For many small businesses, this pandemic has caused them to close without the ability to ever reopen. It’s absolutely devastating.
If your business is not at immediate risk of closing down, we urge you to consider the following tips and advice to help keep your business alive and thriving.
- Invest In Marketing If You Can
It’s likely that many of your competitors have put their marketing on the back burner during this time, which presents the opportunity for you to get ahead of them. Think of it like the tortoise and the hare story; your competitor may have been ahead of you before the pandemic, but they’re taking a break right now. You, the tortoise, might be moving at a slower pace, but you haven’t taken your foot off the gas. Keep moving forward!
Of course, this isn’t possible for all businesses due to budget cuts and loss of revenue. However, if you have the budget to continue marketing, do so! This is a time to invest more into your marketing, not less. That’s how you gain a competitive advantage in the months and years to come.
- Reassess and Reallocate Your Marketing Budget
Many marketing events are no longer an option due to Covid-19 restrictions. If you were planning to invest $X into trade shows or other in-person events, now would be the time to take that money and invest it into a different channel of your marketing strategy.
- Update Your Delivery Method
If your business requires meeting with customers, clients, or patients in-person, come up with ways you can generate revenue through other means.
Here are some ways you can deliver to your customers while adhering to Covid-19 regulations:
- Offer virtual consultations instead of in-person consultations.
- Deliver goods to customers instead of requiring them to come to your store.
- Promote your business’s products rather than your in-person services.
- Promote gift cards, gift certificates, and special offers. Some businesses are offering customers the chance to buy a $75 gift certificate that will be worth $100 when the store reopens for in-person shopping.
Now more than ever, it’s necessary for your business to have a high quality, high performing website. It’s also necessary for your business to be active on social media, having an effective, highly detailed social media marketing strategy. Your website and social media pages serve as your main storefront during the pandemic.
- Focus On Your Existing Clients/Customers
This is one of the most basic rules of marketing. However, the pandemic serves as the perfect reminder to focus on the clients you already have, rather than focusing on gaining new clients. During a time like this, it’s a less costly and more effective strategy.
Some questions to ask yourself are:
- What else can I do to help my existing customers?
- Can I offer additional products or services?
- Can I speed up delivery for an additional fee?
- Can I sell more with a bulk discount?
- Can I partner with other businesses to enhance my products or services?
Last, But Not Least
Try your best to embrace these new challenges. Yes, this pandemic is devastating beyond comprehension for millions of business owners. However, this pandemic is also one of the most significant and valuable learning experiences you’ll likely ever experience during your time as a business owner. You’re learning how to function effectively on a very tight budget, how to serve your customers in new and unfamiliar ways, you’re learning the importance of having an online presence, and so much more. This is a learning experience that, if handled properly, will benefit you and your business for years to come.
Need more help? Contact us!