How to Survive and Grow Your Business in Covid-19 Pandemic
Seven months from now, WHO has declared COVID-19 a global pandemic!!
It is estimated by more than half of the executives that the economic condition in their countries will get better in the coming six months. Whereas, the rest of the fifty percent has believed that it will get worse with time!!
And, yes, it is getting serious and dangerous day by day. The COVID-19 has fundamentally changed the lively and working ways. There are more than thousands of companies that are already in its effect and several are facing uncertain future and financial hardships.
Undoubtedly, all micro, small, and medium enterprises (MSMEs) got hit by it hard.
Due to the stoppage on manufacturing and production operations, this economic sector has been struggling to solve problems of cash flow or low liquidity.
Influence of COVID-19 on Businesses
Almost all businesses got affected in some or other ways when the COVID-19 related restrictions got placed. However, few businesses are more influenced as compared to others. The gyms, salons, restaurants, theatres, car dealerships, retail shops, playhouses, bookstores, florists are closed without knowing when they can get opened.
In the meantime, these businesses need to pay their electricity bills, rents, salaries, EMIs, etc because they:
- fight to be alive.
- the struggle to be effective.
- avoid risk and vulnerability.
Notwithstanding the possibilities, the below mentioned things are evident:
- It is not time to panic.
- Instead, it is the time for careful preparation and planning
Reasons to Grow Continually the Business Despite COVID-19
The essential thing here is to know that COVID-19 is not to last on a permanent basis. Even though the isolation is continually dragging, but, this pandemic will end soon.
As a business owner, you have to get involved in the change and show more contribution towards the efforts; to support, grow, and flourish even during the crisis. Also, if you are in a dilemma that why you should show your efforts to expand the business even when there are no customers to use the products and services; then, we have reasons to give you:
The business was built to satisfy the requirement
Do not forget, what has made you initiate the business. You have a requirement and you worked for the same. At this time period, the Coronavirus has toured the overall world, besides, is it successful in eliminating or changing the need?
Of course, not!!
The potential or target customers might have changed the preferences because of the COVID0-19, however, the need is still present, and as a business person, you need to solve it.
The business aims will evade the COVID-19
Every business does not get started with some conditional strategy that you will seek growth until there are no unforeseen market disruptions. As an entrepreneur, you must know that your journey is full of challenges and COVID-19, is one of those challenges.
The pandemic is not here to give a halt to the business growth, however, yes, can slow down the process. It is better to take preventive measures to sustain in these tough timings and put your company towards growth.
Different Ways to Grow the Business in Covid-19 Pandemic
Be Decisive of the Digital Marketing Efforts
Even though several digital marketing channels, such as social media, email newsletters, or blogs are low-cost or free, the businesses seeking to grow in this pandemic should be decisive in the resources and time they devote to the marketing efforts.
It is suggested that every business person has to be resourceful and careful with each dollar they are spending on marketing. You cannot test and reveal errors while executing anything.
Attaining awareness for a novel non-essential brand is the pandemic is a tough thing. Hence, there is a need to revamp and work hard. Careful planning of the marketing campaigns is vital to business success, particularly in the recent time period. What is more important is that the businesses have to compute the results to know what is best and what is not.
Know the Customer’s Viewpoint While Communicating
The social media channels, such as Twitter, LinkedIn, Instagram or Facebook are very essential for the brands who like to connect with the customers while working remotely or in a closed state.
To get the most out of social media, you need to find out the target customer and prioritize what they are doing and saying online.
When everyone is not sure about the health and financial situation, you can stay ahead by replying to customers’ current requirements and interests and solving problems from their view. Know- if you are different, affordable and if you are willing to be in the market.
Regardless of the economic situation, there are continual opportunities for unusual and compelling products, however, in this age, this needs thoughtful and well- planned methods.
Polish Virtual Selling Skills
Several companies have moved their sales process towards the virtual domain. However, you have started using the Zoom call which is making you professional, though.
Handle the virtual sale calls, such as in-person meetings, and give priority to the impressions. Optimize the home office environment and the background, dress professionally, and assure that the audio and video are working best for the right communication.
