Op-Ed: Why businesses need to boost loyalty in an economic downturn 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
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 BRONX TIMES R 12     EPORTER, APRIL 24-30, 2020 BTR 
  
  
  
  
  
  
 BY CAROLINE PETERSEN, FOUNDER AND  
 CREATIVE DIRECTOR, GALLER 
  DESIGN STUDIO  
 The novel coronavirus has created  
 one of the fastest economic downturns  
 the world has ever seen. But  
 despite  many  businesses  suffering  
 right now, we know the economy will  
 eventually rebound. Businesses need  
 to take this time to reaffi rm their loyalty  
 to  customers  and  employees  so  
 they can come out stronger when the  
 economy ramps back up. 
 In their report called How To Market  
 In A Downturn, John Quelch and  
 Katherine E. Jocz argue that companies  
 benefi t  from  entering  long-term  
 business  relationships  during  a  recession, 
  because during these times  
 it  is  more  important  to  strengthen  
 your strengths which will make  
 you more viable as the economy improves. 
   They  recommend  focusing  
 your  marketing  efforts  in  sectors  
 where  you  already  have  a  presence,  
 producing  an  increase  of  awareness  
 and  loyalty,  which  means  the  businesses  
 you reach will be more willing  
 to work with you in the future if they  
 are unable to now. 
 Then the question becomes what  
 are  the different ways you can build  
 loyalty in business to business transactions? 
  In his explanation of how  
 consumer and business sales are different, 
  Das Narayandas argues in his  
 essay  Building  Loyalty  in  Business  
 Markets  that  “companies  in  business  
 markets  must  use  an  approach  
 based on benefi ts  (‘Here’s  how  our  
 product or service can help solve  
 your specifi c  problems’)  rather  than  
 features (‘Here’s how our product is  
 superior’).” In presentations it is important  
 to show not just how you save  
 your  client money,  but  also  intangibles  
 like cost  transparency,  the  time  
 it will take to create a product and  
 your capacity to innovate. Presenting  
 your  business  in  a  visually  appealing  
 way with easy to follow explainer  
 videos,  infographics,  and  other  eyepopping  
 messaging continues to be  
 the best way to share information in  
 ways that your audience will remember. 
 Implementing high-end techniques  
 like a video or having pertinent information  
 with  graphics  upfront  shows  
 confi dence in your ability to produce.  
 That way once you start doing what  
 your  client wants you to do,  you will  
 build the loyalty you are looking for to  
 create a strong relationship. Narayandas  
 also argues in his paper that even  
 if you decide to offer your services at  
 a discount, that means you can get a  
 longer-term contract out of it and that  
 client will be more prone  to promote  
 you to its network. 
 But  none  of  this  can  be  done  unless  
 your house is in order. Employee  
 loyalty is just as important as your  
 clients’  because  the  institutional  
 knowledge  they  have  will  stay  in  
 the  company. Ensuring  employee  retention  
 will save you stress, money  
 and time, and the value an employee  
 brings to the company will increase  
 the more they understand how the  
 company operates. The best way to retain  
 employees? Keep them happy. 
 Engaged  employees  way  outperform  
 the  unengaged.  In  times  of  
 economic  stress,  it’s  critical  to  ensure  
 employees feel like valued team  
 members so they do the best work for  
 your  clients  as  possible.  Employee  
 engagement does not have to cost you  
 anything.  By  identifying  a  common  
 theme or goal of all your employees,  
 you  can  bring  them  together  to  better  
 streamline processes. Make sure  
 everyone  is  involved  in  the  project,  
 on the same page, and feels like they  
 are  contributing.  Simply  put,  your  
 employees  will  not  want  to  leave  if  
 they are comfortable and engaged in  
 the work they are doing. You can also  
 help  them  succeed  and  ensure  they  
 stay in the fold when working on multiple  
 projects by using a digital manual  
 that  can  be  easily  updated  and  
 accessed, in which employees can go  
 to understand what needs to be done  
 and how. 
 In  these  times  of  uncertainty  
 it  can  be  easy  to  think  only  about  
 your bottom line. But for entrepreneurs  
 to be  successful  in  the  longterm, 
   you must  take  the  time now  
 to  build  loyalty  with  your  clients  
 and your employees. 
 This  story  fi rst  appeared  on  
 amny.com. 
   Photo via Getty Images 
  
  
  
 editorial 
  
 
				
/amny.com
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