The time for businesses is running too tight in the wake of the COVID-19 outbreak. In whichever industry you are working, you must be feeling the consequences of lockdown due to the COVID-19 pandemic. The only light visible at the end of the tunnel is a vaccine for corona, but no one knows when it will be developed and made widely available. No matter how established your business is, it is getting impacted and will continue to get impacted for a long time, even after the lockdown. All you have to do is get set from now only to do well enough post COVID-19 lockdown.
Here is a set of suggestions that you can implement from now onwards to alleviate the repercussions of the COVID-19 lockdown.
1. Reassess Your Financial Outflow
COVID-19 outbreak has sharply crashed on the global economies. Experts predict that the entire world is going to face a recession in the coming times. It means you have to focus on financial planning for your business from now only so that your business can survive later. Comprehensively review your fixed and variable expenses to see a clear picture of your company’s financial footing. If this strategy is still not a part of your business, you should incorporate it from now and keep it implemented even after the lockdown lifts.
2. Map Short-Term Policies Till the Lockdown Ends
Experts are still finding difficulty in gauging the period of the COVID-19 pandemic. Since there is no assurance until now, it is better to stay prepared for all the scenarios. You should plan for different tenure, as in 3 months, 6 months, 12 months, 18 months, or whatever period suits your business type. Whatever tenure you choose to strategize, you should act with compassion and communicate well. Communication and compassion are much needed because not only you but the entire world is struggling. If you are putting a halt on variable expenditures, such as travel and hiring, renegotiating fixed expenses, revisiting sales strategies, or anything, transparency with your employees and investors is paramount.
3. Retain Your Customer in This No-Sales Time
COVID-19 situation is so uncertain that people are saving more than spending. This has resulted in a sharp sales drop. But there is always an alternative way to every destination. If you cannot sell your product or service to new people, you can at least retain your existing customers. You can bestow them with offers or stay connected to know if they are facing any problem with your service. In such away, you can get to know the new issues being faced by your customers and new solutions to them. Retaining customers in this situation is also important because your existing customers will resume using your services/products post lockdown, and they will be the first to support you in bringing your business up again.
4. Focus More on Video Marketing
People are not going out due to COVID-19 lockdown and spending more time on the internet. You can leverage this situation by promoting your product/service through video marketing. This can be a new strategy for your business, but it will be very effective in the future. Even after lifting lockdown, people will keep following social distancing and prefer to stay home & online more. They will start giving more importance to online resources more than before, and video marketing can be your peculiar gameplay at that time.
5. Enhance Your Online Presence to Get Benefits After Lockdown
Sales have taken a backseat in the wake of the COVID-19 outbreak. As we already discussed, people are spending more time online, and content marketing can also be your masterstroke for leveraging lockdown. Publish as much content as you can, and try to increase your online visibility. Once you keep popping on the internet, you will also keep popping in people’s minds. People are taking more time to learn about new opportunities & resources, and you can be their opportunity after lockdown if you are doing content marketing in the right way during the lockdown. This COVID-19 outbreak can be used as a bonus for building relationships online and bring back sales at the front seat after the support and demand returns.
6. Display Active Status That You are Open For Business
Many businesses are still operating even after lockdown, and you can use this as an opportunity. People are searching for new resources to keep their business sustained, and if you are of their use, you got a sales lead even in such a situation. For this, you need to invest much in online marketing and let people know that you are open for business even in the COVID-19 outbreak. People are avoiding physical meetings, and thus, your online presence and running trade can score a home run for your business.
7. Replace Seminars With Webinars for Advertising
Public gatherings are going to be a big no-no for a very long time after the COVID-19 outbreak. So organizing seminars and publicizing your business can no longer stay in the list of sales strategies. But the internet has given you another way to walk on, which can be beneficial for you in the long run. You can organize webinars, live with your audience, and still advertize your firm’s services/products. Webinars are advantageous in another way that you can send marketing emails to the attendees and expand your customer base even in lockdown.
8. Appraise Your Existing and Loyal Workforce
Everyone is facing the consequences of the COVID-19 outbreak, but it has also made us realize the power of our workforce. Even in this tough situation, your employees are standing beside you and helping you. After lockdown, a decent branding strategy can be to appraise your employees to make them feel that their work has always been appreciated. We all know that hiring consumes a lot of money and time, which you may not have after lockdown. So it is better to retain what you already have and appreciate that.
9. Get Versatile and Budget-Friendly CRM Software
If you haven’t considered it yet, let us make you realize that it is time to deploy CRM software. If you are targeting to expand your online reach, then CRM software can be of great use. Carry out marketing campaigns, analyze those campaigns, and reset your budget for the next more successful marketing campaign. You need no extraordinary formula or magic potion to do that; you just need CRM software. Post lockdown, CRM software can be your best branding tool. If you are looking for one, you can consider FinCRM. This CRM software has excellent features, suitability to every industry, and budget-friendliness. So even after lockdown and economic downfall, you need not burn a hole in your pocket for inviting a new digital member in your business. You can try it for free by clicking here.
Stay Home, Stay Safe
This COVID-19 outbreak situation can help you establish your brand with innovative ideas to show a major comeback after lockdown. Handling this difficult situation requires unity, patience, and innovation. Recently a post was being circulated as the words of Ratan Tata conveying that Japan was totally destroyed after the 2nd World War and had no future. Still, the same country made the United States cry on the marketplace within only 3 decades or so. These words are enough to motivate any entrepreneur. Like everything has passed, the COVID-19 outbreak situation shall pass too. But more important now is to stay united, but from a distance, and provide value to your customers. Stay home, stay safe, stay positive, and keep going.