Why now is the critical time to check in with customers and employees 

Why now is the critical time to check in with customers and employees 

As the economy stagnates, particularly in sectors like finance, insurance, and professional services, businesses are feeling the pressure to do more with less. Budgets are tightening, uncertainty is growing, and many organisations are focusing on short-term survival rather than long-term growth. However, during economic downturns, one thing becomes even more essential: checking in with your customers and employees. 

At Insync, we’re seeing the impact of the economic downturn in these sectors. While it’s tempting to cut back on initiatives that don’t seem directly tied to the bottom line, such as customer and employee experience initiatives, this is exactly when they matter most. In times of economic strain, businesses simply can’t afford to lose their most valuable assets — their customers and their employees. 

The importance of retention during economic uncertainty 

In challenging times, attrition becomes even more costly. Losing a key client or employee not only creates gaps in revenue or talent but also adds significant costs in terms of finding replacements. During a period of sluggish growth, where resources are limited, the focus needs to be on retaining those you already have. 

For customers:
During economic downturns, your customers are likely reassessing their needs and relationships with vendors. Checking in with them—understanding their shifting priorities, pain points, and concerns—allows you to demonstrate value and adapt to their needs. In fact, showing that you care about their feedback during tough times can deepen loyalty and set you apart from competitors. 

For employees:
Your employees are also feeling the weight of economic uncertainty. Concerns over job security and increased pressure to do more with fewer resources can lead to disengagement or burnout. Regular check-ins with your employees show that their wellbeing is a priority, helping maintain morale and productivity. Engaged employees are less likely to leave, which reduces the risk of attrition at a time when replacing talent can be difficult. 

How to check in with your customers and employees 

Checking in is about genuinely understanding what your customers and employees need and responding to those needs in meaningful ways. This can be achieved through various methods, including: 

• Regular conversations: Have your leadership or account teams reach out for personal, one-on-one check-ins with key clients or staff. Ask how they’re feeling about your services or their role and what could make their experience better. 

• Surveys for deeper insights: Once you’ve opened the lines of communication, structured surveys can provide a scalable way to gather deeper insights across your customer base or workforce. Surveys are a powerful tool when designed correctly and backed by an improvement partner who can help turn data into actionable strategies. 

• Insightful benchmarking: In addition to gathering feedback, Insync provides access to benchmarked industry data. This allows you to see how your organisation compares to others and identify key areas for improvement. Leveraging these insights helps you address internal challenges while ensuring alignment with industry trends. 

• Partnering for improvement: The value of checking in doesn’t just lie in gathering information — it’s about taking action. At Insync, we work with you to provide practical advice based on the insights gathered. Whether it’s improving customer experience or enhancing employee engagement, we help you create a clear action plan that drives meaningful change and we are there with you every step of the way. 

Why you can’t afford not to check-in 

Investing time to check in on customers and employees during a downturn can be one of the most cost-effective strategies for your business. It enables you to understand potential risks and address dissatisfaction before it leads to lost relationships. 

1. Identify and prevent attrition
   Regular check-ins help you spot early warning signs of disengagement from either customers or employees. By addressing concerns early, you can prevent small issues from escalating into losses that would be costly to recover from. 
2. Focus on what matters most
   Understanding what your customers and employees value most — especially when times are tough — allows you to prioritise your resources and focus on delivering the services or support that truly make a difference. 
3. Build loyalty and trust
   People remember how they are treated during difficult times. By checking in with both customers and employees and following up with meaningful actions, you demonstrate your commitment to their success and wellbeing, which strengthens loyalty and trust. 

In a softening economy, businesses must remain agile and responsive to the needs of their most important stakeholders. Regularly checking in with your customers and employees can give you the insights you need to navigate uncertainty, retain key relationships, and position your business for success. 

At Insync, we offer tailored solutions to help you connect effectively with your customers and employees. We provide a structured approach to gathering feedback and taking meaningful action. From employee engagement programs to customer experience insights, our solutions help you stay connected when it matters most. 

Benchmarking for deeper insights 

With access to benchmarked industry data, Insync can offer invaluable context to your feedback. By comparing your results with industry trends, we provide insights that help you understand where you stand relative to competitors and identify areas where your business can improve. Our benchmark data spans key industries, ensuring that you’re not only responding to your feedback but also positioning your organisation in line with industry best practices, making sure you’re keeping pace even in challenging times. 

Get in touch with us today to learn more about how we can help you check in with your customers and employees and create actionable strategies for success.