Survival Strategies for Businesses during and after Pandemic

Time moves fast and last couples of months have proved it perfectly right. From the time when COVID-19 had started to resume back to the normal lives (not at all normal as wearing masks & sanitizing hands frequently have been involved in a normal routine now); everything has widely changed.   

The pandemic has not left any sector untouched. Be it the life of common people or growing businesses; everything & everyone have suffered and still suffering. In this series, the small businesses & startups are the prime victims which got caught into the wildness of the pandemic’s adverse effects.   

Moving forward, the business people are thriving to reach their goals to sustain their businesses. To be noted, every business differs in their targeted audience hence imply different strategies but the ultimate goal is the same- To achieve higher profit & ROI. 

           But, here comes the main question, How?  

• How are the businesses optimizing their performance? 

• How are they retaining the old customers? 

And million-dollar questions-  

• How are they reaching new customers successfully? 

• How to achieve higher profit & ROI post this down-market period? 

Answer to every “How” above asked is- Do slightly change the strategy you had been working on and adjust the new schemes in your portfolio. 

“As they say- Modern problems require modern solutions.” 

If you are a business person and relating yourself till here, then, stay tuned with us.  

Here are a few tactics, successful businesses are implementing to maintain the pace & sustain their position in the market. Let’s see-  

• Survival of the fittest- 

Be it B2B or B2C; this pandemic has caught each sized business and affected everyone’s working but donning glasses from the different side is essential to stay positive in this tougher time. Looking at the market condition, the businesses that could keep their flags high are those who executed every strategy at the minimal resources. It saved their investment cost & hence save from huge loss. 

• Cost Reduction is an important factor-  

As every sector including eCommerce, food business, retailers, tech-savvy businesses are suffering from the financial crisis, so as the customers. Hence, retaining the customers to the services also demands financial aid to them. The B2B service provider like digital marketing company/agency, IT support services etc.; are cutting costs and increasing the service quantity & offers (making sure to be not in loss) is working for them.  

The B2C service providers like restaurant owners, supermarket or all services that directly affect the common people's surviving, they are showing their kinder side to customers as they value to them. A small financial change in the business strategy is working like a magnet to attract their customers to their services. 

• Focus is everything- 

Our elders always say the focus is everything to achieve your target. This holds true in marketing and business for sure. The successful businesses (surviving businesses) in this situation are shifting their focus but keeping the essence firm i.e. earning a profit, reaching new customers & retaining the existing customers. In this pandemic phase, the business strategy that has been working for the businesses is to concentrate on viable profit & ROI rather running behind the high goals.  

To sustain and hold a good repute in the market, the businesses need to focus on customers' need parallelly with the profit earning thing. 

• Digital Marketing hacks- 

The companies/businesses/restaurants and everyone being involved in businesses, they are for sure have been using digital marketing & SEO services till now. Unfortunately, to most of the businesses, spending in such tactics may go out of the budget. But still, there are companies who are wisely utilizing these services and that too in budget-friendly investments.  

Wondering? How these businesses are still having the courage to invest money even in this situation? 

Have a glance below- 

Those businesses who are still spending their money on digital marketing & social media services irrespective of the fact that there are lesser chances to get back all the customers; in actual, they are wise and working with a strong mindset. Because stopping the marketing completely may defame them or their customers may misunderstand that the complete business is out of service.  

Being wiser, they have just lessened the amount than they were spending earlier. In the same way, you can also reduce the budget on social paid campaigns & sponsored ads but completely stopping will make the situation worse. 

•  Stay connected with the clients & customers personally- 

By every means, keep on telling your customers that you are continuously working for them. If you are B2B service provider, then, be in touch with your clients, (personally via email, WhatsApp or the chat support you use). No matter if they have stopped taking your services in the corona period or they have reduced the budget; as this is the time to support each other in a way we could. If it fits into your budget, offer them a discount on services or set them free to come back when everything becomes normal. Maintain your brand reputation with quality services. The assurance you should give to them is you are always with them serving quality with safety & reliability.  

But if you are a B2C service provider, then, it becomes more important and critical to be in touch with your regular customers. Stay connected with them via their registered mobile numbers/WhatsApp & through social media profile & let them know that you are back (will be back soon) to services.  

Last words, 

Looking at the brighter side, this phase has brought many new opportunities to the eCommerce sector. It’s time to stay strong and firm with a new target and a new mindset. Nothing is impossible!! So as to return back in the market.  

If you need any assistance in your business services, reach us! Webeaz Technologies is always here for you. 

What’s your move to retain your business during this pandemic, let us know in comments.