Driven Strategy: Understanding Markets and Consumers During the Pandemic
On October 15, 2020, Dr. Ir. Sri Hartono MM, CMA, CHRA would like to share his experiences with students of the SB-IPB Undergraduate Program. He is the CEO of PT Catur Pilar Jaya and the CEO of PT BMS Group, a trainer and management consultant as well as teaching at Postgraduate SB-IPB, UMB, and UNPAK. He has experience working in various multinational companies such as PT Meiji Indonesia, PT Sandoz Indonesia, PT Casana Prima, PT SLH Prima, and PT GlaxoSmithKline Indonesia. He delivered material on Market Driven Strategy: Understanding Markets and Consumers During the Pandemic.
The market during the Normal vs New Normal period, which under normal conditions is demanded to be focused, consistent, the best marketing strategy, flexibility, and high competition. During the New Normal period, there were four mega shifts, namely, stay at home lifestyle, the bottom of the pyramid, go virtual and empathic society. The impact of the Covid-19 pandemic is changing in consumer behavior, consumer purchasing power, distribution systems, product variations, access to information, and price issues. There are four characteristics of a market-driven strategy, namely becoming market-orientation, determining distinctive capabilities, customer value/capabilities match, and achieving superior performance.
These four things are like a rotating cycle.
Six practical steps to retaining customers you can take are to change the mindset, listen to the customer, follow their line of thinking, make connections, recommend your solution as a match, and exceed expectations above and beyond expectations. First, changing the mindset can be done with a focus on customers, creating value and innovation is a necessity. Second, listen to customers by being good listeners, rejection is an opportunity, and remember that customers are unique. All three follow their path by simply following, refining existing ones, and being more flexible.
Fourth, make a connection by taking advantage of all access, being creative is not enough, make sure you are connected and don’t be lazy. Fifth, your recommendation as a suitable solution through being an expert, mastering product knowledge, and meeting customer expectations. Finally, go above and beyond expectations by giving your best, be the first, and don’t be stingy.