Every business’s relationship to growth has shifted wildly in the last three years. In line with the U.S. Census Bureau, 6 percent of firms canceled their plans to grow in 2020, and 9.7 percent hit “pause” on growth. So, what happens now that we’ve entered a latest phase? Should businesses be pushing for growth again?
To grasp the answer, we have now to look more closely at how firms have been pondering and feeling about growth.
First, the reason for hitting the pause button has been continued economic insecurity. The economic downturn forced businesses to give attention to efficiency, cut costs and prioritize money flow above all else. This mindset remains to be guiding business leaders today.
Moreover, with a view to at the least survive the pandemic, businesses needed to adapt rapidly. They’d to develop latest ways to achieve customers, translate their services to digital ones, rethink safety and redefine what their brands looked like and stood for. Businesses which have survived sometimes don’t resemble what they once were.
Despite what we’ve been through and the way we’ve modified, growth is at all times inseparable from business. It defines us. Post-pandemic growth is a giant priority for a lot of businesses. They should get well lost revenues, capture latest opportunities and spend money on the customer experience in order that they will construct loyalty and trust as the economy recovers. The query is: how?
What practices should businesses keep from pandemic times?
There are still pandemic-era business practices that we must always carry over into the latest era. We’ve got learned quite a bit in a brief space of time, and far of the knowledge that we acquired will proceed to be useful. Probably the most resourceful leaders will give you the option to repurpose pandemic lessons for the future of their firms.
For example, clever leaders will remember to speculate in worker training and development. They are going to hearken to their team members and encourage open communication and feedback because they realize it helps them move in the right direction. In addition they know that digital tools can increase efficiency and collaboration in each good times and bad.
Still, some of the practices we relied on during the pandemic definitely have to be ended. The exclusive give attention to cost-cutting measures, for example, not is sensible. We’ve got gotten right into a habit of hunkering down and prioritizing core processes; now’s the time to let the secondary and tertiary concerns back in.
We’d like to stop relegating customer support and satisfaction to the “nice-to-have” bucket and begin recognizing how critical it’s to success. Before, we generally didn’t have the money or the time to speculate properly in tools, worker training or development. Now that we do, we want to speculate in anything that can empower our teams to set goals and innovate with confidence.
Related: 5 Lessons the Pandemic Has Taught Entrepreneurs
How businesses can find their North Star after the pandemic
The pandemic era has taught us some helpful lessons and given us a latest set of priorities. Consider customer experience as the North Star of post-pandemic business growth. Business leaders must concentrate to the trends which can be currently emerging because they display what consumers are pondering and the way they’re feeling. Listed below are 3 ways to perform that:
1. Concentrate on health and wellness needs
The pandemic could also be winding down and we could also be entering a latest era, but when the last three years have taught us anything, it’s that health matters. In line with McKinsey & Company, the value of the global fitness market exceeds $1.5 trillion, and it’s expected to grow between 5 percent and 10 percent every 12 months.
Individuals are really attempting to shape their lives around their well-being and placing greater emphasis on preventive health care, healthy eating and fitness. This has led to an increased demand for health and wellness products, supplements, fitness apps and services, self-care tools, therapeutics and some other health-related service.
2. Find local vendors
Growth isn’t necessarily about expanding globally. With the pandemic bringing global trade to a standstill, many individuals have turned to locally sourced products to support local businesses and reduce their environmental footprint.
Because the importance of sustainability has change into more appreciated by the public — in response to a report by Havas Group Worldwide, 73% of consumers consider that brands have a responsibility to act for the good of society and the Earth — customers are searching for sustainable services. This includes demand for eco-friendly packaging and sustainable materials. This trend will likely proceed as we change into more aware of the impact of our purchasing decisions.
Related: What Is Sustainability in Business?
3. Ask inquiries to and about customers
In line with a report by Salesforce, 56 percent of customers expect that every one of their offers be personalized to them. Because this number will only proceed to grow, firms must give attention to understanding customer needs, providing a seamless user experience and delivering helpful services.
As a way to know what “helpful” means to customers, ask questions. What customer needs will not be being met straight away? What customer-centric strategies might be implemented to supply a greater experience? How can data be used to make a greater decision? By specializing in the customer experience, we will keep the North Star in our sights and let it set a transparent path for post-pandemic growth.