I read that quote recently and it immediately resonated with me.
In many cities, the #lockdown is being lifted, and businesses are opening up. I got a text message from a DIY furniture brand in Dubai, telling me that their second outlet is open for business. The text contained nothing about the #Covid-19 or anything acknowledging what I, as a customer, may be feeling and going through.
Right now, customers all over the world are worried about their own and their family's health. They are concerned about their jobs / worried about the future. So this is not the time to sell; it is the time to serve.
The 2008/09 financial crisis resulted in record low customer trust in Wall Street, banks, and insurers. This resulted in a slew of #Fintech companies aiming to drive financial inclusion, transparency, and low fees.
This crisis will create a whole layer of "Caretech" transformations across multiple industries.
Millennial and GenZ customers will favor brands that show care at this time. Care shown to their employees, customers, and communities.
An example of a company that is displaying “CareTech” that of Panera- forced to close restaurants and restructure its workforce:
- Partnered with Walmart and CVS to ensure their furloughed workforce gets a job in those high demand areas.
- Opened a new line of business called Panera Grocery in 14 days. Used its ecommerce engines and new tech developed in a short time to enable kerb side pickup for customer.
- Donating 500,000 meals to food banks across the US.
That is "Caretech" in action.