Mark Suster gave a webinar shortly after the start of the Pandemic where he spoke about the ways that the crisis would affect businesses as it plays through. He was talking mainly about SaaS businesses but much of what he said has proven true for many firms.
In particular, he identifies that the normal cost-cutting behaviours of clients when faced with a crisis is to cut the number of "vendors who do roughly similar things" from "nine down to two" and the importance of ensuing that your firm is one of the fortunate two.
That knee-jerk reaction and the diminution of the number of suppliers has now mainly happened and it is now much clearer whether you have made the cut.
Looking forward though, in the instances where you are one of the lucky suppliers, there is clearly an opportunity to fill the gaps left by the less fortunate other seven firms. So "lasering in" on the needs of your existing customers, as discussed in the article below is the obvious place to focus your efforts.
There is clearly going to be a lot of uncertainty for quite while but exceeding the expectations of your current clients has never been more essential to future growth.
Lasering in on your current customers has never been as important as it is right now. Be present. Listen to your existing customers. Find out what your customers are doing and saying by monitoring their behavior and sentiment, as it relates to your industry or brand, on social media channels. You may uncover a new problem your business can solve or find an opportunity to communicate something that your loyal customer base desperately needs. It’s also critical for your business to show empathy and put customers first with every communication. Not sure where to start? Consider these questions: • How can we help our existing customers? • Can we offer more products and services? • Can we offer them discounted rates or additional value?