It’s no surprise that the devasting repercussions of Covid19 has reaped havoc on our world economy. Escalating
For most businesses the reality is they are either thriving or considering how they are going to survive the current world health crisis. Having a rational plan to follow could mean the difference between boom and bust.
Now is a crucial time for business owners to lead our community and take charge of what is going on instead of waiting for the situation to be perfect.
In this video, David Guest and Prabin Gautam talk about the best actions that business owners can take to navigate through this situation.
1. Minimise losses and optimise opportunities:
Many businesses have been forced to take a deep dive into the numbers to maintain continuity and solvency.
Unfortunately, that means businesses have also had to make tough decisions regarding employees, benefits, and budgets.
But the silver lining is that it has forced to reconsider the ‘actual essentials’ and ‘efficiency’ to run business.
At this unprecedent time, businesses should mainly consider:
- What opportunities have we identified but have not had time to implement yet?
- How can we improve existing products and services to better serve our customers?
- What will customers need once the restriction is lifted? What problems will they have, and what problems are we uniquely positioned to solve?
- What will it take to bring a new product or service to market? What are our costs, unique selling propositions, price points, marketing strategies and projected ROIs?
What really counts is to create a sustainable strategy as we are now have more free time than ever to think and strategise.
2. Be proactive, not reactive during this time difficult situation.
This is the time to put off your selling hat and go beyond by putting on your serving hat. As businesses move from a reactive to a proactive approach on dealing with COVID-19, they should ask themselves the following questions:
- How can we add value to our customers?
- Can we offer a version of our services through an online channel? Going online is the closest equivalent to low-hanging fruit in the current environment.
- How can we use our existing infrastructure to offer services that are in demand to our clients?
Whether it is with your customers, team or your alliances, now is the time to dispel panic. Providing motivation, comfort, and direction to your team and customers is what counts the most. Let them know the thorough measures you are taking to plan and prepare.
3. Channel your marketing efforts instead of doing nothing:
Under normal circumstances, businesses operate full speed ahead. The resulting lockdowns have created a challenging environment for brand marketers who need to figure out how to position their messaging in these unprecedented times. Instead of shutting down your business and doing nothing, focus more on how to channel your marketing effort and customer service.
- Evaluate marketing metrics and identify what’s working and what isn’t
- Provide right message to right audience at the right time through the right channel
- Investigate new marketing channels that could reach your customers and clear confusion: email, social media, website and more.
- Make sure customers know whether you’re open for business and how you’re navigating any issues
- Consider how marketing strategies will change post-quarantine
- Develop lead generation and nurturing campaigns designed to establish authority, foster trust and inspire customer confidence
- Audit website & identify opportunities for improvement: strategic calls to action, overall design and presentation, SEO, mobile responsiveness and more
- Discover where leads are dropping out of the funnel and craft strategies to recapture them
- Explore alternative benefits, audience segments and unique tailored messages to a post-pandemic customer base
It’s important to consider not only how a shift in marketing strategy can benefit businesses today, but also how businesses can cater to customers once the pandemic ends.
4. Use technology and communications in this crisis:
When presented with a crisis, how quickly and how effectively you respond to it makes a dramatic impact on how you and your business make it out on the other end of it. Thus, placing a great importance on having an effective plan and using the right technology for crisis management is significant.
As the situation evolves, business owners are exploring ways to stay in touch with customers and efficiently work remotely until businesses can reopen.
In fast-moving and uncertain situation, it’s important that you be available to answer your customer’s questions, communicate your business’s status and provide support to your community. It may mean you try entirely new ways to reach your customers and stay connected with your team and customers through the right technology tools (like Zoom, Skype, Google hangout, Telehealth, Trello and more…).
- Use your work management tools & determine and prioritise work for the team with daily goals.
- Hold video conference meetings with your team and walk through tasks, due dates, and bottlenecks.
- Concise but regular communication can keep the lines open and facilitate any additional information you may require.
For customers Businesses can:
- Join Facebook and other social media groups to add value & stay connected
- Post on relevant forums and help customers solve problems (minus the marketing pitch)
- Reach out to current customers via personalised phone calls and social media channels to check on their wellbeing and see if there is anything the business can do to help
5. Take this opportunity to collaborate:
Collaborating with other businesses can be powerful business building tools. They introduce companies to new audiences, foster sales via trusted recommendations can help:
- Help navigate the current situation
- Establish instant credibility
- Increase sales
- Excellent opportunities to build relationship and boost revenue even after this period ends and for future assessment.
Downtime doesn’t have to be dead time: Savvy businesses will identify ways to make the lockdown work to their advantage. Now is the time for businesses to rethink, revitalise and reinvent themselves so they’re positioned for success on the other side of the coronavirus pandemic.
Lastly on a positive note ask yourself – How can you make this the best thing happen to you and your business?
What Actions are you taking TODAY?
If you are looking to make sure your business is on the front foot over the next few critical months. Book your 30 mins FREE Consultation today.