With the current pandemic going around the world, everyone’s main focus at present is and should be on the control and prevention of the disease itself.
But we can’t also ignore that keeping an eye on the economic impacts are also extremely important.
Many businesses are successfully hunting their way from rapidly changing events to knowing, responding, and finally learning new lessons to exist.
However, despite the degrees of preparedness across industries, there is potential for more disruption, which births to the importance of being better equipped for possible crises; it’s worth trying to determine what we’ve learned so far.
Based on our existing research and help from our customers around the globe, we have extracted few pointers to respond to the events unfolding and have described the process of the safe route of interacting, extracting and implementing anything further.
Want to know? Just keep reading…
- Secure Leads And Clienteles Ahead Of Time:
Overview:
With the changing axis of business world due to COVID-19, instead of being only focused on here and now situation, everyone should rather go for the larger picture mode to gain newer and better perspective.
This could be your chance to create an additional, prospective customer network. Putting time and energy into creating new leads now will ensure that you will have a pool of potential customers on which to focus once things are calm.
Action plan:
You can work on various touch points that can broaden your tunnel of conversions and create better ad copies and content pitch for your customer’s quality experience.
- Reframe Your Approach As Per On-Going Situation
Overview:
Although your long term goals shouldn’t be compromised but alterations in your short term goals are the need of the hour. So get imaginative and bring up various ways you can still offer your goods and services to the customers.
Many big brands have modified their marketing campaigns to be still accessible and relevant in market; it may be through additional services, price revisions or help in general. Because standing as one united front in society is a big count even for future loyalty.
Action Plan:
You can work on your marketing model from transactions to CTR or create services like low charged subscriptions or be creative and spend a particular amount of revenue earned in relief funds to encourage your customers as well and in return be a constant in market.
- Market Your Solutions With Coronavirus In Mind
Overview:
Ask yourself if your product or service may be of additional value or significance in the midst of the coronavirus epidemic? No? then modify your marketing to reflect this, especially if you are implementing an altered service for the duration of the outbreak.
Improved and versatile marketing is also important right now, because many would wonder if those companies are still operating. Make sure your target audience knows that you are available, and that you are still powerful.
Action Plan:
The most important factor you can work over is localised marketing that itself is going to be a huge trend due the current scenario; you can study their needs and focus all your resources towards achieving that.
- Align Your Service Planning For Future Relevance
Overview:
A crucial concern for businesses is that audience being confined to their homes is likely to result in many consumers transitioning to online or otherwise remote solutions, and post-coronavirus should not be expected to return to the solutions they used before the outbreak.
Let’s presume you specifically sell consumers B2C or B2B financial services. Until now, customers may have preferred you for the perceived reliability and protection of your unique, personal approach over automated solutions. Today, for many, consumers are moving over to automated, remote services within a close by reach of their home.
When the outbreak is contained, financial services companies may find themselves more successful selling the automated solutions and you will have less customers left. That’s why it’s crucial to be versatile and change the services so they’re not only useful during the outbreak, but stay the best option once it’s all settled.
Action Plan:
Change your priorities and invest your resources after thorough discussions with experts. You can use the method of videos or podcasts to maintain the buzz or you can be in regular touch with them through feedback sessions.
- Prepare A Comprehensive Threat And Challenges
Overview:
Consider everything from disrupting supply chains to communication challenges, attracting customers and competing with other companies in your business. How you think the outbreak would turn out and how it could affect you, prepare for any possible scenario, even the worst you might imagine.
Action plan:
When you have a list of problems, it’s time to come up with some ideas for each. It is difficult to predict exactly what is going to happen, so it is safer to put the effort into planning and strategizing now than to be caught unwittingly and unprepared.
- Implement Tech Upgrades To Keep Communication Flowing
Overview:
Given the potential challenge at some stage from most, if not all, of your workers working from home, it is necessary to prepare ahead on how to ensure contact is as effective as possible. Telephone calls and chats won’t be fast enough, particularly with all the distractions in home life.
Action plan:
Try using online tools for your preparation and communications, Google Docs for shared documents that anyone can access and comment on, Asana or similar business preparation software that keeps you on the same page for brainstorming and file sharing, and the likes of Coggle or Stormboard.
Parting words:
We should expect the Covid-19 crisis to dramatically alter our businesses and society. For example, it is likely to fuel areas such as online shopping, online education and investments in public health. This is also likely to change how companies manage their supply chains and accelerate the movement away from reliance on a few mega-factories.
Organizations should understand what is changing and what they have learned so that they can incorporate it in their plans.