The COVID-19 outbreak is growing dangerously, with new updates flying in every minute. The situations are turning drastic and worrisome for every industry across the globe. Even businesses didn’t see this pandemic crisis coming at such a significant level so that they couldn’t prepare for it.
The crisis effect on the business world has already started to appear. The rising graphs of the infected and death rates with each passing hour are giving rise to the significant challenges for the businesses.
Many states have imposed mandatory trade shutdowns and advised citizens to maintain social distancing. Around 30% of value-added tasks are being stopped. If the same situation is continued for the coming three months, 7.5% of GDP will disappear this year.
It is assumed that India’s growth rate in FY20-21 will be reduced to 2% from a range of 4.7%-5.2% as was predicted earlier by the rating agency ICRA.
In the same era, we have come forward with some of the best and result oriented strategies businesses can adapt to fight against COVID-19.
While some of these suggestions will help you inject cash flow, there are others to enhance your sales and revenue as well. Overall, ensuring your brand stays immune to the pandemic.
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Offer discounts to clear the stock
During this lockdown, consumers are in no mood to purchase non-essential items very soon. The deduction in demand for such products will lead to an increase of deadstock.
To avoid this problem, make a strategy right now. You can either sell stock at a considerable discount or give it away as a gift with any other product. The other way could be to donate the same to some poor people.
Ultimately, this will help to remove the deadstock, bring in some cash flow, and make some space for necessary items that are in-demand.
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Checking the feasibility of the business model
Considering the business sector is changing rapidly every week, it is vital to reconsider the business model and reassess where your brand stands as per your assumptions concerning the sales, revenue, and cost.
This is also a crucial time to track current financial curves and cash flow. Businesses need to determine the impact on new sales, credit cycles, collections, and potential poor debts.
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Utilize technology to its best
During this time, consumers seek a sense of normalcy, and brands must help try offering the same. One thing brick and mortar businesses can do for the same motive is migrating offline to online.
Having your online presence through mobile apps and websites gives you consumers a secure method to reach you. Consumers can easily order whatever they want without moving out of their home.
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Communicate transparently with your customers
We are all in this situation together, so the ideal method is to stay transparent with your client about what your company or trade is going through.
Consumers can empathize with agencies facing a crisis, as long as the communication process is transparent. Communicate with consumers to understand their perception of the item/solution provided by you.
Your talented team relies on you, so keep them updated about every technology and advancement. As a leader, it is your responsibility to keep your highly skilled team members engaged and keep communicating with them through video conferencing platforms like Zoom and Google Hangouts.
It is essential to encourage your team every time and understand the general mood within your remote workforce.
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Communication to stakeholders
Communicate with your investors or external professionals to make the right form of connection with stakeholders, most importantly, consumers and employees.
Have an honest conversation on this critical situation and its impact on your business with your entire expert team. Any problematic message should be sent with utmost empathy along with transparent reasons.
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Focus on sensitive marketing
The situation is crucial for every merchant, and it is definitely going to take so much time for the businesses to be back on track. Therefore, brands need to adapt more sensitive conversations to keep their customers buying.
You might have to rethink your advertising strategy and put a stoppage to specific campaigns. Try to manage the ads in a way to speak on the realities of the crisis and the pointers to deal with the same.
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Bring social media to rescue
While most of your consumers have chosen the self-isolation, they are spending so much time on social media platforms. You can stay connected and communicate your sales conversation through social media. Build empathetic and innovative experiences to sustain your loyal consumers today and forever.
Next, you can make tasks easier and encourage online buying products by reducing shipping costs. Consumers are making every possible effort to save money during this economic downturn.
Providing free buying service or giving local consumers an option to purchase online and pick up in-store (if it is allowed) can help. The majority of businesses have brought this into practice, including Doordash and Postmates.
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Reach out your high-value customers
The 80-20 business rule states that the maximum of your revenue arrives from 20% of your consumers. It is the right time to communicate with these high-value consumers and generate more sales for your brand.
You can send the text message or email, with some personalized recommendations and lookbooks having some links to perform online shopping. You can also utilize live chat to replicate the 1:1 personalized experience.
Final Takeaway
Now is the time to implement your current business processes and adjust accordingly to make the very best of the situation.
It’s essential to recognize that during unpredictable scenarios that a proactive approach has more importance than a business-as-usual approach.
Be aware and calm, look for new insights, and sharpen your analytics approach — you may even find new strategies that previously went unnoticed.
Why choose us?
RavStack understands business owners are having a tough time adjusting to the disruption caused due to this pandemic crisis.
Besides the different strategies mentioned above, our highly skilled team is working 24/7 to come up with the solutions to help you navigate through this time.
Whether you need an expert’s advice or want to launch your brand online, contact us right away.
Get in touch with our expert developers & consultants
We'll get back to you within 24 hours
Talk to our expert
+1 415 800 4089
info@ravtsack.com
June 18, 2020
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September 30, 2020
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