fundamentally altered as a result of sentiment The ideal first step is to establish a data-driven changes. process within the organization that analyzes different data points and thereby constantly With consumer sentiment far more sensitive builds up knowledge about the customer. It is than before the crisis, engagement on a deeper then key to incorporate this knowledge into level is more important than just encouraging all areas of the organization to jointly work the customer to buy the product. This means towards a personalized customer experience. doubling down on personalized customer journeys and experiences in order to build a Closely Monitor Sentiment lasting relationship, thereby offsetting the and Behavior Changes disruption caused by shifting sentiment. This also sets you up well for the longer term: While Reviewing product/market fit, customer journey, customers and buyers might not be ready to and value proposition might be approached continue spending right now, cultivating a from a set of qualitative assumptions initially, strong relationship will position you well for the but it’s vital to understand customer behavior rebound once confidence returns. and engagement on a deep quantitative level to test your assumptions and change as soon as Underpinning this should be an adjustment of behavior changes. value proposition. Look to the deeper level of connection your product might be able to find Establish a data-driven process within the in the market, beyond its first-level use. It exists organization to analyze different data points in a rapidly changing and uncertain world, and and get a firm, evidence-based idea of how an effective value proposition needs to take this your customers are thinking. Social media into account. listening tools, sentiment analysis, and message testing through advertising analytics will all Getting these elements right is essential. be useful, as will synching with the rest of your At DV, we’ve assembled over 400 customer organization. Personalization is also key, and journeys and executed many product/market fit a well set-up CRM that leverages consumer assessment cycles, so we know how important and buyer engagement points, enabling you to these elements are in any successful growth gauge the success of your new messaging or strategy. Even if they were working well for you value proposition, will help you foster customer before, now is the time to take stock and pivot relationships and understand how to move them to respond to the new circumstances. forward. Javier Perez Moiño, Managing Director and These tools should, while not losing sight of the Partner at BCG, has worked with leading bottom line, give you an idea of the experiences brands in industries including telecoms, travel, your customers are having. Establishing an banking and utilities to support their digital experienced-based relationship with your transformation. He recommends cultivating customers will help you understand their needs a deeper relationship with consumers and better in order to stay ahead of developing buyers, based on personalization and consistent demand, and cultivate a stronger level of engagement: “Instead of simply trying to sell connection beyond utility. “Marketed products something, marketers should focus on having run the risk of just being perceived as one out a meaningful impact on the consumer. Develop of many options in the consumer’s eye. So the the ability to provide a personalized experience Return on Experience (ROX) should even get a and then turn the consumer to a client in the higher priority than the ROI,” said Javier Perez right moment. Companies should not only be Moiño. there at the point of sales, but be present in diverse moments which matter to people.”