The COVID 19 pandemic affected millions of people all over the world and impacted jobs and businesses, bringing the world’s economy to a standstill. The crisis has shown humankind its vulnerability and the overestimation of taking nature for granted. It has shown that we need to be humble and compassionate towards our environment and the world we live in.
Many businesses all over the world have been forced to close their doors forever. Many others have suffered a significant loss of customers and orders. Most businesses have been compelled to reduce their workforce and engage their employees to work remotely. People are avoiding the purchase of non-essential commodities and sticking to the fundamental ones.
However, there is a silver lining for businesses that can survive this crisis. It presents a once-in-a-lifetime opportunity. If the business has managed to survive the pandemic, chances are that they can explore new territories that might have been difficult for them to venture into before the pandemic. Here are some ways in which businesses can come back stronger after the lockdown.
The trade show industry has been hit very hard with this pandemic. However, a proactive and courageous business may start budgeting for new trade show displays now, so they’ll be ready to gain a competitive edge when this is all behind us. Businesses have realized that a large chunk of office work can be done remotely and meetings can be conducted over video calls. However many business leaders still think that a business deal certainly needs to be done face to face. Buyers would like to see the products physically so that they can compare the qualities first hand. Thus it is imminent that trade shows will be back after the lockdown is over, and people investing in trade show displays right now will gain returns shortly. Formats of trade shows might have to be reconfigured, allowing a greater distance between stalls.
A lot of businesses are taking a back seat when it comes to marketing in the present scenario. On the contrary, businesses that put their efforts into marketing right now will come out as winners post lockdown. It will help them gain a competitive advantage over their competitors.
Understandably, there might be budget constraints due to limited sale volumes and loss of revenue. So now is the time to reallocate the marketing budget. In case the business is running low on funds, they can recourse their marketing budget towards avenues which would cost less, or have a higher ROI. The business should reassess the avenues which are suitable for them, like digital marketing, or customized trade show displays.
Businesses can also reduce their expenditure on digital ads and move that budget over to improve their search engine optimization. This will improve their organic ranking and give them an edge over their competitors once the pandemic is over.
Restructure the Premises
In the case of businesses that cannot function virtually and need to serve their customers inside their premises, now would be a good time for some changes in the premises. Since there is no footfall, the businesses can utilize this time to make adjustments to the premises to suit the needs of customers post lockdown. People would still be worried about social distancing and their overall safety. The premises can be modified to make people feel safe when they are inside. Restaurants can increase the spaces between the seating arrangements and have precautionary measures like a handwash and temperature check before they enter. They can display their endeavors towards hygiene as well as the health details of the staff such as body temperature, current lack of symptoms, and travel details. Local retailers can focus on delivery infrastructure for their products in case people are still hesitant to come to the store.
Focus on Existing Customers
Every business must have a database of their customers before the pandemic started. Reaching out to existing customers is much more cost-effective than attracting new ones. The business must brainstorm for ideas to re-attract existing customers. They can offer discounts or free products with orders. In the case of delivery, existing customers can be prioritized or their delivery can be expedited. There can be additional bulk discounts for them or a point-based loyalty system. The business can team up with other sellers to offer combined sales or service packages.
Enhance Online Presence
Businesses can utilize this time of low demand to strengthen their presence online. They can prioritize online conversions and sales by shifting their focus to their website. Restructuring their web pages and enhancing the user interface will ensure that they stay a step ahead of their competition. Enhanced content and listings can make a huge difference to their organic ranking. Simple tweaks in the language of the description can result in an immense increase in the number of conversions.
It is time for businesses to focus on the imminent rebound of sales once the pandemic is over. They need to prioritize the opportunities to renovate the entire business model so that they are prepared to meet the customers with satisfactory products and services while staying ahead of the curve.