Lynn Girotto, chief marketing officer at Amperity

As the COVID-19 pandemic continues to dominate our lives and news headlines, there is a steady current of concern around the economic impact of these unprecedented developments. 

As nearly every industry around the world feels the weight of the crisis, it’s only natural that we see cost-cutting efforts become necessary across the board. Specific industries have felt the crunch faster than others, with sharp revenue declines across travel, hospitality, and restaurants, with retail experiencing an 80% drop in demand according to recent data—a very clear sign of the magnitude of the challenge. 

So what can businesses do to strengthen relationships with consumers, when being forced to go into survival mode? For retailers tightening their belts, the key to coming out strong on the other side will be to maintain the investments in customer-centricity that guided them in a stronger economy. That way, retailers can continue to communicate in a personalized and time-sensitive way with their customers and prospects.

The good news is that reducing costs and getting closer to consumers are not mutually exclusive goals. Done right, they’re closely linked objectives.

Finding efficiencies via customer intelligence

As marketers come under pressure to find new efficiencies within their budgets, eyes will undoubtedly turn to their tech stacks, which represent a significant investment. However, in looking to conserve dollars when it comes to infrastructure, companies need to first consider the downstream effects of their tech investments before making across-the-board cuts. Ultimately, it’s a company’s investment in better customer intelligence that is going to deliver the strategic advantage and efficiencies that brands so desperately need right now.

To find efficiencies within a company’s marketing and ad spend, marketers must have a 360-degree view of their customers: where they spend their online time, how and when they engage with brands, and which channels are most effective in promoting new and repeat sales. By employing platforms to properly organize, interpret and put these kinds of insights into action, companies can streamline their marketing and communications. By reducing spending in channels with lower returns, prioritizing those that deliver the best results, they can maximize lifetime value within a company’s existing customer base. 

The potential savings via better customer intelligence extends beyond marketing efficiencies. It also applies to streamlining and personalizing communications in customer service channels. 

Take call centers, for example. Call centers at travel companies have been particularly hard-hit in recent weeks due to customers sheltering at home and needing to postpone or cancel their plans. However, having well-organized customer data within customer service centers can significantly reduce the burden on these departments.

This lets company representatives offer personalized service and messaging to consumers in online channels, reducing the need for customers to make phone calls. Even within the call centers themselves, having customer data properly united, organized, and available to phone representatives can help personalize service, shorten call times and improve customer satisfaction rates. This is the kind of experience that gives customers a positive impression of the brand and will pay dividends on the other side of the current economic crisis. 

Doubling down on loyalists

This brings us to the vital topic of brand loyalists. Now is not the time to divest from the infrastructure that allows you to know who your best customers are and reach them across marketing channels. Maintaining connections with customers is critical, even when they aren’t purchasing. Creating an authentic experience with your brand is what will bring your best customers back. Companies need to be protecting their existing customer base at all costs. 

Across all industries, these are the individuals who will drive a brand’s recovery on the other side of this global crisis. They will be there for you when we come out this—but only if you continue to understand them, be empathetic, and respect the unique relationship they have with your brand. Recognize your VIPs and offer preferred or new channels to support them. A great example of this comes from a leading food delivery service that’s providing a direct phone number for its best customers during the surge in demand, ensuring their best and most loyal customers continue to get attentive service and a great experience. 

People are the heart of every business and companies should treat them as the individuals that they are. No one knows when a crisis will happen, but we must not stray from working together and showing up with empathy. With the right customer-centric attitude, along with an awareness of and vigilance about being empathetic, brands can emerge having strengthened their relationships with customers.

We strive to provide the best customer experience during the good times and should, therefore, take pride in stewarding our customers through challenging times too. Showing up for them, and with them, will keep them coming back in good times and bad. After all, we’re in this together.

Amperity is a customer data and identity platform.