Business will be anything but usual in a post-pandemic world

After approximately six weeks in a country-wide lockdown, it seems that everyone is getting restless and looking forward to going back to work. But due to the new changes in safety and the economic hit many companies have taken, returning to business may be anything but usual. Aside from discovering many retail establishments may be shutting their doors forever due to economic hardship, be prepared to discover that the attitude and expectations of your clients and consumers may have changed.

Two surveys conducted in mid-March polling 500 online consumers across the U.S., Canada, the Middle East and Europe (France, Germany, Italy, and the UK), reported that 77% of consumers worldwide are fearful about the economic future and just over half report incomes are compromised as a result of the ongoing COVID-19 pandemic. No surprise there. We have all heard the rumblings that the economy has taken a major hit and just how hard it will be is still yet to be determined. Consumers and clients will have probably less money to work with and where they choose to spend that money will be key. The findings, which were consolidated in Astound Insight's COVID-19 Consumer Survey Report, revealed that consumers have modified normal day-to-day activities to be as contactless as possible and also altered their in-store form of payment — choosing mobile payments or credit cards instead of cash, according to a release on the report.

"Contactless delivery options have become the industry's answer to the isolation mandate, and it's an option that should be adopted by all logistics companies going forward…This indicates a greater need for more mobile payment methods in all physical stores," stated the release.

If customers are indicating that since the pandemic they feel more comfortable with contactless options and mobile or credit cards instead of cash, everyone in this industry should be seriously considering ways to market and promote your company, services and products now, instead of later.  

Communication is the first step to consider. Have you been in contact with your customers? With your vendors? With your employees? If not, why not?

Take a moment to witness how many companies are communicating their concern via the television ads they are running. The messages vary from "We're here for you," to "We care about your safety," and "We'll be right here when you're ready." These messages are not just feel-good communications, they are strategic marketing messages to communicate to the world that this is a company that is concerned for its customers and employees. This is a company that cares and understands. Now not everyone has a marketing budget of a Toyota or McDonalds or Raymore and Flannigan, but everyone does have the ability to communicate whether it's through email, text, social media, or that old-fashioned contraption called the telephone. What are you supposed to say? How about just "how are you?"

You just might be surprised how that simple gesture can affect your business. I recently received calls from my church, my gym, my cleaners, and my hairdresser, simply asking me how I was. Considering I have been around marketing and promotion most of my career, and admittedly, I can be a bit jaded, when I hung up the phone if felt good. It was nice that someone, even my dry cleaner, asked how I was doing during the lockdown. And yes, if I'm honest, the phone calls did make a difference in how I perceived these businesses.

If communication is the first step, what comes next? If you're not sure you're in luck. ATM Marketplace just ran an article on how to get your plan ready now for a post-pandemic America. In this article, we actually touched on things every business should be considering before the lockdown is lifted, including considering OSHA safety guidelines, health screening for employees and cleaning expectations for hardware.

Once you have planned on what steps are necessary for your business, educate your employees on what you're doing. This again can be done through email or even a teleconference if you don't have a large staff. Changes in processes post-pandemic are not going to surprise customers but if your employees don't understand, respect, or adhere to those steps it could be detrimental to your bottom line. Imagine a service technician who comes in to check out an ATM in a hair salon and everyone is wearing a mask, but he/she is not? In a post-pandemic world, safety is going to be essential.

The survey findings that indicated more customers feel better about contactless or mobile payments than cash, safety and convenience will be top messages to convey. ATM organizations such as NAC and ATMIA have great information on how to alleviate fears that cash is unsafe. Make a point to go on the sites and read those articles (and of course ATM Marketplace). If you think it won't be an issue, just keep in mind that according to the report, online shopping surged 55% in the first half of March, and as a result retailers with omnichannel service options "have the upper hand," according to the release.

The good news on the brick-and-mortar front is that 82% of those polled expect the in-store retail situation to be back to normal within six months, and 72% believe COVID-19 will be under control and/or eradicated within six months or less.

How business survives during that time may hinge squarely on how well we prepare now.

For more information on how the coronavirus has affected the ATM industry click here.