Crisis Management

Crisis Management

 

Stephen Wunker shares a few key tips to help develop a customer experience strategy that is effective during times of crisis

If the customer experience for your company hasn’t changed in the past year, you are unusual. In industry after industry, from consumer goods to B2B technology, the distancing, fear, and economic turbulence caused by the coronavirus are affecting the sales process, customer selection criteria, the way products and services are consumed, and even what customer service means. Designing experiences for the coronavirus world is a fundamentally different proposition than what people responsible for CX were doing just 13 months ago.

A Pressing Need To Keep Customers Loyal

With the economic fallout from the coronavirus broad and durable, it’s more pressing than ever to keep your customers loyal. Their relationships with companies – be they restaurants or IT service vendors – may well consolidate as a result of the crisis, and you want to be one of their chosen partners going forward. Four steps provide a roadmap to do so:

  1. Determine What Changes Are Occurring In Key Jobs To Be Done

It’s critical in a crisis to understand what underlying motivations – or Jobs to be Done – are driving customers’ behaviors and preferences. The Jobs approach is a powerful way to think broadly about your business and how you might be relevant to people in ways you’ve barely considered. If there was ever a time to use these methods, it’s now.

For an example, look at restaurants – one of the industries most challenged by COVID-19. The Job of impressing a date is no longer relevant. Rather, restaurants that are still operating can target contemporary Jobs such as staying healthy while in confinement and feeling like a good parent. Step back, determine what’s driving priorities today, then chart which of these Jobs might relate to your business. Start by being expansive; you can winnow down the list as you proceed.

 

Key points include:

  • Map the customer’s current journey and potential leverage points
  • Consider new approaches and opportunities
  • Get inspired by what others are doing

 

Read the full article, Customer Experience Strategy In Times Of Crisis, on Newmarketsadvisors.com.

 

 

Geoff Wilson provides a reality check and a sage reminder to plant your feet firmly on the ground when looking to the future. 

 

Times of crisis require a change of perspective and a call to action.

So, here we are, weeks into a bizarre world of isolation, uncertainty, and pain.  If one thing is likely, it’s that after weeks of responsiveness, you may now start to see real signs of resignation and capitulation.  But, you may also see signs of opportunity and–dare I say it–optimism.  My sense is that both mindsets are probably “right” and “ok.”  This is no self-help blog.  I fully believe that there is plenty to fear in the environment beyond fear itself.

But.

I also think it’s important to realize that in times of crisis or trial or despair it’s our imperative to reflect and chart a course.  That course may be brand new and different, or it may be a retreat to the tried and true.  In either case…it’s a course.

One of the more influential books in my life is Man’s Search For Meaning by Viktor Frankl. Frankl was a Holocaust survivor and influential thinking on how people find meaning in life regardless of experience.  His experience in the Auschwitz death camp sparked a globally influential view of how individuals find meaning in challenging and even hopeless circumstances.

 

Points addressed in this article include:

  • Reflecting and charting a course
  • Why me vs. what’s next

 

Read the full article, Finding meaning during crisis requires an answer, not a question, on the Wilson Growth Partners’ website.

 

 

James Bowen takes a moment to muse on risk expectations and market values.

 

Today I read Christopher Schelling’s insightful article in Institutional Investor, “The Dust Bowl Ravaged 1930s America: Coronavirus is Today’s Equivalent.” It led me to thinking about risk, and in particular how a risk no one considered at all a little over a month ago has emerged to destroy trillions of dollars of value — perhaps not in percentage terms, but certainly in dollar terms the largest destruction of value in my lifetime. How can this be?

The market value of anything, whether a farm or a necklace or a share of stock, is what someone else is willing to pay for it. In financial markets, we should see a relationship between the market price of an asset and its future cash flows, discounted for the riskiness of the asset. The riskier the asset, the greater the rate of discount of the future cash flows. Of course, it’s all more complicated than that, but at its very core the foundational principle of modern finance is that return is commensurate with risk, and the sum of the expected future returns on an asset tells us what it is worth. When the riskiness of future returns increases, present value decreases, and vice versa. It’s that simple.

 

Read the full article, On Risk in the Coronavirus Era, on LinkedIn.

 

 

Robbie Kellman Baxter shares her experience of launching a book during the COVID-19 virus and explains what you can do to rethink plans that have been disrupted. 

This article is based on some of the ideas that came up last week in my LinkedIn Live Session. I’m a beta tester for this new feature, which allows for a more direct, realtime and raw connection with the community. I’ll be LIVE every Friday at Noon Pacific. If you follow me on LinkedIn, you’ll be automatically notified. I’d love it if you join me!

Did you have a launch planned for this spring that went awry. A conference that was canceled, a project put on hold, or a new product that was scaled down? Or maybe, like me, you had written a book that was scheduled for spring of 2020 release?

 

Points covered in this article include:

  • Rethinking tactics
  • Taking care of stockholders
  • Reassessing the goal
  • Finding support

 

Read the full article, Launching in a Crisis, on LinkedIn.

 

 

Vik Muktavaram recently published an article that evaluates the current crisis through four approaches of risk management.

“As the federal government finally took the first decisive step in stemming the outbreak of COVID-19 in the US, the images of serpentine lines of arriving international passengers at airports waiting for immigration and screening for COVID-19 coronavirus ubiquitous online and in print. Presumably, the rationale for the screening was that these arriving passengers represented a high-risk cohort. Yet, the long, crowded lines with no social distancing not only defeats the very purpose of screening but in fact, one could argue that the risk of spreading is increased substantially amongst the ground staff as well as passengers from different airlines. 

 As we deal with the COVID-19 pandemic, we should also be wondering how did we miss this when all the signs were there. How did some countries such as Singapore and South Korea manage to contain, if not necessarily prevent, the spread of virus in their countries despite their proximity to China? Risk Management is a structured way of looking at early indicators and prioritizing risks and then managing these risks. As our crisis response continues to be a case study in “how not to”, let’s take a step back to see how the risk (low likelihood, high impact) of a virus-pandemic became a crisis.”

 

The four approaches explored are:

  • Risk Transfer
  • Risk Acceptance
  • Risk Avoidance
  • Risk Mitigation

 

Read the full article, Covid-19 in the U.S. How a Risk became a Crisis, on the Rithym Advisors’ website.