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Responding to Your Customers In Times of Economic Hardship
By Sarah Woods
How do you respond in times of stress? How are your customers reacting? In prehistoric times when the "fight or flight" response evolved, fight was manifested in aggressive behavior and flight was manifested by fleeing potentially threatening situations, such as being confronted by a predator.
In 2008, these responses persist, but have evolved even further. Today, especially during difficult times in businesses across the globe, the "fight" response may show up as rash reactions, angry, argumentative behavior, while the "flight" response may be demonstrated as withdrawal, a "closing of the shutters", or doing nothing at all.
Last week in response to the gobal economic crisis, Warren Buffett said, "We go through life and we never think about oxygen. Give any of us five minutes without oxygen; it's the only thing we think about. Confidence is like that. This wonderful American economy works wonderfully with confidence. You have to have confidence. It has to be justified confidence, but it is justified confidence in how our system overall will work. But there is no confidence about the fact that anybody's check will clear tomorrow."
How will you react? How will you demonstrate confidence? How will you communicate long term value to your customers? Beyond the immediate reaction of the markets, how will you maintain a steady, positive outlook about your business? Now more than ever you will demonstrate true value by keeping the lines of communication open, and taking a proactive approach to building lasting customer relationships.
- Think and Communicate Positively - Successful business people understand the power of positive thinking. Create a vision of success in your mind, and drive results toward that vision. Despite the challenges to our positive outlook, today you must extend your mindset to intentionally communicating that vision of success. To move beyond today's fear, we must define and articulate what success will look like in the future.
- Stay in Touch - Worried that your customers are "too busy" to hear from you right now? Have you convinced yourself that they aren't buying, so you are the last person they want to talk to? The opposite is true. Now more than ever we all crave communication. As Tony Robbins said recently, "This crisis affects both the billionaire and the barber." Reach out to your customer NOW, let them know that you are their partner in success - and that may mean redefining the meaning of partnership.
- Solve Problems - This new partnership is about ensuring that your customers succeed during challenging economic times. Solving immediate problems for your customer today will raise your ranking from "supplier" to "trusted advisor". Find out what their biggest challenges are, and think creatively about how you can help.
- Add Value - Easy to say…but how do you find out how to bring new value to your customers when they are reacting in fear? You ask them. The old rules don't apply anymore…what was important to your customer a month ago may not apply today. Your customer may be under pressure to drive new revenues, cut costs, reduce inventory, and manage employee productivity. Ask your customer what they need. Then ask yourself…How will I help? What value will I bring?
Regardless of your initial reaction to a financial crisis that is affecting us all, you have the power to respond with purpose and intent. Take back control of your message to your customers and your marketplace by communicating confidence in the long term value of your business and theirs. Let them know that you are there to help - to refer business, to make a connection on their behalf, to solve a problem, to lend a hand. Within and beyond today's global market response lies opportunity. How will you respond?
Read and subscribe to Suzanne Bates’ blog, for her latest tips on how to become a powerful speaker and communicator!
"As a result of Bates' training…our executives are far better communicators than ever before, and the results show in our increasingly positive press and ability to move these audiences to action."
Matt Davis,
Corp. Director of Executive Communications,
Dow Chemical Co.
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