It’s now the time to innovate your Customer Journey, and here’s why…
Every action we take has a cost and requires an input of energy. Sometimes those actions are positive and bring us a return on the energy input, and other times they give us nothing at all.
In Australia now, there is an economic downturn that has hit most industries and businesses everywhere; some industries harder than others.
From a macro-economic perspective, this recession was always going to happen, and it will most likely take us about 18 months to recover.
Therefore, your business will not be the same in 18 months when the market ‘returns to normal’ as it was before the downturn.
How do we know this? History tells us. You can pick up any economist’s analysis of the last 100 years of recessions and depressions and see a very accurate and statistical count of everything that happened before, during, and after the downturn.
One of the things we know from history is that the businesses that evolved and adapted to the market conditions were the ones that survived the crises and ended up thriving when the market got back on its feet.
So, you may be wondering, “What on earth does that have to do with the Customer Journey?”
Well, a lot.
Throughout history, there were always critical defining factors that the market wanted during the economic downturn of the time, and they were specific to that period.
What is unique about the current recession we are in is that as we are living in a digital online age, we have come to expect to conduct business online. It is a huge part of our everyday life.
Therefore, all businesses will not only need to adapt to their market changes to pivot their business, but they will also need to deliver connection, trust, reliability and authenticity online as well.
If you think about your current buying habits, they’ve probably changed a little if this current recession has financially impacted you. You are probably more wary and careful about how you spend your money.
You may even look more closely at product ingredients, quality, and the source of your goods – to determine where to spend your valuable cash.
It’s a natural thing that we all do when we have scarce resources. We focus on what we’re spending those resources on, and we ensure that we spend our money wisely.
How many times have you found yourself comparing goods or services in tough times and watching where you spend your money? It could be at the supermarket or a speciality store or for a service.
This scrutiny will become even more pronounced as we start spending again, and as consumers of valuable products and services, we are going to make more conscious decisions about where we spend our money.
This is where the Customer Journey becomes important.
Your own business’s Customer Journey is going to be a defining part of your customer’s key decision making criteria and process in the very near future.
Are you going to be ready for this?
To be clear; getting this right is going to set you apart from your competitors even more so than it did prior to the recession.
So the question is, “Are you prepared to invest your time and energy to do this?”
If ever there was a time that you needed to improve your Customer Journey and give it the time and attention it needs – it is now.
Those business owners who innovate their Customer Journey now and put the time and attention into it to make it amazing are those who will reap the benefits down the track.
Customers will be changing the sources of products and their loyalties to their usual providers are likely to change. This is the time for you to upgrade your Customer Journey to maximise the potential for new customers, whilst retaining the customers you already have.
The return on your energy investment will be well worth it, and 18 months down the track (when the recession is fully over) you’ll be thankful you took the time to do this now.
I hope you are ready to innovate your Customer Journey and be a leader in your marketplace!
If you need assistance or advice on how to get started, feel free to contact Aveline.