Adapt to Win.
by: taylor phillips
As we soldier on through a most capricious year, adaptability is paramount. But as we round Month 7 since the pandemic upended the world, it's time to do more than just survive. Rather than crawl through the quagmire that is the 2020 business world, consider this an opportunity to be better prepared for a future you can’t predict. Adaptability isn’t just a quick fix to get through the pandemic; it represents a new way of doing business.
5 Ways to Adapt to Win:
Encourage brand loyalty: Brand loyalty can be a crucial element in giving companies a leg up when it comes to agility — especially during times of change and disruption. Typically, loyal customers will be first in line to test new products, maintain support during times of transition, and provide invaluable word-of-mouth marketing, making them less likely to be tempted by competitors’ deals and promotions. And with most industries and markets experiencing disruption, nurturing that loyal customer is more important than ever. As AdWeek reports, since COVID-19 hit, consumers are increasingly likely to look elsewhere “for products that can be swapped with little change in performance.” In short, your customers are willing to dump you to save money. You must remain cognizant of your most loyal customers and keep ‘em close with regular communication and an unbeatable customer experience, or you risk losing them to the competition.
Focus on customer experience: And speaking of unbeatable customer experience….Despite pandemic-fueled shifts in your business priorities, customer experience should always be top of mind. Need incentive? Salesforce reports that 84% of customers say the experience a company provides is as important as its products and services. With digital taking over the business world, it’s high time to enhance your customer experience online as well. As AppDynamics reports, 88 percent of organizations that have adjusted their technology to adapt to the pandemic cite digital customer experience as their top priority. Of course, the digital customer experience is more than just optimizing your website for increased traffic. Now might be the time to invest in chatbots to relieve your overworked customer service team. Or maybe you should look into bolstering your tech stack. Whatever you do, be sure to build a long-term plan to meet the needs of your growing digital customers. They aren’t going anywhere anytime soon!
Prepare for a homebody economy: An online presence has been a necessity for businesses for years now. But it’s important to consider the way the pandemic has expedited consumers’ dependency on digital services. To illustrate: A survey by McKinsey & Company on consumer sentiment during the pandemic found that 68 percent of Americans continue to refrain from engaging in “normal” out-of-home activities. That same study notes that the digital adoption shift is likely to continue post-crisis, with more consumers shopping online and adopting digital and contactless services. Delivery, takeout, and curbside pickup are here to stay. For our B2B friends: if you weren't already focused on content, now is the time to put your brand on someone's screen, be it ads, social media campaigns, blogs, video, or hosting virtual events. Whatever you do, get creative and get online. That's where your customer is. Make sure your business is prepared by embracing the latest technology and practices that will enable you to meet customers at home long-term (hint: see #2, above).
Stick to your values: Companies that have survived generations of innovation (Lego, The Walt Disney Company, Hewlett-Packard) have done so by staying true to their vision, mission and values — even in the face of adversity. If you’re feeling fatigued from constantly chasing a moving target, you’re aiming for the wrong bullseye. Though this moment may be uniquely tumultuous, the truth of the matter is that markets are always going to change, industries are always going to be disrupted, and innovation will always bring the Next Big Thing. The lesson here? Even as times and business goals change, your values shouldn’t. Adapt your objectives. Adapt your strategies. Adapt your mindset to meet the needs of tomorrow. But never lose sight of who you are as a company. Never lose sight of why you matter.
Re-evaluate and reinforce your position: Who are you and why do you matter today? To answer these questions and ensure you’re still marketing yourself effectively, take a look at your business through the lens of Cunningham Collective’s 6 Cs of positioning: Corporate DNA, Category, Community, Competition, Context, and Criteria. As outlined in Andy’s book Get To Aha, the 6Cs play a role in our DNA-based methodology for helping companies determine their precise position in the marketing landscape. Given the events of 2020, Community, Context, and Category in particular might have changed for your company, and if you don’t learn to adapt to the changes, you risk becoming irrelevant.