Customer In Crises - Pivot Your Business Strategy To Meet Demand in Quarantine (30 Min Webinar)
We are problem solvers and we're, leaders to. Develop a business you need to be able to identify, the, needs in a market and, be. Able to find the resources to meet those needs that's what a business the. Purpose of these businesses, that we run are about and, your. Ability, to do that is not different just because there's uncertainty, there's. Even more opportunity. In a, market where most people are, paralyzed, with. Fear or concern to, actually, capture market, share to, be a better leader, and a provider than your competitor. And and, capture, the hearts of your consumers, so, I want to talk about number one reviewing. What your customer, is going through right now they're, feeling their, worries are how it's shifting their buying patterns number, two I want to talk about what businesses, can do so we're going to give some examples of, current, businesses that are taking action to leave, their consumers, needs so, that you can possibly learn from that they're. Also going to review their past. Data, on recessions. And review. You. Know there have been recessions, throughout all time and although this isn't permanently. Considered, a recession, yet we know. That there's uncertainty and during times of uncertainty and, where people are afraid. The. Buying patterns are the same the, good news is that people continue. To buy, it's. Just that they buy differently. So. We want to study these things fail to learn and apply those things to ourselves and, our businesses you can pivot we're. Then going to talk about strategies. Of application, how can you apply this. This. Information about, past, trends to your current businesses you can take action and be a leader within your own, customer. Base and then lastly we'll have space and time for questions. And answers so. First of all let's get into the customer, and what, they are currently going through in in, this time of crisis, and, the first thing you need to realize and you, know I'm not trying to be redundant some of you are that are customers, and you're experiencing the same thing so forgive me if it seems redundant, but it's, a good place to start number. One people. Are losing jobs so there are people in service industries, especially lower income or people who are very leveraged who are feeling financial. Stress so they, are afraid of their budget they, are afraid of, their. Future, happiness and that's creating, a love of concern. And anxiety besides. Stress on their budget. Consumers. Are also having to work from home so some people whose jobs are secure or who. Have children are having, to not only work from home but keep their entire family there and in the past where they might have relied on other services, to help entertain their children and educate their children that care for their children they're, needing to do that at home and they're, not able to go out to restaurants, to be able to order. Food and enjoy community, and relationship, building so, that includes. Affecting, people who are doing sales and going out to many people extroverts, who are you. Know used to working in an office environment a lot, of people are now having, to rethink how they're doing business from home breathing, how they're caring, for their family entertaining, their kids and breathing. Through their whole career so there's. A lot of upheaval which means that people, are looking for leadership because, if you're. Anything like me and, if. You're human if you have a pulse and you read too much of this negative things. That are going on it does put, a depressing. Fear, say a fear in your mind and it, can, cloud over, your. Optimistic. Perspective, of the future so we want to, remember. We have to talk to ourselves leaders, have to not only you. Lead other people but first we have to lead ourselves about, the perspective, the way to interpret the situation and develop. A strategy for hope within. Our own hearts and minds and our, businesses, for employees, etc so, now. That we've refreshed the context, and sort. Of the feelings, that customers, are feeling let's, talk about what. Businesses, are needing to do to address these changes and, behavior. And feelings. Amongst, our. Amongst. Our consumers, so first first and foremost but what our business is currently doing but. The first piece is that a lot of consumers, are changing how they're doing business so.
