Wednesday, April 29, 2020 / 12:21 PM / Bukola Akinyele for
WebTV / Header Image Credit: WebTV
Management consultant, John Wesey, speaking on the afternoon segment of WebTV's Coronanomics Program, observed that enhancing personalised services for customers was key for businesses as they begin to press the restart button after the COVID-19 lockdown. Also, understanding customers and clients behavior will shape how entrepreneur kick start their operations.
According to Wesey, the biggest challenge businesses will face would be restarting activities. As at April, more than 50 million Nigerians were in some form of lockdown due to the coronavirus pandemic.
Wesey was of the view that creating a loyalty program would be a value-added option to boost revenue and patronage of businesses generally.
He said, for starters, companies would need to figure out how to open offices/ businesses and keep social distancing while managing expenses. The fact, according to the management expert, is that the way people worked earlier has changed and remote work would increasingly become a way of life.
Speaking further, Wesey said corporations need to know what was happening to their customers , how they are coping in this period, and whether they were shifts in behaviour or the way they consume services.
According to him, in this critical period having a conversation with customers is important and would yield strong impact in terms of business volume.
Talking about balancing situation and expectation. Wesey emphasised the likelihood that people would want to do things themselves because of the cash situation.
Another issue is the issue of price because people have not earned or generated income within the COVID-19 period which will make them more aggressive in price negotiations. On business strategy going forward he noted the following:
According to him, a lot of people will lose their jobs and might likely venture into small scale businesses. Entrepreneurs need to look at what are the barriers to entry and if the barriers to entry in businesses are low such person would need to battle for customers. He said that entrepreneurs need to think about this in order to respond when the chips are down.
Talking about micro businesses that had some impact on society such as beauty salons, he said that there was a need for creativity, strategy, proactive measures which would have impact on the other sectors. Wesey believed customer loyalty was very important at a time of pandemic.
Speaking on the issue of poor customer service quality across industries in Nigeria, he said if there was a customer -centric approach to service delivery then markets would see freebies and other boons across service offerings. He said Nigerians needed to adopt a service mentality. He observed that the knowledge business was not thriving the way it should as was the case in more mature economiesand a few other emerging economies.
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