Brands need to rewrite the definition of loyalty by giving the most important to customer’s interest. As the world joins forces to face the current Covid-19 situation, brands are seen to be concerned about businesses with positive customer expectations. The need for personal safety and financial well-being is making us all live in collectively anxious moments.
What once was our basic needs has overtime become priority needs. That is, safety started to matter more than convenience, needs more than what we want, and availability more than cost or our likes. In such situations, there will happen a change in expectation of loyalty. It has become more important than ever before, as marketers and brands are trying to figure out what’s the best way to deal with loyalty during the Covid-19 episodes.
The present crisis has in many ways put a pause on customer loyalty. Customers might take a rest from sticking to their usual brands and move with what’s available at their convenience, considering their safety. A recent study by Deloitte Global State of Consumer Tracker shows that 64 percent of Indian consumers are more likely to buy from brands that have responded well to the crisis. Indian shoppers are more likely to be loyal to their demand fulfillment and authenticity of brands than being loyal to the brands during this time.
To tackle this situation, that is for brands to instill confidence, trust, and deeper relationships with the customers, the brand can consider a five-point strategy ‘ T.R.U.S.T ‘.
Talk About Values And Purpose:
Customers are now focusing more on the value system and purpose of brands, unlike pre-covid-19 times. This could be a way for them to feel safe and confident about what they consume. Thereby it’s a great opportunity for many brands to reach customers by communicating who they are and what they stand for.
Realign Ways Of Working:
Transparency plays a very crucial part of gaining customer trust. So brands need to let the customers know about their new ways to interact and shop. Being transparent to both the customers and employees about decision making and new operating procedures would do a great confidence-building way.
Upgrade To Digital:
Because the world is changing fast to digital, brands need to consider this and set up ways to directly engage the consumers. Consumers consider this as a safer option in this current scenario. Thus brands need to prepared with proper forecasting, channels, and planning.
Serve More Than Selling:
Brands are always expected to be safer and stronger by building a loyal customer base. So in this crisis, brands can help customers by putting flexible refunds, pricing, and change policy in place. The flexibility and help shown during this time are likely to be beneficial in the long run of the businesses.
Transform Offerings, Embrace Digital:
Launching new products or services and digitizing existing ones together with the right marketing strategy will help accelerate revenue generation and help manage cash flows. The use of technology to make changes like allowing customization, frictionless payment, etc could be a great idea.
