Industry analysts at global consultancy Forrester have analysed how some major brands quickly changed policies and strategies to support customers during the coronavirus crisis.
The analysts say these companies acted to remove sources of customer stress, added benefits to demonstrate value and improved the ecosystem partner experience.
"While crises create pain, they also open up great opportunities for innovation to take root," says Forrester in its study, A Framework For Helping Customers In Crisis.
"As the economic effects of closures cascade, firms need to accommodate customers and partners with uncertain or reduced incomes -- or lose their business entirely."
Examples in Australia:
Westpac - Offered mortgage holidays to borrowers significantly affected by the crisis.
HCF - Froze previously announced premium increases for six months.
Suncorp - Offered flexible premium options for customers facing financial hardship, including discounts of up to 20% or three-month premium waivers. Eliminated cancellation fees. Offered free counseling sessions for customers and their families. Offered insurance health checks to help customers save, including options like lower premiums for reduced vehicle use.
Telstra - Suspended late payment fees and disconnections for small business. Gave 20,000 students and teachers across the country internet access to educational content to support online learning via the Department of Education and Catholic Education.
RACQ - Launched a financial well-being hub for members to easily access information about protecting their long-term financial health.
Heritage Bank - Provided special phone hotlines to enabled senior citizens, emergency services workers, and healthcare workers to bypass queues and fast-track their banking.
Qantas/ Woolworths - Redeployed Qantas employees to work at Woolworths temporarily.
AAMI - Provided free roadside assistance to all doctors, nurses, paramedics, police, and firefighters in Australia through December 3.
Australian Broadcasting Corporation - Expanded its schedule of free educational content to respond to the stress facing parents homeschooling their children for the first time; working with state and territory education departments to deliver additional curriculum linked content to children of all ages.
Coles - Added a community shopping hour to help the elderly and vulnerable.
BHP - Reduced payment terms for small, local, and indigenous businesses, shifting to pay more than 1,100 Australian small businesses on a net 7-day basis rather than the usual net 30-day basis.
Have something to say on this? Share your views in the comments section below. Or if you have a news story or tip-off, drop us a line at adnews@yaffa.com.au
Sign up to the AdNews newsletter, like us on Facebook or follow us on Twitter for breaking stories and campaigns throughout the day.