With many businesses focussed on firefighting the problems created by the pandemic in the present, it can be easy to overlook the need to consider the future. We may be saving with less wear and tear on our cars and exercise may be of interest all of a sudden but as a business, how are you adjusting?
Increase Your Social Media Presence
More people are online than ever now. They are also becoming warier of personal interactions. But that doesn’t mean that they have lost interest in the businesses around them. In some cases, enforced time alone has given people more opportunities to make Google searches and research potential items to buy.
We all know how powerful social media can be, but are you using it regularly? We have recently increased our social media presence and it’s reaping rewards already with engagement. We know how easy it is to get busy and forget to work on your own social media, but it is worth the effort.
Maybe you could explore new social media platforms that you’ve not explored before or you could start sharing your new videos and blogs on your existing social media channels simply telling “the story” of your business.
Paid Advertisements Are Cheap At The Moment! and what you are doing during this time.
The latest advertising trends we are seeing is that paid ads are becoming cheaper. This might be through Google Ads or Facebook Ads for example.
As many small businesses have stopped spending money on their adverts to cut costs, fewer competitors are out there. this means that the cost per click is lower for you.
COVID:19 is meaning more people are spending time online. So try to resist the urge to cut that cost, and if you can afford to, invest back into your paid adverts, as your money will go further at the moment.
Adjust your product offerings to accommodate new consumer needs
You need to be nimble and adjust to your customer needs. Assess your menu and identify opportunities for items that are designed for a new environment in which consumers could be reluctant to dine in or around others for a prolonged period of time. Smaller businesses may have to modify their operations for the situation. If you run a fast food store in an area not yet locked down, you might have to consider temporarily closing down your in-store dining facilities and ramping up your takeaways. If you are a gym that has to close its doors for a while, you might want to make some videos of exercise routines your clients can do at home, uploading them every day to YouTube. Launch catering items that are individually packaged and “grab and go,” like lunch boxes, or family packs for dining at home.
Market your special offer
Establish a reasonable budget, set up your special offer, and then target your audience at a small, sustainable spend across each channel. When you see a positive response, invest more in that channel, and spend less everywhere else.
When your audience is stuck inside of a house and spending all their time on the Internet, THAT is the ideal time to get in front of them and build your brand. Don’t miss the opportunity!
Plan policies for next 3 months/ 9 months/ 18 months
Since it is difficult to gauge how long this epidemic will last, it is important to be prepared for all scenarios. If we consider it as a 3-month problem, an instant halt on variable expenditures like hiring, marketing, travel, etc. can help. However, if the crisis continues for 9 months to a year, entrepreneurs will have to reconfigure their business strategy to reduce the variable expenses, renegotiate fixed expenses (rent, salaries, equipment lease payments, etc.), and focus only on the crucial essentials for survival. It may be a good idea to revisit sales strategy – selling online versus in-person. Analyze if you need to cut back or scale up on marketing costs. Some serious reconsiderations would be required if the effect of the pandemic continues for 18 months or beyond. Businesses will need to strategize, communicate, and act with compassion.