Businesses are no strangers to financial crises. The Great Recession and the financial crisis of 2007 to 2008 knocked some companies off their feet, but they eventually got back on their feet. Now, the 2019 Coronavirus Disease (COVID-19) is threatening the income and operations of businesses due to the mandatory lockdowns around the world.
With everything that has been going on, it’s normal to think that the future looks bleak. But take heart: businesses have survived hard times before. Yours can survive this one, too. To do so, you have to play offense with the challenges, not defense.
Build Your Audience
Due to quarantine limitations, you might be unable to sell your products, which lead to a decline in sales. But that doesn’t mean you should stop promoting your products and services. Experienced marketing consultants believe that your Maryland business can still promote — you just have to change your offer.
E-commerce companies can offer discounts or buy one get one offers to appeal to budget-conscious customers. You can also tweak your contracts for the time being. For example, instead of asking clients to sign the regular six-month contract, give them the liberty to sign for a month or three first.
These activities might not land you the biggest sale of the year but they do grow your audience. While the economy continues to find its footing during and after the pandemic, invest in the people who can help you grow once the dust has settled.
Communication is more important than ever, especially if you have team members working remotely. Keep your team in line with your current goals (even if said goals change more than thrice in a week). Communication ensures your people are in the know and together, you can work with them to achieve your goal. Also, ask your team for insight on how you can improve your business during these trying times.
Next, relay the necessary information to your customers. Inform them about new products, discounts, or anything that will be useful to them. It also helps to keep in touch with your community by supporting first responders through donations or meals.
Look for Strategic Partnerships
Use your free time to find people or brands you can work with. Consider the growing number of live workouts on social media platforms like Facebook, Instagram, and YouTube. Trainers and influencers now jump onto these at-home workouts to keep people engaged with their content. Doing so helps trainers retain their current client base via virtual classes in spite of the cancellation of in-person workouts.
Find ways you can partner with people who can bring your business online. Seek collaborations with businesses that can help your business stay afloat during the pandemic.
Economic crises and pandemics need not negatively impact all of your business’s hard work. Thousands of businesses recovered from the Great Recession and the financial crisis of 2007 to 2008. Surely, yours will recover from the COVID-19 pandemic. By shifting your strategies to adapt to today’s “new norm,” you can ensure that once everything is back to normal, your business is back better than before.