COVID-19 got your business down?
For numerous companies, talk of expansion has been put on the back burner until we all get past the unwanted COVID-19 pandemic. The focus has been on survival, reshaping the business plans, and ensuring cultures are intact when everyone has taken refuge in their home. Many businesses may emphasize keeping their existing customers rather than getting new ones.
Businesses have been hurt immensely by the coronavirus, and there is no question that its impact will be felt for months to come. We know you have a few questions that need to be answered and are seeking help now. With everything that has been happening over the last few months, there are now three types of businesses, including:
- Fully Shut Down
- Can’t Meet the Current Demand
- Pivoted and Transformed to Survive
No matter what category your business falls into, it has to have crucially organized strategies to survive the next 90 days and boom subsequently.
While that’s comprehensible, it happens to be short-sighted as well. What if it turns out to be potentially dangerous? As you know, the epidemic will not last forever; now is the right time to get your company in a position to expand extensively in late 2020.
It would be best if you focused on cash flow. If you are bootstrapped for cash and revenue is a problem, you need more sales. You’ll need to know what you’re offering if you want more sales.
Empathy and determination go hand in hand when tackling a crisis like COVID-19. Relating to people’s needs in your business and how you maintain your relationship with them will go a long way, ensuring reliability and support. The determination to invest later will move the needle forward.
You can just read on to find the most effective marketing strategies that will do wonders for your business, enabling it to survive and thrive amid the COVID-19 pandemic.
Move Your Business Online
At present, more than ever, your business has to have an online presence. There are two vital parts of this paradigm move, including:
- People are online
- People are at home
So, you must bring your products into the home of every customer. Products are sold online in huge numbers more than ever. People have a fear of going outside, and they prefer staying at home, so there has been a change in online shopping for essentials, including food, medications, cleaning products, groceries, etc. Drugs are among those that have shown a tremendous rise in online sales. As per a survey, this trend will continue to exist even more after the pandemic. However, online shopping is wider than buying essentials as people stick with other products, such as clothing items and gadgets, books, and more.
Regardless of the industry you are catering to, if you had to shut down your brick-and-mortar retail store or even business, you can survive during the COVID-19 pandemic by bringing products you’re selling or services you’re offering online. Although it may initially sound intimidating, you don’t have any other option than making a huge business change. The demand has moved online, and it would be wise to adjust accordingly.
Understand Cash Flow is Everything
Cash flow plays an imperative role for entrepreneurs right now, and various changes can be made to your business structure to help improve it. These include price, volume, accounts receivable, overheads, accounts payable, inventory, and COGS (cost of goods sold). If you establish a path leading to cash optimization, it will do wonders for your business. As the COVID-19 pandemic has adversely affected all businesses, you must limit your spending and ponder what will generate revenue.
Being in the ‘now’ specifically enunciates that revenue is all about how you generate leads and how you go about retaining existing clients. Your business must have a CRM (customer relationship management) platform if you want to excel at both. If your company doesn’t have great cash flow or a CRM platform right now, take the time to make modifications and set them up.
Why You Should Setup a CRM Platform
Setting up a CRM will allow you to keep your customers’ info organized and easily accessible for your team. CRM also allows your entire group to add and remove contacts conveniently when necessary.
The most significant benefit of a CRM platform is that it allows the business to communicate with customers quickly and efficiently. CRMs are a handy tool for providing customer service, whether it’s speaking regularly or getting back in touch during times of crisis.
I want you to know that being open with your customers at present will undoubtedly go a long way. Whether or not you make money, providing them with a product or service that satisfies their needs will be your best bet.
Extending your support to your customers to help them deal with these challenging times will help you keep them for life. Engaging with your clients through innovative ideas, hands-on support, and knowledge sharing will allow you to establish a strong relationship between you and your clients for years to come.
Use Your CRM and Email List
Is your demand down? Don’t have the funds for paid advertising? No matter the reason, you can still keep your business floating. Scraping your CRM for existing customers or leads and running email campaigns to re-engage those users will go a long way. This is where your email list, which you have optimistically been building, comes to your rescue. It is a free way to influence what you already have and reach out to people on a large scale.
Consider the following two ways to use your mailing list:
- Search for the most valuable customers and provide them with special offers. Or, you can empathize with them.
- Reach out to existing potential leads that have not been purchased from you yet with exclusive offers.
Since email marketing is one of the most inexpensive digital channels, assuring you of the highest returns and putting your email program into action can help you survive when you communicate with your existing customers and leads.
Focus Your Attention on PPC Ads
If you want to generate sales and customers at this point, running PPC (Pay-Per-Click) ads on Facebook and Google will work to your business advantage. These ads will help you reach potential customers. So that you know, you’re back in business to make your offerings known.
How else would these customers know that they can now buy products you are selling or services you are offering? Nowadays, people sheltered at home spend their valuable time on the Internet and social media.
Ads on social media platforms like Facebook and LinkedIn and search engines such as Google and Bing are effectively proven digital marketing channels that draw traffic to your website. Also, they drive direct leads and generate sales.
If you want to reach potential customers, these platforms will target:
- Who your customers are
- Where they work
- What their interests are
- What and why they are in the market for
- What they are searching for on Google and other leading search engines
Online ads will lead to high user engagement. Not only that, but they also grab the customer’s attention, enhance awareness, and create interest in your products or services, which ultimately leads to more sales.
Adopt a Unique Strategy to Stay Afloat
How will you be able to get in front of your customers? The COVID-19 pandemic has not only led to a demand problem but also a logistics problem. Please make sure your customers have a solid reason to buy from you: birthdays to celebrate, kids to raise, pets to look after.
You must know that your business will be different from what it used to be pre-pandemic, so you must adapt.
It would be best to work out how to satisfy your customers’ diverse needs with your products and services. To begin with, do something so you can stand out from the crowd and get noticed. Make customers know that you are willing to do business with them. Make the most of online marketing; email and social media are the quickest ways to reach your customers. Feed them with daily updates about your products and services.
Manage in Shorter Increments
Narrowed down what you should keep and what you should let go. Now, it is time to know how to change your perspective. Thinking in times like these is indispensable to thrive in the existing environment. You may have few people to depend on for creative ideas and timely execution.
People don’t have more time and work under unrealistic conditions. They might be teaching their children at home, diverted, and unable to work at the pace they’re used to. Or they cannot remain physically present in the same place as their clients. Therefore, why not restructure the way you think and your strategy? Instead of visualizing what’s possible, try to figure out what’s practical. Everything you planned must be executed right away. It is potentially suitable to have it delivered in a remote format.
We are living during a very challenging time. However, you can turn every crisis into a lucrative opportunity. Ensure you’re safe and healthy. Build a foundation for the future. Getting used to these changes in your business will take some time, but it will eventually happen. If you are looking to get your company online and receive new clients, contact Search Engine Projects.