Uncertain times call for strategic measures. So far, 2020 has been a year of uncertainties and no one would have ever thought of experiencing such a point in history where the world will come to a stop and businesses will see an indefinite global shutdown all across. Thankfully, we live in a digitally connected world where we can still connect and be available to support our work and make business survive 2020. However, this holds true for a section of businesses across our economy that can utilize this connectivity and sustain themselves. For all others like tourism, entertainment, and other brick-and-mortar businesses, this is the worst slowdown ever and the struggle to sustain is real.
Now, the question is how to keep the ball rolling and keep moving ahead now since this has become the new normal, and the quest to survive and make progress is inevitable. Businesses need to make a shift in their marketing strategy to make the customers feel secure, empowered, and engaged while ensuring they are addressing the insecurities of their own workforce while navigating through these challenging times. Here are a few tips to make business survive and thrive in 2020:
- Focus on marketing
When big players are taking the back seat, it is worth an investment to market your product via social media promotions – both organic & paid. Make sure you stay on the top of the customer’s mind even during a recession and they feel that connection with you stronger than ever. For any business, a website is a crucial component of marketing & brand awareness strategy that helps in creating a strong online presence in front of prospective customers. Here are a few ideas to get you started with:
- Send content & graphic-rich regular emails to existing customers.
- Minimum 5 follow-ups with leads who’ve ghosted in the past.
- Win back lost customers with compelling discounts/extended trials who haven’t been heard from you in a while
- Switch to Google ads/PPC/Social media ads for retargeting to draw prospects back in.
2. Improve customer engagement
Delight your customer by exceeding their expectations on every interaction that you have with them. By using SalezShark CRM and contact management software, you can keep a track of your customer database and organize their information in a structured way. It lets you set reminders to reach out to clients. Additionally, with an integrated email marketing tool you can send/schedule one-on-one personalized emails to make them feel valued, and more likely they are to continue their relationship with you. Let your customer know you are prioritizing them and fixing issues with utmost dedication. Besides, re-engage with your past clients by sharing a quick brief on recent progress and future optimizations.
3. Hone your core competencies
Identify the core competencies that enable you to deliver customer satisfaction and build strong customer relationships. In order to strategize customer relationships, you need to understand your customer values and their current requirements. If you target the right audience and do your research into what they actually require, you can work to develop/hone core competencies that benefit them substantially, and something they can’t live without. Such strategies will help you build brand and customer loyalty. Besides, businesses can also speed up revenue streams by launching enhanced versions of services labeled as VIP and economy. Perhaps, consider a subscription option with additional benefits for automatic renewal to help in the changing economic climate.
- Automate & grow
In times of economic crisis, business leaders must take the lead and steer the direction for the business and for its customers. Filter any unproductive tasks that can be better automated to help you focus on other significant projects.
Determine work that can be handed off to other team members and prioritize assigning or postponing the least important tasks that take the most of your time with no financial gain. Automation goes a long way to help you as a business leader since your time is one of the assets of business resources and it ensures you are spot-on for any impactful business assignments that require extreme attention and speedy delivery.
5. Invest Time in Innovation
Motivate your team to think outside the box and innovate new selling ideas with anything that includes freebies, extension, support, etc. As with all things in life, this too will pass. It’s time to think about what the market will look like when we’ll discuss this in the future, but if your company is alive and flexible, there are great opportunities.