They. Are, seeking. To actually, bring products, to the consumer and so, that, is applying to the service, industry, so people who own. Medical. Practices. Consulting. Practices. Even. Doctor the, thing is like dermatology. Providing. Consulting. Through, a, medical. Or digital. Webinar. Telic intelecom. Principessa. So people. Are bringing, relationship. And face-to-face conversations, online and, that. Means that people are investing, in zoom and a number of other online. Commerce platforms, where you can have digital. Conversations, and continue to service people or, offers, offering, in-home, services. Where chiropractors. Are driving to, their. Patients office at their homes for, those patients who are feeling concerned or. Allowing, for phone, conversations. To occur before an office visit to verify, that hey that's really is an urgent mean, so that's there's, also restaurants. And service providers in that capacity that are allowing. For a drive-up. Opportunities. Where you can drive up and pick up your products and that's even including, in grocery. Stores and we've seen already a movement for Walmart's and other. Grocery. Stores, to offer pick that order online pick up in store and that. Is a new this. Is going to become a wave of the future once. People start doing these things they're not going to want to go back, so. Restaurants. Are offering, that physical. Products companies, who, rely, on in-store, sales or rely, on, their. Web. Sales are really, focusing. On online. Commerce. And using. That as the main way to get consumers. Information. And. So that includes. Maximizing. And optimizing an, online shopping cart, utilizing. Amazon.com. And. Really. Articulating, to consumers, where they can get their products, because they're currently only able to get them at grocery stores and yes the performance news and gas. Stations so utilize. In other ways to define how, you're gonna get that product to consumers through. Free, shipping and really. Optimizing, online, on Sakhalin you hear some really great examples of, companies that are doing that that, might inspire you and be applicable to your business so for, example West Elm is sending. Out emails to. Explain. And address. The fact that a lot of people working from home realize they aren't comfortable in their home they don't have.
A Comfortable, chair the chair that I have squeaks, too much. So I am definitely looking to optimize and, make my office more comfortable more attractive, and more of, a place that I want to spend all day long in so Westown, sent out an email, addressing. In-home, offices, and those. Concerns, um William, Sonoma has, reached, out and sent out emails to consumers, knowing, that they are going to be cooking on where the weekends, with, their families, and. Providing. Opportunities, and reminders, of delicious, recipes and. Products, as they can order on the. Web that. They could have shipped to their home that will help to make for really fun, entertaining. So that includes, molds. That you could forward to make bakeable, bonus, or, bundt. Cake, molds. So that you can encourage your family to make cookies, and cakes and products, like that as well as including recipes in those emails. Target. If you go to the target com, website they, are showing. Really. Great things they've got basically their whole website, is decked out to show families, hey how, do you create entertainment for everybody, let me see if I can watch easily what sir. Showing. Games and advertising, games and making, sure that they're there addressing, the coronavirus, that they're not doing in a way that creates fear they're doing it in a way that says hey we recognize, this your needs are changing as a consumer, how, can we help you here's, a really great moment, to advertise. Products that actually drive sales. Other. Businesses, that are doing some great things I, saw, Chuck zero did a great advertisement. Because, a lot of people were talking, about social distancing, and it's a very fearful thing to say that I couldn't go and see someone else and there was a an ad that was posted as a public, warning that showed matches, all in a row and one. Of them if you just one, match out and you lit them with, the row you couldn't like the other matches and that's an example. Of social. Distancing, and. Shock. Zero did a great advertisement, work. Social media posts where they sort. Of mimicked that they did chocolate. You know eating a piece of chocolate eating a piece of chocolate and then, suddenly removing, one piece of chocolate and it's stopping the cycle and so they were acknowledging. The social, impact of what's going on right now but. They didn't do it in a way that was going to scare, summers they actually, made it something to celebrate, doing. Something good for the, people around you and they gave a social distancing give away and. Gave. Away both money and candy, to get people to be more involved, in a community knowing, and acknowledging, that they would be at home and feeling, a little bit scared so. These. Are examples of customers, or companies. That are doing a really great job of sharing, what they're doing to make a difference and there's. Also. You, know Budweiser, is the other, thing that you can do is food giveaways and sharing that with a bunch, of other people that are your customers, about how you're making a. Contribution. In the midst of this difficult time Budweiser, is contributing. Hand. Sanitizer, to. Help. To. Help counterbalance, the fact that a lot of people have sold.
