A couple of months back we released the article “How to Ensure your business thrives even in a downturn”. Since that release Australia has endured severe bush fires and now the chaos created by Covid-19 pandemic has really set in.
At times of significant adversity there are many things that require focus including the safety and wellbeing of our employees as well as managing and planning finances to ensure that organisations survive. However, there is one other aspect that stands in line with the rest and should be one of your top priorities right now, and that is to focus on your customers.
Focus on your customers
During times of uncertainty your customers, like everyone else out there, are seeking as much safety and security as they can find. For some customers this will mean searching for the lowest prices, however for most this will mean searching for the greatest value. It’s important to keep in mind that in most instances the greatest value doesn’t necessarily mean the cheapest price.
Therefore, it is essential for you, as an organisation, to clearly define what your competitive advantage or value proposition is. To do this you need to have a crystal-clear understanding of the value your organisation is providing to its customers which makes you stand out above the rest. You should also determine or keep a close eye on what your organisation delivers your customers that sees them returning time and time again.
Once your organisation has decided on its key customer values, it is absolutely critical that you ensure your team consistently deliver on this value to your customers at a high quality. Being able to repeatedly deliver high quality value will ensure your customers remain loyal and increase the likelihood of your customers referring others who are not receiving the same value from your competitors. To do this, discuss with the team what their actions need to be, day in day out, to ensure that consistent value is being delivered to your customers. Get back to the basics that got your business where it is today and do it extremely well.
Now be honest, can you clearly articulate at this very moment the competitive advantage that your customers value so much? If you can, that’s great! Make sure to continually monitor your customers and your competitors to remain current in your industry. If you can’t, then it’s unfair to expect your team to be able to consistently deliver on the organisation’s customer values either, so it’s time to sit down as a group and start planning.
These current economic conditions, although tough and challenging, can create great opportunities for organisations to not only survive but thrive. Your customers need to be one of your main focus points alongside business planning and employee wellbeing.
For assistance evaluating and documenting strategies that support your customer values please contact your usual Mazars advisor or alternatively our Business Improvement specialists:
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