COVID19 has set off an unprecedented recession that has left some business in the dust, others barely getting by and others flourishing. What is the determining factor? Is it because of the type of business you are in? Service, manufacturing or retail? Yes, some businesses by virtue of the service they provide made more because they become more profitable when people are at home e.g. streaming services, video conferencing, online shops etc. They may have benefited earlier but it does not mean other types of businesses cannot survive.
There are two choices to make that will determine the future of your business.
Option#1 – to wait until things get better.
Option#2 – to re-strategise, be agile and remain in business during COVID.
If you wait and see, how long are you going to be waiting? This option does not give you many actionable options whilst the you wait. It leaves you vulnerable to how the economy is. You are left with no control of how your business is going to go.
If you decide not to take this lying down and insist on surviving, you condition your mind to come up with strategies to make it during COVID. Keep reading for tips and what other companies are doing to thrive during COVID.
- Pull up your sleeves and re-strategise on how you can continue providing your service. Some retail shops set up online shops and they deliver to homes. They partner with courier services or create a delivery department.
- Diversify your sources of income from the same business. Example – A wedding service provider now hosting bridal seminars, online wedding events and even young couples events.
- Totally change your business to meet the current needs. Dyson a manufacturer of vacuum cleaners won the UK government call for ventilators and now is manufacturing them. Read the full story >> HERE. Another example is how tailors have taken advantage of the shortage of masks and started making cloth masks to keep the N95 for the front line doctors and nurses. Other businesses are now making fashionable masks. Also think of musicians now performing live online.
- Use digital marketing strategies to grow your brand, develop it and keep it alive. This is the best time for brand positioning and positioning yourself as experts in your field. There has never been a time since the coming on of the internet that people have been consuming data like they are now. Take advantage of this time to command attention and have more eyeballs on your brand.
- Show empathy for your target audience. Don’t take advantage of the situation to force your brand, services or products down their throat. Offer value instead to create good brand perception. Hard selling won’t work.
- Think ahead. Have different scenarios and corresponding strategies for when the quarantine ends
- Consider modern marketing practices like influencer and affiliate marketing so you have a wide and diversified reach.
- Keep your staff motivated using online events and also use the home based work model to keep the business running.
- Focus on retention strategies for your existing customers and consider referral campaigns.
- Embrace technology as an enabler for you to continue providing value to your clients e.g. using apps, online seminars or even using chat bots and ticketing to provide better customer services.
Super excited because I will be one of the coaches specifically focusing on breaking how to survive COVID as a business into actionable points. To learn more about the event go >>HERE. Advise that you have been referred by Loveness Nleya