Out Of these items and so you, share this with you. Really. Quick so you can see how they turned this, difficult, moment into. An opportunity, to grab attention to, show their, shared. Commitment to supporting, people, in the middle of a very difficult time. So. You. Can see that these are examples of current businesses, that are actually capitalizing. On this challenging, moment just, to better serve customers and, articulate. How. They're aligned with them in the midst of this pain. In their needs and. Now having said all of that you know there's there's a lot of people who have, different types of businesses that might not be applicable. To this particular deals. Particular, examples and so I want to come to historical, information about recessions, what, do we historically, seen it happens in, terms of products whenever there's a recession people continue, to buy products, they just buy different products, and what, products, some products stay the same some. Products disappear, completely and others. Actually go up so, the question is what, products, no, stay the same and go up and and where does your product lie and, then. What can we learn from that how can we apply the, other categories, to possibly pivot your products better succeed. So. Here I'm going to talk about, these. Are the categories that are, are, really. Continue to up or, flatline. Say, the same during. Our session the first piece, is Simpson products products, that are considered. Normally. Not good for you or good for society that are, indulgences. And kind of a momentary, escape escapism. Products, those, continue, to sell, really well so, what are examples of that cigarettes, alcohol, fast. Food soft links energy. Drinks, coffee, sugar, candy. Candy. Really does well as well, tattoos. Lottery. Tickets. Things. That are a escape. That sort of changed, and alter your the, state of mind and your mood so, if you have products, like that this. Is a time to, recognize. If you probably will be doing well the. Key is to connect what is what, you're going through with your consumers. Experiences. Entertainment. Products obviously like, in the Great Depression the movie theater, industry just boomed because people were buying tickets, to escape. And to entertain their family and have a voluntary, break as. Long as it was an affordable they really were looking, to kind of escape from that from, maybe the frustrations, of their work and their their finances, so, what, what, else could that look like in our modern day that. Is live streaming Netflix. Videos a. Lot. Of social media platforms are gaining a lot of attention, Tech. Talk is blowing up because, people at home between breaks, can go talk to their co-workers so they're going online. We. Also will see so, what does that mean for you as a physical product brand, owner or service, owner it means that if you can't see your customers, face to face these, are great platforms, to go and reach out to them to, be. Able to reach them right where they're at they're going to be wanting to advertise, on those, platforms and, even create added, value content. Since you can share with consumers, on, tik-tok. How to make a great such, one you. Know beef, at home which is great, easy, recipe, but, realizing that you can reach consumers, and get free advertising if you critically, great content it's entertaining.
Other. Ways that people trying to be entertained, and will spend money on this book's board games. And, that can be applied to your products, because you can add, packaging. Artwork that helps to give. People something to do my the, classic example is a cereal, box that has a, crossword. Puzzle in the back which you could cut out and give to your kids to entertain them for a minute but that could also look like making, inviting, people back to your website to be able to offer games. That people could play with the products, that you have or, it could be you know hide the cheese it could be something simple as that take a cracker and hide it all over the house and or, mix up different ingredients, to put on top of those crackers, having. Fun recipes, that are, creating. A moment where people can find entertainment, or you're contributing, to their life and being a part of it I. Think. That any website, or a newsletter, and marketing should definitely, be adding, value and giving people a reason to feel. Joy, when they're enjoying your product, other. Things that, really, do well is smaller, indulgences. So if you have a luxury, product what, you will find is that the smaller version, of it the cheaper, version of it will, usually do well in, the Great Depression and, in the last last. Big dip in the market the housing crisis, gas-station. Items, small, indulgences, that you buy at checkout, there were impulse items, those. Things did really well and. What. If you have a product, that's selling for example for twenty-five to forty dollars is there a way for that you could redefine. Your product package it's smaller, turn. It into something that could be smaller. Indulgences. Because. Like. Another example, would be a perfumes, and how perfumes. Might. Be a hundred to two hundred dollars to make a purchase of at. Sephora, and those are expensive luxury, items but in a time of crisis people don't not, only don't want to spend money we don't want appear they, want to appear to have too much money sort. Of insulting, to other people, who are going through a hard time and so smaller. Samples. Of or smaller travel, sized versions of those perfumes will still continue to sell. If today's, market, is to anything like what we've seen in the past. Same, is true with small candies, or candles. You know you can take those luxury, items that seemed very, unnecessary, and indulgent, and turn them into smaller treats, people who much more likely to make it purposes on, staple. Products will obviously be doing really well we. Know. That everyone needs toilet paper what everyone needs paper, towels the, question really comes down to though. Where are you in that category. A lot, of staple products will sell really well in bulk items at this moment because people are looking to save. Money and to buy enough for their family so, the, question is if you had to choose between spending. Money on a new product or smoke you only have so much money to put into inventory your, both items are gonna be the ones that are going to be doing well and. To. Speak to being. A part of someone's home being, an everyday item you, can build and build, your brand and pivot that direction that's a really strong and stable position.
