No one could have predicted the kind of year we have all had collectively. A public health emergency, lockdowns, quarantines, hurricanes, earthquakes, fires, rampant unemployment…the list goes on. If your business has taken a hit this year (as many have), you might be tempted to write off the rest of this year, go to bed for a few months, and hope 2021 will be better. However, the remaining few months of 2020 don’t have to be like the rest. If you are willing to think creatively, you can take some steps now to create opportunities for your business and end the year in a stronger position than you thought possible. Let’s discuss some key ways to help your business bounce back over the next few months.
Focus on What You Can Do (Not What You Can’t)
It’s so easy to fall into the snare of lamenting the financial losses and missed opportunities caused by the pandemic. But doing so is a waste of time, and you may be leaving even more money on the table. Instead, take an inventory of the possibilities rather than the hindrances. For example, you may not be able to take face-to-face meetings right now, but you can connect to anyone in the world from the comfort of your living room using video chat. If your normal sales channels have been closed off, start exploring alternative channels that don’t require in-person contact. Despite everything, the downtime is a perfect opportunity to tweak your business plan when things open up again. There’s always a way to be productive—you just have to look for it.
Look for Ways to Meet the Need
Despite a pandemic and a challenging economy, people still need things, and people will spend money on what they need. If your product or service sales have dropped due to the pandemic, perhaps there’s a way to tweak your service to adapt to a new set of needs brought on by the health crisis and even create a new revenue stream. Perfect example: Look at how many clothing companies have started making face masks to meet the drastic increase in demand. Take stock of what people need right now that you might be able to provide without a huge onramp or cash outlay—even if it’s not within your usual wheelhouse, and even if it’s only temporary. Now is not the time to limit your business to one way of doing things. You might be surprised by what ideas come to mind once you start thinking in new directions.
Build Customer Loyalty through Social Media
With more people out of work and spending more time at home, it’s a guarantee that your customers are spending more time online. Now is the perfect opportunity to build stronger connections with them through social media engagement. Don’t just use social media to sell your product or service—use it to start a conversation. Share content your customers will care about—position yourself as an expert and a guide in your field. Interaction breeds loyalty—and customer loyalty can be a lifeline to carry you through the crunch.
Make Your Marketing Plan Hyper-Focused
When cash is tight and budgets are limited, you need your marketing dollars to stretch as far as possible. You don’t need to put your brand in front of vast numbers of people—you need to put it in front of the right people. Do some research on your target market, hone in on the people most likely to buy your product—even down to the neighborhood—and utilize hyper-focused marketing strategies to reach those specific people. You’ll generate many more leads per dollar spent with this approach, and you’ll have a better shot at converting those leads to paying customers—even in a pandemic.
At Wicked Bionic, we keep our finger on the pulse of your target market, and we know the best ways to reach your customers even in times like these. Reach out to us to learn more about how we can use cutting edge tools to help you connect better with your customers.