Guest post written by Ashutosh
The COVID-19 pandemic hit the world, and none of us were prepared for it. Surviving in these unprecedented times of the COVID-19 situation, social distancing, and lockdowns have proved to be challenging for businesses, especially for startups. As they have less cash reserved to deal with such a sudden situation.
The economy is falling down as the business operations have been severely impacted. Businesses are in a cash-crunch situation with less revenue generation, decreased cash flows, increasing expenses, and the uncertainty existing in the whole financial market. Many businesses have shut down or are on a halt due to decreased revenues and a weak consumer market.
During these tough times, start-ups will have to re-evaluate their strategies and revise their game plan to grow the business. In the new set of actions, they will have to account for the existing risks and be extremely careful with all the measures to be taken while dealing with the market slowdown.
Know that we are in this together. All the stakeholders are aware of the situation existing and therefore this is the time for everyone to unite and be understanding. As a business, you need to take calculated measures by keeping in mind the impact of those on everyone involved and by being honest about the position of the company. People are ready to make adjustments knowing that the firms are facing a crisis. Being honest and maintaining an effective transparent flow of communication is a way to retain your customers and ensure healthy relationships.
Further, in this blog post, we present some survival strategies for businesses to sustain and generate sales during the COVID-19 situation.
Re-evaluate your offerings
The pandemic has changed our lifestyle and the way we look at things. With this comes the changes in the choices and preferences of the customers too. The need to assess the offerings you provide is more than ever now, check if the product/service you sell carters to the needs of the customer or has it proved to be irrelevant.
If you are still selling products that are not of much use to the customers in the COVID crisis, your sales are bound to go low. The solution is to make your offerings adaptable to the new normal (i.e. in a way they can be used at home) or completely remove them. The key is to sell offerings that fit the situations and be more suitable for your customers. However, in the urge to do this, do not forget that whatever additions you make should be in alignment with what your brand stands for.
Related: Work from home office set up guide
Shift to the online world
The lockdowns and social distancing rules have encouraged people to stay in their homes and shift to the online marketplace for shopping. With this change in the shopping style of the customers, businesses having only a physical presence should consider adding online selling also as an option.
Craft a beautiful website that serves as a virtual store for the customers. Doing this will allow the customers to get things that they want to without risking their health and in the most convenient way.
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Know the thoughts of your buyer
When you are honest with your consumer about the business crisis situation, they will empathize with you. This should also be the other way round, as everyone is going through a difficult time. People are becoming more aware and careful before they choose a brand to shop for.
With the consumers becoming picky and aware, as a business, you need to illustrate your strengths and understand the importance of this in the current times before trying to sell your next product. As the uncertainty prevails in the future, one major factor affecting the buyer’s purchase decision is the brand’s value and reputation. Other factors like your service, prices, range of products, and the complexity in the buying process also influence the thoughts of a more conscious buyer. Therefore, work on building a brand that creates a positive impact on the mindset of the client.
Re-Define your marketing strategies
All the plans have changed as the pandemic began. The consumer may have started to seek for your brand for a different perspective or for a new need. Scan through the existing marketing material and re-work on the things that are no longer relevant to be used as they have become inappropriate to the current situation. Update relevant content in your campaigns, social media posts, email marketing, blog posting, etc. People have become more sensitive and conscious about certain topics and issues, so be aware of the same.
Watch the tone of your content, however, do not be too serious or formal all the time. People are facing hardships and they look at you to bring a smile on their faces. People look for a sensible response from your brand towards the pandemic. Do not leverage on the COVID-19 in your advertisements to sell your product. Instead, look for how you can make their lives easy and provide assistance or solution. If you try to be too pushy for increasing your sales, the customers may feel that you are taking advantage of them during these times.
Keep your marketing strategies up-to-date with your updated or latest offerings. Improvise your SEO to make up for the lost visits to your physical store and get increased online traffic.
There is no way that we can predict the end to the COVID-19 situation, what we can do is make the changes that are in our hands to generate business. Make the best out of the worst by re-evaluating your business plan, changing marketing strategies, moving to an online store, having effective communication, and optimizing the gaps by addressing the new needs of the customers. Gain the attention of the clients by working on the above-mentioned strategies to improve on your sales.
About the Writer
Ashutosh works as a Product Manager at Refrens.com – India’s most powerful platform for freelancer’s finances and growth. He has helped some renowned technology companies with their product. In this blog, Ashutosh shares some tips and tactics to survive amidst the COVID19 Pandemic. You can follow Refrens.com on Twitter, LinkedIn.