To Be in in this market. Another. Thing that we've seen is that people start. Eating from. At home they, stop going, to restaurants, and the, quarantine is going to make this even more, obvious, that people can, do some takeout and fast, food which they'll. Continue to be with families are busy but, ready-made. Meals will see a a spike and that includes, every. Day of value items you know bulk stir-fries, where people just want to save money and get their bellies. Filled quickly but, also luxury. Items that are ready to eat we normally would order in a restaurant so the. Bro shoot though the, the. Luxury, cheese's that go on crackers people will still want to buy the things they were buying in the past so your products are not going to. Lose. Lose. Desire, it's just they they might need to have them in a more affordable platform, so, selling. It in stores and educating. Consumers how they can have rex create a restaurant experience. In their home is going to be important for you in designing your packaging, your marketing materials, and in. Repositioning, your your. Market or your product. The. Other thing to note is that luxury, investment, items will, continue. To sell if, they. Are tried-and-true, investments. Of that leads value so, things like a Rolex, things that are, considered. To be very high-end cars those. Products, for some reason continue to sell and based, on economic, articles I've read it seems, that the uber wealthy just. Continued to have money and they, continue to spend but, they, usually spend, that, money in a recession, on products, that will have. A timeless, 100, year of track record or reputation, so. What. Does that mean for. The. Products that really don't do well are ones that just were a little that. Consumers. Consider, to be too, frivolous, he. Has what. Happens when when a few people have money and a lot of people are suffering it. Also becomes an embarrassing, thing to be seen buying a luxury product so, all, of these YouTube videos of people showing themselves drive, in fancy cars if. Any if this market is anything like what it was in the past people. Will find that offensive, and they've. Lots are odd when you're bragging about riding. Around in a helicopter and, so, those, luxury goods will be seen in more private. Environments. So whether that's in a private room in a restaurant so it won't be the most available readily ordered, things, you should plan your inventory, according, to that and also, to realize that um, you. Know people people, will not want it to be just as showy as public of advertising. You want to you want to emphasize the, investment the long-term, longevity. Of that product and. To. Say that it's timeless, during times of of concern. And fear that's a great market position to put yourself into, so. Having reviewed that the question again that, I want you to ask yourselves where is your product, currently. Existing. Amongst. That list of products that do well and if. You're, not currently really, perfectly, fitting, into one of those categories the, question is how can you reposition yourself in the next season to, be able to be successful, during this market long term. So. You should ask yourself that and hopefully give a piece of paper out you've written out that question and you took some notes to think about how can I position my products, be in one of those categories, these, recession-proof, categories, and now. I want to talk about you. In light of these things what, are the actions, that you can take to be able to pivot your product so that you do, successfully get into a category that is recession-proof, and the. Great news is there's a lot of things that you can do and the first and foremost powerful, thing that you can do if work when you're branding, and to. Rebrand and people. There are you, know Warren Buffett says that when people. Are afraid this is the time to actually be investing, when the, market is really down that's when you should be buying, buying. A home because it's when the best value is going to happen and when the greatest amount, of wealth can be captured and there, are people who will stop branding packages, will stop packaging, artwork and we'll. Just be paralyzed, for fear but those people are the highest risk of just losing market share because, they aren't taking action this, is the moment to rebrand or upgrade.
