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As one example, a number of distilleries switched to producing hand sanitizer in recent months as a way to meet a critical need and keep their business afloat. Some of the distilleries gave the sanitizer away for free, which helps build customer loyalty that can last even after the pandemic is over.
The current climate will also prompt more businesses to realise the untapped value of their existing customers. Instead of heavy discounting or reducing profit margins to acquire one-off customers, businesses need to focus on brand-building and customer retention strategies that engage happy customers for long term results.
Pre pandemic 44% of businesses focused primarily on new customer acquisition despite it being on average 5X more expensive. There’s a massive opportunity here for greater efficiency and growth for businesses by focusing on existing customers.
With many of us working from home now as a viable long term solution, we’ve seen real estate in fringe city suburbs or coastal towns in high demand.
Agile businesses are also discovering the benefits of a workforce that can work anywhere, any time. Our Manila team members are no longer in a physical office and from a recruitment perspective, we’ve been able to hire and keep top talent by enabling a flexible working culture with less office space and lower overheads. We are not alone in this shift.