Living in a lockdown is not easy. People are unsure how to survive especially with all the layoffs going on around them. Businesses are getting closed. And investments have tanked tremendously. No one is ready to start a new business in such an uncertain condition.
So, in such a COVID situation, how are you going to keep your business afloat. That’s what we are going to discuss in this article.
But before we get to that, we need to understand a few realities that have become the norm today.
- Work is now mostly remote
- Most of the businesses are moving to the digital arena
- How people communicate has completely changed due to COVID
- Interactions are not what we thought they were
- BTL and on-ground activities have completely stopped
- Digital security has become a new challenge for businesses
- Going digital has led to data boom
With that said, let’s discuss how digital businesses can survive the COVID pandemic situation in 2020.
1. Web Is the Way to Go
One thing that the COVID situation has revealed is that the internet is going to rule in the upcoming years. COVID is not going anywhere for the time being and so there is only one thing left – adjust accordingly.
Businesses have even started working remotely. Team meetings have turned into chats and work has become easier. For some, this has increased productivity, and for others, it has decreased it.
However, what businesses need to understand is that they can still improve their profits. We have many examples available where businesses have already started adjusting to the COVID scenario.
Tourist companies, especially Airbnb have started offering delayed bookings to their users. Restaurants have started online operations where they offer takeaways and deliveries instead of dine-in to the users.
2. Paid Adverts are Cheap
Since business activities have almost decreased, paid advertisements have also become a lot cheaper. All digital advertising companies including Google, Bing, Facebook, and various others have decreased advertising rates because the demand for paid ads is low. Since these companies use AI to measure ad rates, low demand has led to cheaper advertisements overall.
However, this is an opportunity for the online businesses that want to promote themselves for a lot lower price.
3. Digital is the New Normal
The faster businesses learn that they will be staying digital for the time to come, only then they can adjust to it faster. Since digital marketing has become a lot easier for anyone who would like to promote their business, going digital is a lot easier.
However, businesses will have to come up with unique ways to promote their products. Let’s take the example of a local brick and mortar store that’s closed due to lockdown. This brick and mortar store can get a website made and then take all products online. People can search for this store through local SEO and then buy its products.
4. Listen to What Customers Say
One of the best ways to improve your business during COVID condition is to listen to your customers. There are more people now available online because on-ground activities have become almost non-existent. Netflix revealed that it broke all revenue records in May because more people are now available online and have a subscription to Netflix.
This also provides an opportunity for all small businesses that can promote their stores without worry. What they need to do is to listen to their customers or prospects and show them that they offer the service these prospects are looking for.
5. Offer Training
Another way to improve your business during the COVID situation is to provide training, courses, and informational material that can help spread the word about your product. Most course-specific companies like Plural Insight, Udacity, Udemy, and others have started offering free courses to their users for a month or so.
What it did for these companies was exclusive promotion. People came to know that there were courses available online from certain companies. They now know where they can actually get decent courses when they want to upgrade their skills.
Similarly, if you are selling a product, you can create a small course around it based on use-cases that tells people what your product is about and how it can help them.
6. Have a Plan B
In the lockdown scenario, all businesses are facing a tough time. It is important to look for alternative ways that can keep the business afloat. This could include moving from your primary service and offering something else.
Bookings.com is one website that knows how to provide alternative options and one such way is to by offering later travel plans. As you can see, it is offering travel plans for up to the 4th of January. This is something that people are eager to buy.
So, if your business is in any niche that is unstable, then think of alternative options that provide innovative ways of survival during these tough times.
7. Don’t Shy from Asking for Help
If your business is getting hurt, you can ask for help on social media, blogs, websites, and through all mediums, you can think of. Create a story around your business that tells how much COVID has impacted your business.
Now, instead of just asking for help, tell people what they can do to help you. For example, the majority of people can help by buying your product – something that Kickstarter is already offering.
Tell how much money you have in hand, and if your products don’t sell you will have to let go of your staff. This will make your store shareable and more people will be willing to help you.
If more people buy your products, your losses will be covered, and you will be back in business.
We know that survival during COVID is hard but not impossible. You just need to become creative and find ways that can help your business stay afloat during these tough times.
With that said, we hope you liked the ways that we mentioned about keeping your business going during COVID. If you have any ideas that you think can become a part of this post, please do share them in the comments below.
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