7 Strategies for Small Business to Adopt in the Current Prolonged Pandemic
During the current pandemic triggered by the transmittable virus of Covid-19, business owners regardless of establishment size – small scale business to big multinational organizations, have been juggling with unprecedented perilous challenges that have never met before despite years of establishment.
With the pressure of slower economic environment, lower revenue as well as high level of uncertainty in the global and national landscapes, most firms have found it difficult to keep their financial wheels going during the lockdown period.
Below are 7 strategies recommended by Amalov International for every business in particularly small businesses to strive through the current pandemic. By adopting those strategies, you shall be able to sustain and grow your business in any situation.
1. Innovate your business
Along the prolonged pandemic that is perceived as being in a tunnel without knowing the length of the darkness, every business is endeavouring to manage their cash flows and experimenting creative and innovative ideas to bring in more sales and also manage the bleeding business costs. Having a unique way or style to sell your products shall make you stand out from your competitors. Creativity and innovation us something that people will never get bored of. The more creative you are the more it will help your business grow.
2. Expand your business to online platforms
Should you be someone running a small business in the local town, then it is time to consider extending it online. Customers shopping habits have changed due to the prolonged movement restriction with only fewer people able to go out. Social media has been a helpful tool for many businesses to understand their customers and use that information to increase their business. Social media allows transparent communication between businesses and customers through messages, comments, and likes which helps in understanding the needs of your customers. Using social media as a platform provides the business an innovative way to run their business regardless of any situation.
- Identify your target customers
- Carry out competitor analysis
- Position your business strategy
- Launch a mobile responsive website
- Create quality contents to exhibit values.
Collaborating with other business owners to tag on respective customer base and business-partner connection shall help your business to reach new customers. Business is about relationship and trust. Through referrals, you shall support each other, indeed establish more solid consortium, to pull through the hardship.
4. Target more on your online presence
What these large businesses like Amazon, Walmart and Domino have in common is that they have established their online presence and virtual connections with the consumers. These companies have taken advantage of the social media and digitalization technologies, with the customers shift to online shopping at the outset. These companies have harvested the fruits of their planted seeds with having been paying close attention to the digitalization trends and adopting technology to adjust their respective business models accordingly. To grow your business, you shall enhance your online presence to communicate with your existing and prospective customers as well as business partners. Having a great online presence helps you to build your own brand. Your online presence also makes it easy for your customers to access your products and can also refer your products and services to their contacts. To increase your presence in social media, you can create a mobile responsive website and use social media’s reals and live to reach new customer bases.
5. Market segmentation
Market segmentation is dividing your business into small portions and then focusing on one or two portions. You can divide any smaller business into smaller segments. Instead of focusing on your entire business, focus on one small segment to sell more. For example, if you are running a small business of cosmetics then you can divide it into two small segments as cosmetics and skin care. We all know that in the current plague, people are not able to go out often thereby the use of makeup products will be reduced. But we know that skin care is something that almost everyone follows in any situation. Hence, you can focus more on skincare and extend it to new customers.
6. Talk about your products and your precautions
This is a very important part of growing your business. You need to talk about your business and the products you sell to your audience to turn them into your customers. You need to talk about the benefits of your products on social media and your website. Due to the highly transmittable coronavirus, people are afraid to buy things which they feel that are not properly sanitized. You need to show them that your packing is completely safe and sanitized. You can post videos of behind the scenes of packing any order or you can add testimonials from your customer in order to gain trust from your audience. Your audience trust is a more important part of growing your business. It helps in turning them into your customers and gaining more followers.
7. Email marketing
If you are thinking that email marketing is out of date, then you are wrong. Email marketing still works for any kind of business. Big businesses like Amazon and wall mart still send emails to their customers to hold them. Almost 70% of your target customers log in their email for one or the other reason and if you are creative enough to engage with your audience through words chances are high that they will open your mail. Having a strong email strategy helps you connect with your target audience and to increase your customer and does not require a lot of investment. Mix it up: Starting and growing a small business and sustaining them during the epidemic is indisputably terribly challenging and strenuous. By adopting and implementing any of these strategies shall help you to grow your business despite economic slowdown. When you mix up all these strategies and then apply them you shall grow your business in an unbelievable short period of time. Amalov International aspires to hold the hands of business owners with clarity of thoughts and step-by- step guidance to grow your business in the current critical moments.