Your Brand to. Position. Well to be able to last during. This next you, know five, years of a bear market or 3 to 5 years of a bear market however, long this lasts, so. Obviously. Fun, products, are going to do really well ones, that provide, entertainment, we're, talking about smaller sizes so things that are small indulgence is you. Also want to look at packaging that will either make your product if it's a value one larger, so that it's going to be family family. Friendly and appropriate, for this, hoarding mentality that, people currently have or, that's a small indulgence that people don't feel guilty, you know breaking the budget buying, something that would make them happy and however. You position, that it needs to be done obviously on, your packaging, artwork. It's. The first place that we're referring to when we're talking about branding, is your. Packaging, artwork and. Defining. What that looks like and really analyzing, your product, SKU offering, this coming year and making sure that it's aligned with where you need to be in your consumers, buying. Habits, that. You the third thing would be to, look at your website and your shopping, experience after. This coronavirus. Experience. No one is going to go back to doing business, that were the same as what they did before online, commerce is daily. Becoming more and more significant, people's lives they're buying, all, of their groceries, on the Internet, especially. When they have all of their kids at home and can't handle taking, them all to the grocery store so the question is what is your website shopping. Experience, like so. Take, your team and go through that, website analyze. What it's like on different browsers in light, of this current, event, are you addressing the coronavirus, and the precautions you're currently taking to keep them safe the. Products that you're manufacturing and, protecting your employees that's. Really important to you utilize. This time to message, message. People about. What you're doing and how you're leading so, that people are confident that you're in control of continuing. To stay in business and running your business according to healthy. Practices, and what. Is the shopping carts messaging. When I'm going to the shopping cart are, you, promoting. Irresponsible. Products that might be insulting, or are you promoting products, that I for sure want is toilet paper do, you have toilet paper as an offering is it available, and. Is there a reminder, that's adding you. Know encouraging me to go make that purchase at the very end of my shopping, experience, what, is the email. That's following up with my order stating. Is it branded, is it really, really making the shopping experience. Exciting. And easy and. Emails. After the product is delivered is it reminding, me to come back and giving me incentives, to stay online with you. You. Don't also. In. Addition to your online branding, and shopping experience, are you on Amazon is, 60%, of all online sales. In. 2018. Up and through Amazon and what that really that means is that people who were looking to do online purchases. Went to Amazon, first before, going to your website, we're. Going to target we're. Way too Google, they, went into Amazon to make a purchase and type in like chocolate, candy company mustard, like sweet honey mustard, if your, product is not currently there and optimized, your. Competitors, coming up first which, means that consumers who are moving from stores where you might dominate, to. An online presence are losing. You're, losing visibility, you're losing market share and if, you're there but other people are we selling your products you might be losing massive opportunities, to make sure that the quality of your product is excellent to, control, the messaging, and optimize, that so. I feel that it's really an ignorant thing if, really. A bad for your business if you're not on. Amazon. And taking. Advantage of that consumer platform, for chocolate but those are ways that you can analyze and control your sales and let, this market by, looking at me Amazon I, would. Also say, that. Sales. Is really important, your. Sales, position, with with by retail buyers right now is really, crucial so if your, product is a staple, an item that you know is already selling out in other places, it.
