The #YQGStandsStrong Video Series is a profile on local businesses – and how they pivoted their operations during the height of the pandemic to stay successful.

Check out the video below profiling The Wandering Dog Inn, as well as a take away moment that you may be able to adapt to your business operations moving forward.

Click here to view the entire video series.

Respect As A Source of Competitive Advantage

According to new research from McKinsey, we’re now in a market in which as many of 80% of customers have tried new channels, new brands, new stores and different products. Behaviour is notoriously hard to change, and yet in 2020 customers changed their behaviour en masse.

Now, as customers settle into these fresh choices, brands want to know how to make their gains stick and to claw back lost business. Understanding your customer is critical to that endeavour. Here’s three quick provocations about how to get it right:

1. Have a little faith – trust drives respect

Digging deeper into our customer benchmark, we find that trust – and specifically the feeling that a brand trusts YOU – is a key driver of feeling respected. Digging deeper into our customer benchmark, we find that trust – and specifically the feeling that a brand trusts YOU – is a key driver of feeling respected.

2. Be more human: it’s – your competitive advantage

Respect and trust are deep rooted psychological constructs that inform how we view the world and how people expect and desire to be treated in any interaction, including with companies. It’s perhaps unsurprising then that the most significant driver of “feeling respected” is “feeling treated like a person” (not a dollar, an opportunity, a target or a segment). When we shift our perspective to see not the micro transaction but the customer centric view of the person behind that transaction. And when we respond in a human way. That is when we enter the territory of actions which earn respect, generate a sticky customer relationship, and drive loyalty .

3. Being respectful ≠ earning respect

There is a subtle but important difference between brands that behave respectfully and brands that earn the respect. The challenge with this approach is that in a world of exponential competition, it’s increasingly necessary for brand and customer experience to engage customers in a “stance” across a broad range of social issues in order to create permission to play and to differentiate. Oftentimes the brand stance will alienate people as much as engage others, so a deep understanding of core customer and target market is required to avoid growth limiting mistakes. The challenge with this approach is that in a world of exponential competition, it’s increasingly necessary for brand and customer experience to engage customers in a “stance” across a broad range of social issues in order to create permission to play and to differentiate. Oftentimes the brand stance will alienate people as much as engage others, so a deep understanding of core customer and target market is required to avoid growth limiting mistakes.

Source (and full article): cspace.com

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