Scaling Business through Pandemic #FroogalforGrowth
Welcome back to Froogal University!
This week, we conducted our second Webinar with Mr. Krishna Tammireddy, Co-founder and Chief Executive Officer, Invente Technologies. Mr. Tammireddy is an Angel Investor, Growth Hacker and Startup Advisor. He had led his team to successfully implement the Sales & Marketing strategy for Blackberry in the Asia-Pacific, Africa and the Middle East regions. The topic for the webinar was “Scaling your Business through Economic Slump – In conversation with Mr. Krishna Tammireddy.” And here are the key takeaways of the webinar in case you have missed it!
We all are aware that businesses have suffered several setbacks due to the COVID-19 pandemic. We believe that business owners should consider this as a blessing in disguise. As it is an opportunity for them to reinvent, innovate and adapt to the situation. And also a lesson to focus and be well prepared for any eventuality. The bright side to the pandemic is that it has accelerated the growth of the e-commerce industry and crunched it to 3 months which would have otherwise taken 9 months.
Communication is Key
Communication and Transparency are important aspects of a business. During these unprecedented times, it is important to communicate with customers. The communication should be empathizing with the situation and promote a sense of belonging which helps form an emotional connection with your customers.
Change in Customer Preferences
There has been a significant shift in customer preferences and purchase patterns. Customers have shifted to purchase only essential items and discretionary spending has reduced considerably. With uncertainty looming around in the market. According to a survey conducted by Economic Times, businesses can go back to normalcy only in the next 12-18 months. Therefore, keeping this in mind brands have to design their communications, marketing and sales strategies with the necessary adjustments.
The Holy Grails for Business Prosperity
Businesses have had to undergo a lot of changes. The first and foremost not to be forgotten. As a business, you can find a problem in your industry and try to provide a solution for it entertainingly via your social media channels, identify the different touch points across the journey of the customer and get everything right.
Example: Loreal had shared social media posts on its page suggesting ways to have a haircut done at the comfort of one’s home. This act of sharing relevant content with its target audience results in building great brand recall value and increase in product sales.
Deriving Value from Customer Data
Businesses usually underestimate the value of data. The pandemic served as the perfect opportunity to utilize the data collected to date to gain insights on customer’s shopping behavior. It is also the right time to understand how you can improve your customer engagement, increase transactional value and promote loyalty. The downside of the collecting Net Promoter Score is that it creates a tunnel vision for the organization. The business which has a high net promoter score believes that it is doing everything perfectly however that is not always the case. Mr. Krishna states that If NPS is collected from the customer without their details, more often than not, true feedback is received on the service and purchase experience.
Feedback and Loyalty
Businesses should improve their feedback system and if possible make it anonymous. An important factor is a customer who cares enough to give feedback is a loyal customer. By pairing feedback and loyalty we get the Customer Delight Score. Businesses have to get innovative to combine emotions and transactions into the loyalty program.
Common Goal and Delight
It is very crucial to have both internal delight (within an organization) and external delight with the customers. When internal teams are in tune with each other and the organization, they work towards common goal with 100% focus and dedication. When an organization achieves this along with high customer satisfaction, they are known to be highly successful in the market.
Example: Apple launches only two events in a year. This often results in all the teams within the organization working together towards a common goal that is a successful launch. This streamlined process often gives them a sense of purpose and focus on achieving the goal of producing high quality Apple products.
Have an Online Presence
Taking your business online has become the need of the hour. It’s time to adapt to the culture of e-commerce amidst social distancing and staying safe while staying in business. The most loyal customers are being tested if you are not digitally present as you may lose this space to a competitor. Launching your e-commerce presence with few products at a time allows you to adapt to your growing customer demands and formulate better versions of your current products or add more to your existing ones. Take advantage of your online presence and boost your relevance with interesting and engaging content, contests and loyalty programs to ensure increased customer lifetime value.
If you have any questions regarding getting your business online talk to one of our experts at Froogal today or write to us at firstname.lastname@example.org. Our team at Froogal have experience enabling e-commerce solutions and also marketplace frameworks for multiple brands in different industries. We also have been extensively using standard e-commerce frameworks such as Magento, Shopify and Woo Commerce to build tailor-made custom solutions and custom integrations to scale your business seamlessly.
That’s it for the webinar that you’ve missed! In case you’d like to add more, drop a comment below and let us know what your business is doing to survive and thrive during a pandemic. Stay tuned to Froogal University for more webinars on topics that would benefit your business in numerous ways! Follow us on Instagram, Facebook and LinkedIn today!