Is Okay, to, send your buyer a quick short, short email it just says hey I'm checking in to make sure that you're okay, my, family, is under quarantine we're, playing you know hope. Your family is doing just as well okay. So that's a nice friendly, family. Focus, or. Relationship. Focused. Sentence. It's not going to overwhelm them don't, attach a PDF but, you can say you. Are a mustard, is selling out in, stores do you meet inventory, let. Us know we can schedule a meeting on Thursday, at 2:00 and/or, Friday at 1:00, something. Super brief to just remind them that you're there did, you have inventory that, you're there to support any of their purchasing, needs so, that's a great email it's super friendly I would definitely send one of those out in the next two weeks even. As early as this week just to make sure that they are in front of your buyers. Face. And positioning. Your product in light of this current climate if. Your product, is not one, that is currently selling on the shelves and you're seeking to do that you, know that they're going to be placing, your product no planogram, soon, making, decisions soon. You. This next week you can still send them an email and remind them that you exist, remind. Them that you're they really enjoyed, seeing your product or they you know asking. Them saying hey in light of everything I'm sure. A lot of your planning is put on pause. We. Wanted to find out when you want us to come check back in with you about. Your. Buying. Decisions for chocolate for for Christmas 2020. Anything, we can do to support two good examples or, an, online zoom. Meeting. We, are here to support you, so that. Short, to three centons email is a quick reminder to them that you are present that you were there you're, available and it. Gives you a chance to hear back from them about, what's going on now if you don't hear from them don't, be offended by a retail buyer is way more busy than you are I promise. They are so busy we. Have tons of emails and people wanting the attention so if, you don't hear back from them give, it a couple weeks and or, maybe even a month depending upon your like how warm or cold your relationship, is and when you know they're gonna make a buying decision and. Email. Them again, to. Just check back in don't don't give up just because your didn't hear back but always keep your emails short and respectful. Another.
Thing That you can do is like I mentioned get zoom set up if you don't have zoom. And an online conferencing. Video conferencing, platform. This is very powerful because in. Today's current. Climate we cannot, have a face-to-face meeting but we can have a zoom meeting so. This is if you. Don't have a subscription go get that set up and you can very easily send. Your retail, buyer both an event invite and then a link to this thing so this program. They click on it and they're able to see your face and you're able to go have. Your sales meeting you can grab your product, show, it to them. You, can send it to their office to be both the two of you can have it on your desks at the same time and, you can also share digital files you've been you, zoom back to do your whole sales presentation. Then, you, might find that it's even easier than doing an in-person meeting because. You don't have to travel and you're able to make sure you can control their attention on, the pages that you really want to and your sales presentations, so don't. Give up hope on those things just. Change and pivot how you're going to sell your products address in your sales presentation a. Recession. And what products are going to sell and why is your product going to work within this next upcoming environment, of uncertainty so. Having settled this I hope that you find it hopeful, there, is if, every. Challenging, moment, there is great opportunity. For those, who will. Seek. To understand. Their customers needs and the current economic limit and invest, in a direction, that's going to support those those, those needs and. Vande, has not changed, in the sense that consumers, still want to live the life they were living five. Days ago a month ago their, buying, decisions, have changed, because they're concerned and so, you need to address those concerns and, pivot, their, paradigm. In their perspective and live, it yourself they're really neat, where. They're at right now how can you give them access to the lifestyle, and the freedom and the joy and the entertainment that they were, originally, wanting to buy from you your, product is not out-of-date, it just needs to be changed, if pivoted to better serve your customer, in this environment, and you have what it takes how. It takes as a business owner you will be able to do this you, need a guard your, heart. And your mind and your thoughts not. Get to down seek, out other people to be creative with like like join webinars, and watch YouTube videos like this to be able to get. Inspiration not be discouraged, if, you have any questions, and you wanted to have a discussion about it would love to see comments below, in the. Webinar to talk about it and you can also email us to kind of share your product and we have you, offer a 15 minute free consultation. For. People who are looking to reposition, their products and talk about a possible strategy that could be appropriate for you so. I hope that that was, encouraging, that, even though your customers are in crisis you you, will be able to overcome that and there are strategies you can take to pivot if. You, have anything else you need from me please let us know and I hope that. You have a great day going healthy day and we're wishing you the best over, here from. Dallas. At pearl resourcing, and start to sold thanks.
So Much - have a great day bye.