What: The Covid-19 pandemic makes customers less able and less willing to spend than before. How should we re-engage with them?

Why it is important: The article offers suggestions on ways to adapt to a new customer-centric reality and importantly poses the question for each company: “What should be my minimally viable strategy to get through these unprecedented times?”

An article from Harvard Business School argues that the current crisis is different from past financial crises: it is health and safety driven. This means that supply and demand exist, but customers do not have access to products and are therefore suffering “deaccession”. Rather than customer coming to companies, companies need to go to customers.

• Five measures can be taken:
• Expand digital (for example, allow customers to pre-order on mobile)
• Reward loyal customers
• Maintain emotional connection through actions
• Recognise customers’ financial constraints
• Use the situation as an opportunity to each out to new customers with new products or services

Your Customers Have Changed. Here's How to engage them again