A laptop with a bar chart and line graph on the screen stands open against a dark yellow background. Different points of the line chart have reddish depictions of the COVID disease in its form. The chart shows how crossing various data with data on potential risk can show the best route to managing the crisis.

Face Uncertainty Head-On: Risk Management with Nuvi

Risk management informed CX strategies can be used to inform your company’s emergency social media plan in the event of natural disasters, societal conflicts, adjusting brand messaging, and more. Looking at the Covid-19 pandemic as an example, we can see how businesses can combine risk management tactics with social listening to create strategies that reassure customers through uncertain times and otherwise analyze or manage risk.


Many American businesses have reached the point in the Covid-19 crisis where they are ready to reopen; cities where the infection rates have lowered are beginning to allow retail and restaurant locations to open their doors again. Reopening isn’t without its risks. Business owners may wonder if they will have enough customers to sustain their businesses. Social customer experience will continue to be an important tool for businesses looking to reassure their customers amidst their reopenings. 


Identify the Risks

The first step to managing risks is identifying them. As your team weighs different options for action and strategy, make a list of potential risks and how they could help or hinder your business. Keeping your ear to the ground and listening to your customers, competitors, and experts in your industry is essential to this step. What are your customers’ concerns? What are your competitors preparing for? 

Nuvi Listen shows trends in conversation as well as the sentiment attributed to it. In this case a negative comment, shown as a red dot, is connected to many other negative dots with dark grey lines. These lines show that all these tweets are reshares of the original tweet. The tweet that started it all is by Series Brasil and the tweet which is in Portuguese says Apos recorde de audiencia, Neflix e Porta dos Fundos confirmam Especial de Natal para 2020.
Nuvi Listen's bubble stream. It shows sentiment and conversation trends.


Across different sectors, some concerns are universal. In our Covid-19 example, customers worry about contracting the disease and about spending money (and, in too many cases, earning money) in an uncertain economy. But how those concerns play out may depend on your industry. For example, customers wishing to visit clothing retailers may be concerned about cleanliness in fitting rooms or high traffic areas. Customers looking to test-drive a car may wonder if it was sanitized between test-drives. How do you identify these concerns? Social listening can show you trends mentioned frequently alongside your brand or industry, and allow you to zoom in on specific posts with real customer thoughts and concerns.



Analyze and Take Action

Once you’ve identified the risks as perceived by your customers, the next step is to analyze the probability and consequences (both positive and negative) of each risk. Isolate the risks that are mentioned most frequently by customers and industry leaders, and work with your team to come up with solutions that reduce the potential of a negative outcome. Understanding the risk and its potential to affect your business’ goals will help you formulate a plan for the future.


A team of five people collaborate on a risk management plan. They're all standing over a low table and seem to be discussing a variety of sticky notes on the table.


For example, if you own a restaurant group, you might identify that potential customers in your area or areas are worried about maintaining social distancing while dining out. Many teams have already removed tables to create more distance in dining areas and increase the space between parties. 

For other examples of analyzing and taking action, check out Customer Experience Pop Star Style- Justin Bieber, Adele, and Taylor Swift’s CX Strategies.


Communicate 

Taking action is an important step, but your job isn’t done. You need to communicate your actions to your customers in order to appease their worries or encourage them to visit your store, restaurant, or office once again. Utilizing social media be a powerful and effective way to share visual proof of your efforts. For instance, posting employees wearing government recommended masks can be helpful. To return to our restaurant example, if your audience is concerned about distancing, you can post photos of your employees measuring the distance between tables. Promoting this messaging on social platforms may help you both expand your audience to include new customers and reassure customers who are considering returning.

Nuvi Capture is an employee-generated content promoting app. Employees can share selfies, images with or of clients, and other company related content and get HIPPA-compliant signatures from those in the pictures to ensure everyone in the image is alright with them being shared. This image is of an Asian woman wearing a mask at the restaurant she works at. A text box next to the photo that is displayed in what Capture looks like says Your Health is important to us.
Nuvi Capture


Another important aspect of communication is quickly responding to customer comments. Have you answered any customer questions quickly and clearly? Tracking and acknowledging concerns that customers raise directly in your comments and mentions, especially in response to your risk management content, is essential to providing a reassuring social customer experience. 


Monitor & Review

The last step in the process is to monitor the performance and effectiveness of your content. Are customers engaging with your posts? Is the sentiment around your brand becoming more positive? Are you receiving fewer questions and more positive responses now that you have preemptively addressed customer concerns? How do your responses’ reach and sentiment compare to your competitors? All of these can be measured with social listening and analysis. You may have to update your social strategy in order to find the most resonating way to reassure your customers. You should continue to update your strategy as the disease and guidelines surrounding it continue to evolve.


Nuvi Analyze can show a company insights into their competitor's social media performance. This specific example shows a company, "You", compared to four competitors. The chart says You=11, Around the world=3, -73%, Global Holidays= 1,-91%, Wanderlust=17, +55%, and 9 to travel 110, +900%. Analyze also lets you choose whether to analyze brand or user posts and create tags for any and all content.


For another example of how to use social listening to analyze and manage risk, check out “The First Temptation of Christ”- Publicity or Customer Experience?


Risk management involves facing uncertainty head-on and creating a framework to address it. Having systems in place to acknowledge and plan for outcomes of situations that involve taking risks allows you to reduce the overall risk your company takes. Unpleasant surprises can be reduced and new opportunities will appear as you plan for risk in your strategy. If problems do arise, you’ve already considered and planned for them. 


If you want some help gathering and analyzing social data to inform your reopening, general risk management, or crisis management strategies, we’d be glad to show you what Nuvi can do for you.


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