With the ongoing tariff war, all contractors are or will eventually be affected. The unstable economic climate fosters uncertainty among consumers, who are likely to cut back on spending in the months ahead. Bombarded by bad economic news, people are worried, and when they’re stressed, they freeze.
To keep your organization healthy, you need to make sure you adapt your financial plan accordingly to a potential drop in demand. Obviously, the severity of the consequences will vary from one industry to another, as will the duration of the crisis.
Remember that many homeowners had to renew their mortgages at double or even triple the previous interest rate. Also, the average grocery basket has exploded. Certainly, consumers are stretched to the limit.
Many companies have already experienced a slowdown in demand for their products and services. Some are wondering what to do. The simplest and least costly course of action is obviously to work on the loyalty of your existing customers. Acquiring new customers is often up to 5 times more costly and time-consuming than activating existing ones.
Your company’s responsiveness is also crucial. Every request from an existing or potential customer is vital to your business. Unfortunately, many organizations have developed the bad habit of missing calls and leaving a long delay before responding to customer requests. This must never happen again, because demand is likely to decrease, and every missed call represents a missed business opportunity. And if requests are becoming scarce, they must no longer be missed.
In these uncertain times, customer service must be flawless. Gone are the days of rude responses, lack of courtesy, missed calls and long e-mail return times. Many organizations have unfortunately forgotten the importance of speed and quality in responding to their customers, as demand has outstripped supply.
Despite this, customer service must remain impeccable, regardless of supply and demand. In the near future, those who are able to serve every customer well will be more likely to get through the crisis with a smile than those who don’t.
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