5 Actionable Ways to Save your Business (During Covid-19)
A lot has changed over the last few months for most of the commercial landscape. The presence of Covid-19 has unfortunately harmed many startups and small businesses. We would like to give our insight on what you can do to stay in the game and save your business from collapsing.
Save your Business by Going eCommerce
Possibly the most obvious yet important step.
With most countries around the world on lockdown, business is limited in physical locations and prospering online. That’s why businesses with an already established eCommerce presence are less influenced by the pandemic and even, in some cases, thriving.
Whether you sell essential or non-essential items, the truth is, people are willing to buy at the moment. This is a great opportunity for small and medium businesses, but it needs action sooner than later.
Investing in an eCommerce website, no matter what your industry is, is sure to pay off. Not only is it an amazing marketing tool, but it is also a place where you have all the control over your inventory, how you display your products and many more customization options.
We, at Code95, offer great eCommerce solutions that we make from scratch in order to give our clients the most freedom in selecting features, categories, payment options and more. You can check out our portfolio for more information or contact us directly.
2. Create Valuable Partnerships
This is just the right time to spark up some conversation and some excitement by creating some partnerships with businesses and influencers in your industry.
The main objective should be to offer value to people right now when they most need it. That could be through new fun products, some online webinars or even a beneficial awareness campaign. The result can be whatever you would like but the intention is the most important aspect.
A partnership will help open up new avenues of thought, reach new audiences and offer a stronger presence. Basically, you will get more resources to achieve greater things. Who could say no to that?
3. Get Creative with your Offering
Have you taken a look at your portfolio at any time lately?
This is the time to do it. When business is slow, it offers an opportunity for reflection and progress that we are often too busy to do.
So, create a survey, re-evaluate past feedback, take a look at your suggestion box or even open the floor for your team’s input. The goal is to improve all your weaknesses or bottleneck moments.
Whether it is how you offer your product or service or a new branding strategy, you can do so much, sometimes even with a limited budget.
4. Reconnect with your Local Customers
Take a moment to appreciate the treasure that you have might overlooking; your database!
You probably already know that acquiring new customers is much more expensive than nurturing your existing customers. So refer back to your database and give them a little extra attention.
Ask for their help in improving your experience by requesting for reviews in testimonials and reward them with vouchers and discounts.
Work on improving your relationship with thank you letters, discounts or valuable content that will genuinely help them. Don’t be timid and ask for their support by mentioning that their purchases could help you serve them after the pandemic is over. A lot of loyal customers are willing to help out their favorite brands in times of crisis, so definitely give that a try.
5. Go Hard on Social Media
With more people staying home, there is a lot more time to spend on social media. So, this is an excellent time to pay closer attention to your social media strategy and use it to create real bonds with your audience.
Not only are people continuously using social media as a source of entertainment and information but they are also even using it for online shopping research and purchasing. Your strategy should include all those touchpoints and more.
The key here is to provide maximum value in the most engaging way possible. For a timeline filled with cluster, you should stand out by studying what your audience specifically needs and providing it to them.
So which one of these tips will you be trying out to save your business?