Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
How to create high-value customer interactions and win in the Low Touch Economy
Board of Innovation | By Nick De Mey
Double down on trust - Built a new value proposition - Pivot to growth areas
In these unprecedented times, it’s important to put the needs of your customers first.
Open up and be transparent
Only then will you be able to find success for your brand and come out of this crisis stronger than before. We are all figuring this out together. Tell your customers the precautions you are taking to ensure their safety and the safety of your employees.
See: A global view of how consumer behavior is changing amid COVID-19
Do you have workers on the front line or handling deliveries? Consider doing continuous temperature checks throughout the day to check they are symptom-free.
Make it personal
A human-first approach will allow you to show empathy and understanding for the customers you service and the challenges they are facing during this crisis. Demonstrate that your brand is more than a corporate logo by putting the people and employees that are working behind the scenes at the forefront of the conversation and messaging.
Try on a different value proposition
Many industries operate for years on the same assumptions, falling into the same category norms and succomming to common category pressures. It’s normal for companies to forget to think for themselves in times of crisis. This global reset is the perfect moment to do things differently and create even more value for your client. Ask yourself, what previous rules no longer exist and how can you use this time to differentiate yourself with customers?
Example in retail/logistics: Many products don’t need same-day deliveries. For many orders, this is 100% overkill. Consider switching to slower delivery options. it creates new possibilities: bundle deliveries with other shops, clients can update and add items to their order the next day, you can use alternative and greener transport options that your client value.
Switch to new client segment or product/service
Who says you must continue focusing on your current customer base? Try to focus on a more value segment to do business with or whom might benefit from the services you offer at this time.
See: Bringing Good Ideas to Life: 13 Modern Ways to Innovate
We are seeing many businesses switch from a B2C to B2B model and visa versa. Every business has assets and resources at hand. Evaluate what you are actually good at and use that to inform a new swimlane for you to succeed in. You can keep your current business in tack, while also launching a new brand and whole new revenue stream on top of that.
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