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Tuesday, August 11, 2020

Reengaging Your Customers and Vendors to Keep Their Business


The COVID-19 pandemic has likely changed your world, including your business relationships with your customers, vendors and channel partners. As you seek to reengage, it’s important to gain alignment on what these changes mean to each group as you redefine and demonstrate your value.

Start by asking a few basic questions:

  • Do you need to change your product, your service or your business model?
  • Is the change a refinement to your product, service or business model, or is it a complete departure from your business before the pandemic?
  • Is the change permanent or temporary?

Based on your answers, you can form proactive communications for each of your stakeholder groups. It is important to control the narrative and never allow stakeholders to find out on their own that a significant change has occurred.

Be out in front of these issues. Communicate what the changes are and how they affect your partners and explain why you came to the decision you did. Also demonstrate how the change is a positive and a direct reaction to market conditions.

Remember, the success of your new product, service or business model hinges on the successful adoption of your stakeholders. If all buy in, success is in reach.

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