In just a few short months the world has changed. Consumer behavior has been irreversibly altered, the perceived value of goods and services shifted, and it seems that we will never go back to “business as usual.” In these uncertain times, there appears to have been a significant shift in the collective consumer consciousness which makes the consumer experience a critical component of business continuity from this point on.
As the coronavirus pandemic pushed people indoors and out of work, spending habits changed radically. Perhaps an obvious reaction, consumers are now favoring online, self-service channels that can minimize contact for nearly everything from groceries to healthcare. Studies indicate that despite reopening efforts this behavior is not likely to change; people have either grown accustomed to the convenience of digital solutions or are wary of reentering public life at a time that infection rates are still on the rise. In fact, one survey cited as many as 49% are avoiding leaving their homes entirely.
What they are doing is consuming more information, paying closer attention to the news cycle, and turning to online channels for connection and engagement. Considering the newly captive audience, it’s not hard to see how the untimely death of George Floyd got enough traction to ignite a movement. The circulation of that video encouraged more like it to be shared putting attention on the issue in a way that people could not ignore. In fact, data shows that consumer trends for online content regarding civil rights rose more than 550% since Floyd’s death and interest in philanthropy spiked by a little over 200%.
In response, many businesses are engaging in cause marketing in an effort to both connect to consumers and remain relevant in the current social climate, but, as a recent Forbes article on the topic pointed out, “during a crisis, consumers don’t want to hear anything about a business unless it helps them.” And they aren’t fooled by sympathetic messaging either. For example, consumers easily recognize when a brand issues a generic “Black Lives Matter” statement without any action to back it up – which is why so many recently experienced backlash. In this “new norm,” consumers want to engage with brands that not only share their values but value their personal experience— whether that be losing a job to COVID or a loved one to racial injustice. That’s why right now listening is more important than ever.
In order to remain viable, businesses will need to go beyond their core deliverables and demonstrate that they not only recognize and empathize with individuals’ struggles but also have the ability to adapt to what’s new and next. This means doing more than responding to current consumer demands; it means anticipating them. Providing personalized experiences with an emphasis on compassion and respect is the only way to authentically build trust for a lasting relationship with the consumer of 2020.
As a financial recovery business, we have long recognized the value of meeting consumers where they are. We learned that taking the time to understand a consumer’s unique financial situation and develop a payment plan that was reasonable for them yielded better resolution rates. When we listen, we find that consumers truly want to pay their bills, but sometimes have a hard time making it work. As a result, we focus on collaboration, training our agents to approach account recovery as problem-solvers rather than “bill collectors.” The mentality that we are working with consumers towards a mutual goal of debt resolution enforces a culture of respect and compassion – which has led to increased recovery for our clients and a positive experience for consumers and agents alike.
As this philosophy has advanced alongside technology, it has incorporated the latest in speech analytics software. Now we have the ability to keep our finger on the pulse of consumer trends by not just listening, but also analyzing 100% of consumer interactions. Speech analytics has provided us with insights into the consumer experience which we can apply to process improvement. And, it has given us an accurate way to gauge the temperature of our interactions, so we can ensure our representatives are sensitive to the current social climate and prepared to address any new challenges consumers are facing.
No matter the industry, the key to continuity going forward will be making meaningful connections. It’s through these connections that we can demonstrate to consumers how we share their values— no special messaging necessary.