COVID-19 not only affected the world’s healthcare systems, but it has also had a significant impact on businesses all over the globe, regardless of size. Nonetheless, there will be an end to the pandemic, and, as a business owner, you must consider the short- and long-term repercussions of this global crisis.
Diving into business is always a risky move. You’re constantly faced with doubt on whether your venture will prosper or become another company to file for bankruptcy. One of the best ways to mitigate this uncertainty is to plan your steps thoroughly and take advantage of tactics that will tide you over to overcome the current issues.
If you find your business struggling due to the pandemic, here are some business strategies to help you stay afloat amidst these uncertain times:
Prioritize Your E-Commerce Efforts
The COVID-19 pandemic is characterized by quarantine and self-isolation. The situation has led to a spike in online shopping, especially since consumers are scared to venture for long periods out of their homes due to the risk of getting infected.
If you have a brick-and-mortar shop, you may have had to close it to comply with the government’s mandate for everyone to stay indoors, while efforts to stop the spread of the virus are being rolled out. However, you still need to earn because rent and other overhead costs accumulate even with the pandemic.
Now is the right time to build your online catalog, if you haven’t done so yet. Shopify Plus is one of the best platforms for this task since it has a dedicated enterprise eCommerce software program that makes it easier for business owners to manage their web store.
E-commerce is the future of shopping. You must keep up with customers’ evolving needs and preferences to stay ahead of the game.
Boost Your Online Presence
In connection with building your e-commerce store, you must also invest more in your digital marketing campaigns to reach your target audience. Consumers spend much of their time scrolling through their phones or browsing on their computers.
Moreover, people who watch television or read newspapers are becoming lesser in numbers. With this, you have to make sure that you boost your brand’s online presence to stay at the top of your current customers’ minds and gain new ones in the process.
These are the top tools or strategies to use for expanding your digital reach:
Search engine optimization (SEO) takes advantage of keywords and links in your content to boost your website’s rank on search engines, like Google and Bing, for relevant queries. Choosing the right steps can help you reach the coveted number one spot for your keywords, which enhances consumers’ perception of your authority and increases your brand’s visibility.
The best thing about SEO is that you don’t need to pay the search engine for acquiring traffic. You just have to deliver excellent content that provides solutions to users’ problems.
Paid Digital Ads
You can also opt to pay Google or Bing to be featured prominently on their search engine results pages (SERPs) for relevant keywords. The primary advantage of paid ads, or usually called pay-per-click (PPC), is that you can gain more exposure to introduce your brand to your target audience, which is helpful if your company is still in its early stages.
Social Media Marketing
If you want to engage your customers in conversations and stay updated on what they are talking about, you should work on your social media marketing campaign. Like SEO, social media is free, and you can convert your followers into paying customers with the right tactics.
Email is another tool for retaining your current customers and maintaining your relationship with them. This medium isn’t going anytime soon, so don’t ignore the benefits of having a strong email marketing campaign, such as targeted and personalized content.
Double-Down On Marketing Core Products And Customers
Consumers’ finances are taking the hit from the economic impact of the pandemic. This is why businesses have reported lower profits in recent months. People are more focused on purchasing must-have products rather than what they consider to be luxuries, which they believe they can live without.
Knowing this, you must find ways to boost your core product’s or service’s value proposition, which can lead to long-term gains for your company. Give consumers a sensible reason why they should purchase your merchandise and how it can improve their quality of life.
Moreover, as a business owner facing tough economic times, you must keep in mind that you should nurture your current client base to save on outreach costs. You need to spend more to reach a new set of audiences, rather than working with people who’ve already expressed interest in your products and converted to paying customers. That’s why you must focus on enhancing the loyalty of your present consumers these days.
Put More Emphasis On Clear Communication
Aside from worrying about your customers, you must also consider your internal clients. It has become more crucial now, more than ever, to be transparent with your team and investors. Stay in constant communication with them and be honest about your company’s status, as well as future plans.
Be Mindful Of Other Risks As Well
With news about the COVID-19 pandemic dominating the world right now, it’s easy to fall into the trap of forgetting other types of risks. However, you should continue to be mindful of your company’s other vulnerabilities, such as cybersecurity, which also leads to long-term repercussions if not managed appropriately.
Make sure to look beyond the current situation and always focus on the crucial elements. This way, you limit your losses without sacrificing the quality of your business in the long run.
The current pandemic has had a significant impact on healthcare, as well as the economy. It’s characterized by quarantine and self-isolation, which is why online shopping has soared in recent months.
Business owners must keep up with the new normal by pooling their resources toward e-commerce and digital marketing. You must also improve the value proposition of your products and services so that consumers see them as a must-have rather than a luxury. Communication and holistic risk management are also crucial aspects to consider in today’s economic climate.