Doing Business In Changing Times Might Reveal
New Utility and Relevance of Your Products and Services
— This memo is part of a series of articles and perspectives prepared by Accel-KKR in relations to COVID-19 impacts. —
This time of uncertainty has upended many business processes and systems. Yet, changes in work environments could reveal new utility and relevance of your products and services. Companies that are attuned to their customers’ changing requirements or are able to anticipate changes on behalf of their customers are finding new ways to stay relevant and essential at this time. This is the time to demonstrate market leadership and creativity.
Things to Consider:
- What are the immediate or near-term pain points that your customers face as a result of COVID-19 impacts?
- Review your current suite of products or expertise and identify discrete solutions that can provide immediate value-add, e.g. in terms of cost savings, productivity, compliance etc. Mobilize your whole company for ideas and outreach: customer success, sales, marketing and beyond.
- If feasible, consider offering at a temporary discounted rate or using a freemium model to overcome customer objection to procuring new services at this time. Be already thinking about your freemium conversion strategy.
- Think several steps ahead: what does the new business environment look like post-COVID? Anticipate the needs of your customers, their workforce and their end customers, and start connecting the dots now between your value proposition to that future.