As fears of a recession loom in South Africa, it’s important for businesses to be well versed on managing client expectations in tough economic times. So how do you keep investors from panicking when things aren’t looking up? By investing in a customer relationship strategy rooted in communication.
Use proactive communications
In the midst of a potential economic meltdown it’s important to maintain proactive communications with your customers. The key word here being maintain. This means that you already have an established pattern of communication with your clients and you stick to it.
This is also the time to add in situation specific communications. In this case you will reach all your customers with the same message on the company’s standing during this time so they feel reassured. Everyone welcome’s peace of mind, especially when times are tough. Your clients will appreciate the transparency and it will help to ease the emotional element of the market event.
A CRM solution is a multi-faceted platform where all things crucial to customer relationship development and retention are stored. Without the support of a CRM solution, business relationships look and function dramatically differently.rehabilitation.
When you find yourself in a spot of bother after a major market event this is your opportunity to take control of the situation and demonstrate some leadership with your clients. You can prevent panic simply by controlling the conversation.
Remember you are in charge of what you say and how you say it and by remaining calm and in charge with your client communications, your customers will feel more at ease and are less likely to panic.
Address individuals who have been affected negatively
If you find yourself in a situation where a few of your customers have been negatively affected by the economy, it’s time to resort to more personal communications. You need to be open and direct with your clients about what exactly went wrong and what you are doing to remedy the situation. Once again they will appreciate the transparency and the personalised communications.
Having a Dynamics 365 system, can be of great assistance when it comes to dealing with these issues. Having your finger on the pulse of your customer relationships is key to managing their expectations in any economic climate but more so in tough times.