Weekly Business Tip #4 in Snap Finance: 3 Tips to Decrease COVID-19’s Effect on Your Business

Following weeks of stay-at-home constraints, customers are moving into a new stage: boredom. Individuals are searching for creative approaches to cook, work, exercise, and find out while in home. Is your company prepared to fulfill their demands?

The better you are at identifying and fulfilling your customer’s requirements, the greater chance your company will have of residing COVID-19. Follow these 3 key actions to help your organization succeed.

1. Identify Consumer Needs

   Individuals require a cozy environment in the home to deal with uncertainty and monotony. That’s why actions like bread baking, home improvement, as well as pet adoptions have grown in popularity.

   whined about the effect COVID-19 will have in their financing, customers are more cautious about their costs and on the lookout for ways to conserve. In a poll by Global Web Indicator (GWI), 8 in 10 respondents said they’re delaying big purchases while 4 out of 10 are looking to cut day-to-day costs.^[i] Offering a broad spectrum of financial alternatives will help ease these concerns.

   Customers are also nervous about their safety while shopping. In that same GWI survey, 46% of respondents declared an intention to continue shopping online more than in-store.^[ii] An online presence, as well as offering curbside pick-up and free delivery, is vital attracting virtual customers. And for those who still prefer to visit your store, encouraging employees to wear face masks, installing sanitation stations, and touchless payment systems is indispensable.

2. Offer Custom Solutions

   People need solutions to their problems. This broader perspective will help you develop a personalized offer for your customers and differentiate you from your competitors.

   Help people find furniture to work comfortably from home and be productive. Incorporating exercise equipment in your product catalog may help sports enthusiasts stay active at home. To make your offer more attractive to these customers, include free delivery and present financing options for them to choose. Helping each customer find the best solution to their specific needs will add a personal touch – something that a big online retailer can’t easily replicate.

   Sometimes credit issues are the real problem to customers, especially when it comes to big-ticket items or services. In the same GWI survey, more than 45% of consumers approve of companies offering flexible payment plans. This is true among customers of all ages and income levels.^[iii]




3. Reward Loyal Customers
   

   According to a study by Frederick Reichheld from Harvard Business School, getting new customers is somewhere between 5 and 25 times more expensive than retaining happy customers. ^[iv] Developing a loyalty program can produce long-term results, and it could be as simple as giving punch cards. Don’t forget that the purpose is to keep customers coming back by rewarding them, so make it easy!

   When asked about how they feel about loyalty perks offered during COVID-19, over 80% of customers in the GWI survey stated they highly appreciate them.^[v] If you dedicate time and effort to taking care of your customers, they’ll keep coming back, generating a steady income for your business. Happy customers will also help spread the word about your excellent service. Reward them!

COVID-19 has pushed businesses around the world to work in creative ways that are safe and relevant to customers. The virus may remain for longer than expected, and consumers are growing tired of bad news. Offering a personal touch and imaginative solutions to their problems will generate long-term benefits for all.