quantitative data is valuable and tells the current “WHAT” is going on, qualitative tells you “WHY” from the customer perspective. With our customer O2 – Telefonica, Pyoneer not only helped save 95% of time to analyze customer feedback, but the insights also allowed them to identify product issues 4x faster and cut time-to-market of required products by 50%.
We hope this article will help you reinvent your business after Coronavirus crisis.
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