- Question: Post Covid-19 will be the new normal. How should product managers re-engage with customers to co-create new value?
Answer: Re-engagin customers is important because some of your customers’ needs may have shifted with the changes that came with Covid-19. Reach out to them to make sure your products are still relevant to them, and find out if they have new needs. You should start with your most loyal customers who are probably more willing to give you constructive information. Evaluate if you need to change your product in any way, get back to them and validate your new ideas with them (Daniel)
- Question: What would be the strategies to solicit customers' attention and buy-in, now with more availability of online competitors? How can product managers be more effective?
Answer: With competition heating up online, this is the time to listen to your customers even more. You need to establish your organisation as the trusted brand during this period and pull in extra services such as door to door service, understanding their concerns, if needed, to differentiate yourself. Be aware that your customers will be comparing prices, services easily over the internet. If there are service lapses, be prepared to spend a bit to do service recovery too! (Daniel)
- Question: This crisis impacts the whole economy, and also presents new opportunities and customers' needs. how can product managers re-validate their product USP?
Answer: As the common refrain goes, there are opportunities even in crisis. Firstly, product managers should assess the potential new opportunities that opens up – what pains and gaps has surfaced compared to the pre-Covid-19 service delivery or product offering. E.g. supply chain, contactless, social distancing needs and customer last mile delivery are some that comes to mind. Have a conversation with your team and explore what new features can be added to your product USP to address these newly exposed challenges. (Liong Choon)
- Question: Any thoughts on key distinctions between a company/product's response to an individual or corporate crisis vs a broader environmental/ecosystem crisis like Covid?
Answer: Our thoughts is that things will definitely not return to pre-covid-19 times even if a cure is found. The broader issue of environmental and other concerns that is exposed by Covid-19 is not new. Before Covid-19, globalisation and hyper-connectivity is already a norm and there is already a trend of emerging “Benefits Corporation” (“B-corp’) – corporations that are “for profit” but also produces social or public benefits.
In the context of disruptions created by Covid-19, at the individual employee level – the idea of work from home is now a distinct possibility or may even be the norm as Facebook CEO recently announced to his employees. At the corporate level, employee healthcare, workplace safety and insurance needs will need to be looked into and redesigned. Also corporate companies that produces B2B products may need to re-examine their product offering e.g. accessibility from home and differing security setting of the home environment. (Liong Choon)
- Question: Phase 2 of safe transition started on 19 June, will things go back to BAU? How should product managers re-adjust their product roadmap?
Answer: It is my view that there will be a new Business as Usual (BAU) norm. It will require organisations and product managers to be agile and pivot their product development roadmap. Adapt to non-traditional approaches to deliver products and services to your consumers in the market place. (Richard)
- Question: What are some practical ways I can continue to engage with my customers?
Answer: Start by knowing your unique selling proposition. Coupled with this understanding, you must listen to your customer’s voice. The customer’s voice can be figurative and expressed through insights provided by customer analytics supported by data. It can also be literal - for example, through customer feedback. Regardless of the channel, you must be able to follow through with the critical actionable next steps in order to remain engaged with your customers. (Richard)
- Question: Will the product management role evolve to something different given the Covid-19 experience?
Answer: The product management role has been impacted by the pandemic in many ways. One area is the customer experience, where the new focus would be on how to deliver experiences and services that meet the new needs caused by the pandemic with empathy, care and concern. As we see shifts with customer behaviour for the longer term that resulted from this crisis, product managers (PMs) would need to keep a tab on changing customer behaviour and customise customer journeys that provide extra information, guidance, and support. PMs should also review product offerings that are struggling, and identify which ones to retire so that resources can be reallocated to new ones that looks promising to grow post-pandemic. (Boon Kee)
- Question: I agree with Daniel that businesses should not be all about just "follow the rules". But how can they be compassionate to employees and customers while suffering financially?
Answer: We have to always remember that companies and organisations exists to serve. They of course have to make money in the longer term to exist. What we are advocating is that we listen and understand their concerns. Now this does not necessarily mean we give them all the free refunds, cancellations etc at a great financial loss to the company. It means to address their concerns, give them the answers they need (e,g, the policy, how long to wait, when will I update you, where to get help etc). If our organisations are going to continue in the business, this bad year - Covid-19 will eventually pass and evolve into a new norm. We have this opportunity while our competitions are distracted, to take best care of the customers, and eventually emerge with gains. Moreover as quoted in the talks, research from PWC for example shows that great customer service actually does results in ability to charge premium pricing. (Daniel)
- Question: Partnership is certainly our key strategy in Digital Platform. The tricky part is always to stitch it together to manage the customer experience
Answer: Focus on the customer, and what they are looking for. Mass customisation is the term used. Then look for the right set of partners to provide the experience. (Felicitas)
- Question: We face the challenge of getting users on our platform especially when users are already so used to the likes of Facebook. How can we move them to our platform?
Answer: Facebook and the likes are already entrenched. Go back to your USP. What do you offer that is special to your platform? If it is similar to the rest, it's a tough sell, you can offer coupons, discounts. Conduct your experiments to see what pain points you can help solve for the facebook user on your platform. Maybe better to find a specific niche speciality. (Felicitas)
- Question: The challenge we face is to onboard the seller side. As the seller are mostly carriers which have their own e-commerce KPI, how do we win them over to our platform?
Answer: Broadly, look at what other offerings are found on the e-commerce platform of the carrier and compare it to your value-added proposition. Instead of trying to get the carrier on to your platform, what about partnership models where you have buyers which the carrier wants to attract. Instead of dividing, join up. (Felicitas)