Unless you’ve been hiding under a rock, the term thought leadership is the latest corporate buzz word making the rounds in business literature around the globe.
The COVID-19 crisis has undoubtedly shaken every business right now. New rules and regulations, standing down employees, losing existing clients and opportunities, all-time-low revenue, existential crisis of the business… this list of current challenges can go on and on.
Although this situation has stirred panic right now, it is for sure that this situation will bring a lot of NEW NORMALS. It might provoke you to think of new opportunities you might have previously overlooked.
Here are the top 3 things you can implement right now within your business for a sustainable model:
1. FOCUS – Tapping into Low Hanging Fruit
For most of the business owners and entrepreneurs, when asked about their lead generation campaign, their first thought goes to acquiring new clients. Yes, this is right but is your business in a situation to generate new clients right now?
If your business falls into the category where your prospects are hesitant to use your products, it is within your best interest to generate more business from your existing and past clients.
What this means is obviously adding value to your existing clients – delight them, thank them for supporting your business during these unprecedented times, create a separate referral campaign.
Referrals are the low hanging fruits as there is already the TRUST factor built-in. So, come up with a reward for referrals like rewarding both the referring and the referred new client. This might be offering them discounts, or bonus services, or something they might readily use like gift vouchers for everyday items.
2. SYSTEM – Covid-19 is a game-changer for digital transformation in small business
Before this crisis, most of the companies’ C-Level Executives were slowly browsing into their options for increasing efficiency and better results through digital transformation.
This current situation is a kind of a blessing in the sense that it has forced businesses to go digital, search for options to reduce costs and increase efficiency. It has simply fast-tracked the process which would otherwise take months or even years to implement.
Within just a month of the lockdowns and work-from-home culture, the whole operational mechanism has changed. It has made business owners and executives evaluate the important people and things necessary to grow their business. At the same time, the employees are enjoying the flexibility of giving results while finding more time to spare for their household chores and their social lives.
Isn’t it amazing how the whole system has evolved just within 90 days?
And let’s talk about VIRTUAL. LinkedIn has recently published a report where the prediction is that from now on 80% of the pre-sales activities will be done online. So, you might want to think about your online platform, collateral and other necessary collateral to win you more clients.
The other aspect of the digital world is DATA.
There is a huge chance that there is a sudden increase in some of your products while not so much for the rest during these times. See how you can cash from this demand.
Perhaps, this is the time where you visit your essential stats like your cost per client acquisition, where is most of your website traffic coming from, what product page are they mostly searching for in this time, what platforms could you use to get your message out and tap into those potential leads.
Marketing and communication are the two essential pillars to help you win more clients.
3. Collaboration: Competition makes us faster, Collaboration makes us better
The main mantra for collaboration is ‘thinking win-win’.
See where you can collaborate to move your business’ needle.
Right now, with these restrictions in place, the easiest way is LOCAL AREA MARKETING. This is even important if yours is a location-based business.
Find out about the local businesses and demography you can tap into by rewarding them if they opt-in for your products. This could be again offering discounts, or bonuses, or free delivery, free trials, or some reciprocal arrangements.
It’s not always about marketing across various social media and emails but also about tapping into potential opportunities within your easy reach.
These are the top 3 ideas you can implement to create a sustainable and profitable business model in the long run.
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