According to SME South Africa, there are 4 major and direct impacts that the recent economy downgrade will have on your customers, which will in turn affect their spending confidence.
(Read the full article here: http://www.smesouthafrica.co.za/17188/Heres-how-the-Junk-Status-is-going-to-affect-your-customers/)
Here are some considerations you need to be aware of in order to keep your business moving forward despite economic challenges.
1) Customer Service
In a price-competitive market, one of the most effective customer retention strategies is to have exceptional customer service. If this is something your business is not already working on, now is the time to start improving your after sales service, technical support, response rates on social media, and call centre interactions.
2) Product Information
Consumers are becoming more informed and educated about what they are purchasing, and will meticulously compare competing brands to make sure that they are getting the most value for their spend. Ensure that wherever possible, your product or service information is clearly and easily explained on your website, brochures and other marketing collateral, and that you have an informed and accessible sales team on hand to address any questions promptly.
3) Brand Values
While tough economic times can lead to feelings of desperation, panic and anxiety, it’s important to remember your brand values and not harm your brand reputation by losing focus on aspects like social media community management, de-valuing your products and services by offering extreme discounts, and losing touch on what your competitors are doing in the market