Golden Tips to Make Your Business Profitable During COVID-19 Pandemic
It’s been almost 45 days in India, many organizations, retailers, industries, ranging from start-ups to large enterprises have been suffering from the effect of COVID-19 pandemic. India is not the only country that has been into the affected country list, but there are plenty more countries like Europe, USA, Canada, and obviously China have topped the list.
COVID-19 has shut the door of businesses over the coming several weeks and months maybe. Though this closure could be temporary, in some cases, the situation may be upended with no opportunity to reopen leading to a permanent close down. It has disturbed not only the financial status of leading companies but has also led to economic disruption worldwide. There are even effects of Coronavirus on software outsourcing company in India as well.
Obviously, there must be a question that has been bothering every business owner or retailer that how the business can come out of this crisis? How can businesses overcome this situation and cover the loss they have faced? How can businesses make a profit and build stronger employee and customer relationships?
Well, as a business owner or retailer, you will be surrounded by these types of questions and that might make you ill. But this is not the time to lose yourself and look at the situation without keeping your hope alive. It’s the time to fight back and make the most out of it.
Here are some of the hacks shared by the industry experts to help businesses overcome the Coronavirus (COVID-19) crisis and sail through it profitable creating yet another success story.
1. Get in Touch With Your Team
It has been said that employees are the greatest assets of the company. And companies fail to understand the value of the potential team members. Especially, during an unprecedented time, one of the biggest mistakes you, as a company, can make is estranging talented members. As they are already on the verge, all you can do is to have transparency and open relationships with them. Undoubtedly, regular meetings and planning for the upcoming days will let them forget about the current situation and motivate them to work towards productive results. You should guide and navigate them through the current situation and let them understand the flow of the existing work structure. It’s one of the major things to discuss with your team.
In this tech-savvy era, you will find plenty of video calling and conferencing applications to hold meetings and have a virtual discussion. Although, staying in touch constantly with your team may not be feasible but it’s a worthy try to a certain extent.
2. Strengthen Relationships With Your Customers
Indian businesses have most of the customers from the USA, Canada, UK, Australia, and other European countries. They are struggling more with their businesses and routines than India, I guess. It’s the only time to strengthen relationships with your customers. Firstly, it’s paramount that you communicate with your customers on a regular basis. Because they want a sustainable relationship with the organization or partner with which they do business and go beyond the professions, quite humane.
Be empathic. Try to build relationships with your customers and show gratitude towards them. Ask them about how they are doing and performing being home, how their families are, how they are dealing, exchange positive stories, push them towards a bright future, share tips, and have a casual time with them.
3. Market Your Solutions With Coronavirus in Mind
Be sure of what your product or service could make the difference in the pandemic situation. Let other people know what you are good at and how your product could make a difference in their businesses. Market your solutions, especially if you are introducing an altered service for the duration of the outbreak.
Since many offline businesses have been affected by the COVID-19 pandemic, they are losing their grip on the sales and profits as well. They are sinking as they have not shifted to an online portal. Well, this is the right time to shine your business strategies and let them know how their business could do well with online solutions. Make sure your target audience knows you’re open and still going strong.
4. Rework on Strategies and Models
Obviously, it’s quite to lose sanity in this lockdown. However, staying at the top of your mind infusing creativity is all about a challenge. While keeping creativity and authenticity at the core, businesses should work on their strategies and models considering the present crucial situation.
You need to figure out first how your business can help the community and how you want your business to be seen when everything gets back to normal. Refocusing on your core values, thinking about new, imperative ways to engage with your customers, employees, and clients in this unprecedented time may help you gain trust.
5. Analyze Your Opportunities
You should ask yourself: What new products or services does my client base need in response to this crisis? No matter what industry your client may belong to, there’s an opportunity for your business to respond. Even if you are a brick and mortar retail store that has been closed, consider how you can address the need for birthday and anniversary gifts, perhaps by offering curated, online personal shopping and gift selection. If you are from the education or technology industry, the opportunities are endless as you reimagine how you can serve a whole new audience of virtual learners. You should simply have the answer to this question - How can my business reduce the friction created by this pandemic with our products or services?
If you find any economic upside of this pandemic for your business, it could be related to your long-term recovery response. This hard economic time shall pass too, soon. Buyers and customers will have a new perspective post-pandemic. This is the reason, take time to think about how their values might shift during this time and how you can positively influence your products and services to meet their evolving priorities.
6. Find Out Solutions of The Challenges With Several Scenarios in Mind
In order to find out effective business solutions, the first, list down challenges your business might face. It’s crucial to strategize for different scenarios and take every possibility into account. Consider everything from disruptions of supply chains to difficulties in communication, generating customers, and competition with other businesses in your market.
Once you have the list of challenges, it’s time to wipe it off by having perfect solutions. I know it’s not easy to accurately simulate what’s exactly going to happen, so it’s better to put the pedal to the metal and accelerate yourself in working mode.
7. Implement Technology To Stay Connected With Your Customers
Marketing technology plays a vital role when everyone is stuck in a crisis. For better engagement and being connected with customers, businesses can roll out unique programs, innovative products, and interactive approaches which could make their life easy. If everyone is working from home at some point. It’s important to plan ahead how to ensure communication will remain as efficient as possible. However, you have to do this without forcing your messages on them, as they will have low adoption and irritated customers.
Here, businesses can show their customers how they are dealing with the situation and strive to deliver valuable products. This clearly tells how marketing technology and your dedication will drive the paradigm shift that can be seen in every business where it has traditionally been neglected. AI technologies like chatbots, self-services, and async messaging can greatly empower your business.
8. Adapt Your Service To The Current Situation
Most of the world is under lockdown. The people have been advised to stay at home. Thus, impacting businesses with many difficulties. If your company follows the B2C model and relies on face-to-face, in-store interactions with clients, this presents a serious threat, particularly in the long-term.
So, in this competitive market, get creative and brainstorm different ways to get your products or services delivered. For example, nowadays, restaurants or cafes are offering home-delivery only or free delivery, discounts, weekly or monthly subscription-style deals, and other incentives help to stay ahead of the competition.
How Far Can You Go?
It’s a wake-up call for your business. Every cause has an effect and solution as well. Every pebble makes a ripple. So, consider this present slow-down situation as a temporary bump and look at the bright road map of the future. It’s essential to know how your business can drive outcomes in new ways? Can marketing or changing your business way move your business forward despite new challenges daily?
Staying positive and working on the business policies will be more helpful to keep your nerves under control without losing sanity and can help your business to make profits.
