Welcome to our new episode! This episode is going to be an intense one! Today we have with us our co-host Lou Quattro and our guest Sergio Frias, President & CEO of the federation of Brazilian-Canadian businesses, and Chief customer experience officer at The Chartered Institute of Marketing Management of Ontario (CIMMO).
Sergio talks about how the world today is a world with more choices for customers and fewer choices for businesses and small businesses are failing because of not being able to deliver those choices.
He emphasizes the word “Flexibility” which means: To be able to deliver choice, deliver customer experience, and still make money.
He categorizes customer behaviors into 3 phases: before, during, and after the pandemic. Before the pandemic, customers had expectations based on the product and the added value.
During the pandemic, customers are willing to accept lower quality and service because they are far from their comfort zone and understand the struggles businesses are going through. However, these customers will have more expectations after the pandemic and stepping in the new normal. They will demand more convenience, more choices, and better quality.
In the end, Sergio advises business owners to:
1. Have a severe cash flow management plan
2. Focus on customer management
3. Understand the pros and cons of their business
4. Be more flexible in terms of the supply chain (lowering production and shipping costs)
5. Have more than just a plan B and have more plans to keep the business going
We truly appreciate having you with us.
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