Is your business being forced to pivot?

The coronavirus crisis remained far away until, suddenly, it was right on our doorstep.

Across the globe, the pandemic has brought communities, countries and economies to their knees. We saw it coming but we didn’t take it that seriously. Now we have to.

While the virus presents significant health risks, it also presents a huge challenge for many business owners. Businesses everywhere are rethinking their models and methods right now. What’s your main message through this crisis – is it business as usual or are you pivoting your model?

At such a time, with constantly changing parameters and high anxiety levels it’s natural for us to seek something solid to hold onto. If your business suddenly changes its course – or the way it operates – without clearly and calmly communicating why and how, you risk losing already overwhelmed and exhausted customers.

Business as usual?

If things are remaining mostly the same, reassure your customers and clients and clearly spell out any constraints these unusual circumstances may bring. Explain how your service delivery is operating, even if there are no changes; this is an opportunity to educate and remind your customers that your business is still operating.

Or time to pivot?

Many businesses are finding themselves in a strong position to take advantage of the ‘new normal’ – ecommerce, logistics, pharmaceuticals and video conferencing companies are just some examples. Take a moment to check out Who Gives A Crap, and you’ll see what we mean. If this current situation has led to a rethink of strategy and structure for you, then you’ll need to communicate the shift clearly and calmly now to your clients, prospects and stakeholders.

Clarity of vision

Either way, following some tried-and-tested crisis communications guidelines will put you in good stead with your constituents for when life begins to return to some kind of normal.

Communicate regularly with customers

1. Focus on what’s important to your customers right now. For example, financial security, guaranteed supply chains, additional staffing for answering online or phone enquiries.
2. Provide relief where possible. One US airline was the first to waive change-and-cancel fees for coronavirus-related concerns. The move went a long way towards reassuring current customers as well as potentially bringing new ones on board. How will future customers remember insurance companies during this time?
3. Focus on empathy rather than trying to create selling opportunities. Rethink advertising and promotional strategies to be more aligned with the current spirit of the times. 

Reassure shareholders

The pandemic has forced a great uncertainty on global financial markets and turned what was a bull market into a possible recession. With earnings season almost upon us, publicly listed companies have a special responsibility to communicate the impact of the virus on their operations.

1. Be transparent in communicating near-term challenges;
2. Use the crisis as an opportunity to reinforce the corporation’s long-term fundamentals;
3. Communicate what you are doing about the problem;
4. Develop communications plans around your annual meeting, including the possibility of setting up webcasts and webinars for shareholders.

In a crisis like this communications strategies are more important than ever. Maintaining a calm, organised brand voice and keeping open channels of communication with clients, team members and stakeholders can make or break you.

Sources:
The Conversation, March 21, 2020
Harvard Business Review, March 13, 2020

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