Investing in the long term – Be more like Lucy
Relationships with customers
I want to delve deeper into relationships. Relationships with our customers, consumers, clients, colleagues, and communities.
The UK economy – like many other countries – is in freefall. Many industries are in crisis and the ongoing impact of the pandemic is going to be seen for years to come, as we try to adapt our business in difficult times. Which has left many of us asking ourselves how we can sustain our business and the lives, and lifestyles of the people around us – but also to stay financially above water whilst doing so.
Your business is a product or service that is run by people for people. Even so, it can still be easy to lose sight of the human element sometimes. So my suggestion is to think of your business as a person. What would they look like? How would they behave?
Let’s call your business Lucy. What are Lucy’s values? How would Lucy help her friends during this new normal?
Would she :
-
Entertain;
-
Share important information;
-
Provide solace and reassurance;
-
Lend an ear and listen
-
Invite other new friends to join her?
A business’ CTA is usually business-led. For example – how can you sell more? How do you increase your engagement on social media? But, what if the CTA was audience-led? What would Lucy want to get from her friendships during this strange time?
Build brand loyalty
Throughout many of our careers, we’ve been hard-wired to focus on fast ROI to achieve a financial objective, but now we need to take a leaf out of the book from our past to adapt to this new period in our lives. We simply need to take better care of our audience by the way we communicate. It’s no longer about fast ROI, it’s about investing in the long-term and looking after our audience to build brand loyalty.
Brands who are trusted, with a loyal and engaged audience, are far more likely to survive – and perhaps thrive – beyond this pandemic and the resulting economic crisis – than those who are panicking and pushing to sell sell sell. The recent Edelman Trust Barometer Special Report: Brand Trust in 2020 revealed that 70% say trusting a brand is more important today than in the past – a shared belief among age groups, gender and income.
Consumers are currently spending less and saving more and consumer confidence seems to be recovering. This is positive news! Especially as we approach the Christmas period. In fact, more than 70% of Christmas shoppers do not plan to decrease their spend in 2020, compared to last year. This also means that we shouldn’t underestimate the importance of Black Friday and other key shopping peaks in the coming months. **
People may not want to buy today – but they will at some point. Be that tomorrow, next month or next year. And, they will want a business who they can rely on, who is doing the right thing, and who they can trust.
Now is the time to rethink how you spend budget, invest time, on colleagues, their support ecosystem, and space for innovation. Understand your customers and how you can support them through purchase and at other times. It’s time to buckle down for the long term gains and work hard on brand loyalty.
Rethink your ROI goals
Budget may be tight, but don’t simply bolt on some budget buzzwords and continue with your planned campaigns – listen to your audience, and make sure you’re reacting with logic, magic, and care.
You may not have the answers – but you can still engage with the questions and show that you’re listening – because relationships with empathy, engagement and true understanding of the audience’s needs are far more likely to last.
So, be ready to continue to change – be ready to adapt and evolve with your audience and their needs – and be ready to throw your strategy out the window and start afresh with the needs of today in mind.
I am always happy to help, so if you would like to chat more about your challenges or want some advice, thoughts or just a confidential space to vent about how crazy the times are, let me know.
Connect with me and DM me on Linkedin or email me on louise@connectedcommssociety.com
**Source – Rakuten Advertising**
