In the midst of the coronavirus crisis, marketing and sales leaders must remember the importance of favoring calm, calculated, responses over hurried, short-term fixes. While it may be instinctive to react to current events and behaviors, this approach is unlikely to help your business prepare for long-term sustainability.
In today's world of almost entirely digital-only business, sales teams would be wise to redirect their energy and focus from winning new business to instead deepening ties with existing customers. Strengthening loyalty of your key accounts by building on rich existing customer value will help you retain crucial customers even in the face of unpredictability.
Now is also the time for leaders to measure and analyze the effectiveness of their existing sales force, to ensure performance is optimized for success. At a time when budgets are tight, it is your sales team that will, ultimately, drive business forward.
The pandemic has also resulted in another key practice making its way through businesses and industries worldwide: significantly increased investment in digital sales and marketing channels, including CRM systems and social media. Through sharp, focused, data analysis, it will be crucial to identify your highest and lowest-performing channels to ensure you distribute restrained budgets as effectively as possible across channels.
When it comes to your marketing strategy, adopting an agile approach will help you address the inevitable evolution of consumer behavior over the coming months. An experimental mindset will also be critical, as you continuously evaluate your customers' responses to marketing efforts. Keep your finger on the pulse and prepare your marketing team to adapt accordingly – and quickly – to ensure you keep delighting your customers.
Cedar has 30+ years of experience in developing and implementing highly effective marketing & sales strategies. Our consultants are ready to apply their expertise to help you execute a strategy that truly works – for both your customers and your bottom line. Our portfolio of work spans multiple industries and geographies from loyalty program analysis and design for a leading retailer, to omnichannel strategy for a top bank in the Middle East.