The global pandemic combined with economic uncertainty is changing the way people consume products and services – possibly forever. Businesses will become irrelevant to their customer base if they fail to understand the changing behaviours and priorities brought about by the pandemic.
Understanding the customer’s new world has never been more critical. Mid-market businesses need to use this time to assess whether they have the right business intelligence and engagement tools to understand and meet their customers’ changing needs.
The latest IBR data shows that 40.8% of global respondents have started to plan for the customers and markets they will prioritise in preparation for recovery. Meanwhile, 40.7% of global respondents said they’d started to plan what products or services that they will prioritise with 27.4% of businesses reporting they would need to make fundamental changes to what they take to market. Furthermore, over 35% of companies said they would need to make changes to more contractual flexibility in delivering products or services to customers’ following the COVID crisis.