When keeping the virtual process of sales intact, the value is assured. Be proactive and provide appropriate, valuable resources, such as guides, tools, workbooks to the prospects. This will hold your mind focused on the target customer, also if you do not immediately close the sale – a difficulty faced by many startups in the pandemic.
Host Virtual Events to Attract and Teach the Audience
Strategizing and hosting the virtual events related to the needs of target customers is an excellent way to give value while contacting those in the comfort of their homes. Indeed, since these events have become conventional, you have to find a way to make webinars stay ahead.
If you can, then build an interactive experience, and offer them incentives, like, giveaways and professionals to allow the users to participate. Complete the event with a simple Call to Action (CTA) that makes the audience to be connected to the brand and continues to have a relationship with you.
Make Your Doings Transparent to Your Network
Usually, business growth opportunities manifest themselves when the right people are known. It is particularly true in this tough pandemic situation when the businesses are trying to connect and assist each other.
Hence, it is vital to focus on networking- not by means of creating new and important connections, besides, making the existing contacts notified about the current progress and goals.
Share the progress occasionally, however, do it with a lot of intelligence and understanding to realize that everything in the world is indeed very difficult in this pandemic situation.
Prioritize Genuine, Open Communication With Employees and Customers
The customers are uncertain and scare of the pandemic. However, they can find the companies that reach and support them in a challenging time.
Adopt a comprehensive customer communication strategy, including changes due to COVID-19 and their expectations of your business.
Remember to check in your staff as well. In times of crisis, your team requires leadership skills and they will ask you for the latest information on the influence of the pandemic on the company.
Consider this time to increase the sense of community in the team members. This allows the employees to better understand their value to the company and make them more productive and motivated, which eventually promotes business growth.
Diversify the Offering
Never take a shot in the dark- it is never accurate. Certainly, it is true! Spare some of your time to grasp to reduce the chances of risks and make new revenue streams.
Find out the areas to launch the new initiatives, with an introduction of new service and products. Know the recent opportunities quickly and align the team again to get more out of the situation to create an edge to the competitors.
Keep an eye on the latest market trends and find out what your customers want from the normal service/product offerings. It is better to diversify the industries. Like;
- Those are the advertising agencies that can provide online training courses to assist customers with advertising and marketing skills.
- Those who are in the market providing the economical graphic designing services must elevate the game to provide the premium services to the mature or elite businesses.
Prioritize the Value
Be focused on the value you are providing to potential customers. Several are keeping a check on the spendings and sales surely can take a hit.
Understand that the customers are still monitoring. If you provide them with the value then, they will not forget you when they have to approach you to buy again.
Hence, it is time to publish the appropriate social media content and make your presence the best and thrive. Have a look at the e-newsletter and know you can fix it. Put the industry’s views and news, discussion starters, tips and tricks, discounts. Including this, sales and job openings in the industry are the essential things that you can leverage.
The other way to provide value to the customers is by running a free webinar. Giving away the paper or ebook, and cost among nothing are also one of those ways. Provide value before initiating the sales pitch as the core marketing strategy. There is nothing more valuable than this in these tough timings.
Evade Capitalizing on the Disaster
Disaster Capitalism is an idea that unethical companies employ in crisis times to achieve their goals. Although this is different from continuing to build your business in an ethical way.
Instances of unethical behavior in the appearance of a crisis constitute price fraud and inventory (artificially increasing the price of basic or hard-to-obtain items.) You can also obtain quick money now, however, the long-term loss is not worth it.
In today’s challenging COVID-19 times, several companies will suffer and are suffering as a result. Although as you can see, many ways are there to lessen the long-term influence and even maintain business growth.
Despite the audience, be transparent and authentic in the communication, and do not forget to communicate with the staff and customers. Knowing their circumstances and desires assures them that you value them. It is not about the pandemic, the empathy pays a lot.
Considering every principle mentioned above, you can surely thrive and survive in the post- COVID timing.
So, are you ready to Weather the Storm? Do let us know your views in the comment section below.
Thanks for reading!!