It goes without saying that times right now are getting tough. But as the saying goes, “tough times don’t last, tough people, or, in this case, tough businesses do. When you get tough with yourself and your business, success is bound to find you. Below are 10 ways you can use COVID-19 to build a more profitable business.
- Market your products or services to fit the needs of today. Emphasize why your product or service is better, faster, cheaper, etc.
- Put effort into retaining current customers. They may be spending less with you, but don’t let them get to the point where they stop spending with you altogether. On that same note, this is a time to take extra care of these customer relationships by meeting their needs as best and as timely as possible.
- Separate your company from your competitors. Think like a customer to consider what you can do to stand out and add value to what you’re offering.
- Make sure your business image is unblemished. It is important, now more than ever, that you appear professional, capable, friendly and accommodating to customers, prospects, suppliers, opinion leaders and others in your local community.
- Watch to see how your competitors are adjusting and see if some of their successful tactics are things you can implement into your own business.
- Increase promotional efforts. This may sound counterintuitive, seeing as you may be experiencing a decrease in revenue, however companies that advertise during times of economic decline averaged higher sales than those that cut advertising during that period as well as for the following three years.
- Give extra attention to your employees. They’re going through a tough time right now too and are probably experiencing feelings of fear, doubt and anxiety. Keep the workplace positive, emphasize good news and continue to be upfront and honest with them.
- Look into niche marketing and jump in strong! This will allow your business to serve new customers and learn about new sales opportunities.
- Become a market-driven business in that everything you do is done to satisfy the needs and wants of the customers. Additionally, don’t just focus on the sales numbers, but become more helpful, understanding and supportive of your customers to learn what it is they are looking for.
- Keep an eye on your competition. Just because times are tough doesn’t mean they aren’t making smart business moves.
Just remember, tough times have happened before and they are sure to happen again. The way you prepare for and act during those times will determine how tough they really are on your business.