Alon Ghelber is CMO at Revuze; an AI StartUp analyzing customer reviews & delivering product insights to optimize decision-making.
Getty
Due to the impacts of the COVID-19, people and businesses around the world have been forced to drastically change their habits and ways of operation. These changes and shifts in consumer behavior, sentiment and product demand have been evident in my company’s customer review analysis, mirroring the current economic reality.
Under stay-at-home orders and the instruction of social distancing, entire cities were placed under lockdown, closing shopping malls, retail centers and street-front stores.
Abiding by instructions, and due to store closures, people have resorted to taking their business online. The shift to online shopping has brought on extensive impacts, and I believe several retail giants can impart important lessons from this experience that marketers can use to their advantage.
Optimization
While many consumers began looking to e-commerce for their groceries, cleaning supplies, and even electronics and gym equipment, many online retailers have had to work to keep up with demand.
Amazon has seen a surge in sales so great that it was struggling to maintain stock and manage shipping. However, despite some obvious struggle, Amazon has been sailing the global crisis quite smoothly, based on what I’ve seen.
From increased hiring to aid in sales and shipment fulfillment all the way to developing COVID-19 testing labs dedicated to company employees, Amazon optimized its operations to fit the needs during this crisis. In addition, the company has been implementing new rules and regulations for sellers and shoppers alike, hoping to manage the increased pressure. As early as late February, Amazon announced measures discouraging opportunistic price gouging and temporarily prioritizing household staples and medical supplies.
The greatest lesson we can learn from this example is the importance of optimization.
Apart from optimizing logistic operations and personnel management, it is worthwhile to make sure you are promoting items that are still in stock and in high demand. Pushing and optimizing marketing for these items may increase consumer interest and engagement with your brand, generating traffic and sales.
Moreover, making high-demand items more readily accessible on websites or stores will be greatly appreciated by consumers. This is especially true for higher-risk demographics looking to minimize exposure during the COVID-19 crisis.
In addition, brands should be updating and optimizing their marketing content and messaging to coincide with consumer interests and concerns. It will show consumers your brand is in tune with current events, and this can generate positive consumer sentiment.
Adaptability
Aiming to keep both staff and clients safe, various Walmart locations altered opening hours (allowing time for thorough sanitation), set up senior shopping hours and implemented a pick-up hour dedicated for people most at-risk of COVID-19. Best Buy is another example of a retail giant that adapted to the new circumstances, closing all its stores to the public and reverting to online orders and curbside service only. It additionally suspended all in-home delivery, installation and repairs.
A major advantage that helped both Walmart and Best Buy to maintain commercial stability during the crisis is their adaptability. Adapting and informing consumers about relevant measures being taken in response to a crisis can attract people to your business. Knowing it is safe to use your services and get your products will undoubtedly make your brand more attractive.
Adjusting your business to meet consumers’ and employees’ needs might mean changing your business hours or ways of delivering your product to your consumers. However, prior to implementing such changes, you need to do some homework. Alterations in operations have logistic and staff implications. So, you need to make sure to do extensive research, draw out a plan and set clear goals. Outline new logistical challenges, possible personnel changes (such as extra hiring), needed equipment and so on.
The more prepared you are, the more effective and efficient the adjustments will be.
Communication
Considered an essential store by many authorities, Target kept its stores and e-commerce platform fully operational. And like Walmart, it was a major beneficiary of consumer panic shopping and stockpiling.
Despite the high demand for certain products (hand sanitizer, disinfecting wipes, toilet paper), the company restricted shoppers and placed limits on the quantity of these products customers could purchase in the store and online. Despite Target’s best efforts, the company did go under fire for selling N95 masks to the general public when healthcare personnel faced devastating supply shortages.
The way out of this conundrum was communication. The company issued a formal apology and announced its commitment to implementing additional measures to aid staff and clients during the crisis.
When communicating with your consumer audience, especially during times of crisis, it is vital to do it thoughtfully and intelligently. Company leaders should first consider their target audience, including demographics, preferred communication channels and current concerns. Performing market research and consumer sentiment analysis is a great way to optimize brand policy communication. And if your company makes a mistake along the way, issue a sincere apology.
These steps will help you make sure you are touching all major issues and pain points, cultivating a sense of involvement with your consumers and making them feel seen and heard.
Conclusion
As we have seen, there are lessons we can learn from some of today’s biggest brands when facing a crisis. Some have managed better than others, but no doubt, e-commerce platforms proved themselves to be a vital part of the operations.
Now more than ever, it is important for companies to find ways to optimize their business, be adaptable and maintain open communication. Doing so can strengthen your business now and prepare you for any challenges that lie ahead.
Forbes Communications Council is an invitation-only community for executives in successful public relations, media strategy, creative and advertising agencies. Do I qualify?
