Is the tactic to regain pre-pandemic sales working?

Although during the pandemic many organizations tried to adapt their portfolios of products and services, being a strategic moment to innovate in the face of turbulence, we must not neglect the regular clients that we already have.

Challenge 1. Protect the current market.

Generate linkage: At a time when the offer of options will be increasingly wide, there will be more versions for customers, therefore, it is important to work on understanding the linkage factors, where price will play an important role but that there are other variables in game such as the quality of the service, popularity, reputation, previous experiences etc.

Challenge 2. Attract new customers to the business.

Increase the testing of the product or service: At times where customers change brands that better suit their needs, discounts, promotions and incentives that allow new customers to test the value of products and services will be key, leave it to your consideration. if he will repeat or return to the brand he usually bought. (See image 1)

Our methodology consists of several stages that facilitate the understanding of new opportunities.

CENTER – PERIPHERY: It is based on generating value from the epicenter for the acceptance and trust of a product / Service that allows a gradual expansion to nearby segments, as well as taking advantage of the channels, communication, WOM that allow it to go organically gaining the preference of adjacent segments.
CUSTOMER RECOVERY AND RETENTION MODEL: Optimize through a model that favors frequent customers over new ones. The following graph (see image 2) presents the RFM method, which consists of segmenting customers under elements that will allow insights to guide customer recovery and retention.
Recency that refers to how much time has elapsed since the last purchase.
Frequency that refers to the average of purchases within a period.
Money, which is the value that is offered derived from the purchase.
THE INCREASE IN THE COST OF CUSTOMER RETENTION CAUSED BY THE PANDEMIC: As we well know, the Cost of Retention of Clients (CRC) is much cheaper than the Cost of Acquisition of Clients (CAC) since clients have tried the services and have previous experiences which during this pandemic period has increased the Customer Retention Cost (CRC) derived from the fact that the other bidders made adjustments to their portfolios and the customers are willing to try new options with you or with the competition.
GO TO VALUE: In the Post COVID 19 period of economic recovery, the tendency to seek accessible options that meet the needs of customers will prevail due to the growing loss of purchasing power.
The recommendation is to focus on the immediate and recovery of sales without losing sight of adjusting the portfolio with Lean Innovation processes under small samples of rapid execution in order to validate that the adjustments have been validated to retain customers and conquer to adjacent segments.

If you want more information, do not hesitate to consult our infographic in the link below