We're starting to hear the whispers of going back to work. It's a welcome discussion. Leaders at all levels of government are starting to work through how we will start to recover. Have you started thinking about your bounce-back?
Some things remain unclear, others are crystal
There is a lot we don't yet know about the recovery process. We don't know which parts of the economy will be able to return first and at what levels. We don't know what the steps back to a new normal will be, but we know it is coming.
There are other things that are clear right now. We know these things:
- Our sales pipelines have been disrupted. People that were planning to buy may not be in the same position they were in before the shutdown. Conclusion: We need plans to rebuild our pipeline.
- Customers need to hear messages from us right now that are meaningful. They want reassurance, and hearing about your concern for your own employees, the community and for them as customers is encouraging. Conclusion: Communication needs to go up right now, not down.
- People we don't know, and who don't know our brand story, may now be better prospects than they were before. Conclusion: We need to expand our audience as we prepare to bounce back.
- People are going to set priorities for what they want to do when communities open back up. Think "when I get to go out, the first thing I'm going to do is___________." Conclusion: We need to help customers prioritize our services or products by building anticipation and staying connected.
- People have been changed by the outbreak of 2020. They will not quickly forget what has happened. For example - will touchless delivery continue to be valued? And, what health practices will stick? Conclusion: We know that customers are going to be more hesitant to commit and slower to respond, we have to plan for more thorough communications and sales processes.
First movers have the advantage
If you look at who did well following the last major downturn, according to McKenzie Research, it was the companies that moved first that bounced back most quickly and then moved into long-term growth. The adjustments that you make right now, plus your readiness to spring-back when things open up, will give you the first mover advantage.
Creating intentional campaigns right now, while you also prepare strategically for your bounce-back, will set your company up for a faster return to profitability and growth. Market leaders who don't respond proactively, won't be leaders very long, and those who want to step out in front have the opportunity to lead, if they act now instead of waiting.
