Safeguard Your Business Before & During a Crisis!
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If you are lucky your firm has yet to be impacted by this devastating pandemic. Following is a 2-pronged approach for weathering the crisis. Protect and insulate your business while you strengthen customer loyalty.
As of this writing "all of Italy's 60 million people are coming under restrictions. Prime Minister Giuseppe Conte of Italy has extended restrictions on movement to the entire nation, banning public gatherings and telling people not to travel except for work or emergencies."
When you sanitize you disinfect, prevent and or mitigate negative occurrences . With a virus we think in terms of microbiology and germs but businesses are subject to all sorts of disasters. Preventing them to the extent possible should always be on your radar.
Disasters can happen anytime, anywhere and they don't have to be as devastating as a flood or a fire to seriously impact your business. Suppose your power goes out for half a day? Or 25% of your employees come down with the flu in a single week? (4/22/2019)
On a personal level virtually all of us have felt the virus' consequences. All one has to do is stroll the empty disinfectant aisles of any brick and mortar establishment or view the "unavailable," at on-line retailers.
If you're invested in the market, the Dow's precipitous fall probably feels like root canal without Novocain. Whether you are feeling the pain yet or not, planning and then flawless execution is essential.
Before dealing with a catastrophe using best business practices will stand you in good stead.
It's important to run your firm in a way that engenders loyalty. You need to be proactive. This means delivering a quality service or product in a manner that naturally makes your customer's want to do business with you" over and over again! Satisfied customers usually stick by you despite problems that sometimes occur.
As far as crises are concerned most of the principles are the same. Right now, with or without hard data it's a good idea to assume that your customers are already feeling the impact of the Coronavirus and in the short term it will only get worse.
What can you do? More importantly, what should you do?
If you're a large business you likely have a public relations firm specializing in "crisis communication."
If not, you have to take the bull by the horns and proactively reach out to your customers. I lecture often on loyalty marketing and how to increase the lifetime value (LTV) of consumers. The Coronavirus may seem a strange venue to discuss this. It's not.
In 2020 where digital marketing is king and the "human touch," is all but lost, you must find the best way to ensure your customers think of you as their business partner and even friend. Realistically, you may never have spoken a word between you.
What does this mean for your business? Of course, you can't control the virus, but you can mediate its impact on your business by protecting and insulating it. This starts with the relationship you have with the individuals that buy your product or services.
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