In the wake of Covid-19’s toll on human health and the subsequent lockdowns, customers’ needs changed profoundly. Most sales and marketing leaders recognize that what customers want, and when and why they want goods and services, have shifted. Yet at many firms, offering management has not caught up to these changes. Half of B2B companies recently surveyed by Bain & Company said their approach to product offering management impedes success. Asked what actions could be valuable, two-thirds of respondents chose refocusing their marketing messages to highlight the most relevant features for particular segments. Some 44% of respondents pointed to modifying the offering itself. Amid great uncertainty about how customer demand will change over the next few years, success hinges on sensing how the market evolves, then quickly responding with features that deliver the right types of value to different customer segments.
Dianne Ledingham, Mark Brinda and Jamie Cleghorn explain how companies should be handling customer relationships and tuning their value propositions in a crisis.
As the global pandemic deepens and the human cost of Covid-19 rises, the novel coronavirus outbreak is sending shocks through the world economy. But across industries, companies can take action now to protect their employees and customers and minimize the economic damage.