With the corona crisis creating havoc in the US and also worldwide, several businesses are shutting down in the country. Some of these closures maybe for a while, and also in some scenarios, if there is a lack of opportunities to reopen your store, it may result in the permanent closure of your business. The question is how a business can overcome these hurdles and make profits. You should strategize, design marketing plans, and develop robust customer-employee relationships.
According to an article published on https://www.inc.com, you need to get expert advice on managing panicked buyers, deal with disrupted supply chains, a workplace setting that is subject to change anytime, and things like that. Let us read this article to understand how businesses can triumph over the corona pandemic and keep making profits to survive at these troubled times.
Michael Giannulis discusses how to develop robust customer relationships
Amid the pandemic, the first thing you need to do is reinforcing your relationship with your buyers, both existing and also prospective ones. You should communicate with them regularly; send them emails, and SMS to stay safe at home. These days, the gen-next customers, look for a sustainable business relationship with brands from where they buy stuff. Make sure all your communication and also transactions are just not a stark commercial deal, but more humane or compassionate during these troubled times.
All this time, if you did not have such communication amid the pandemic, it is high time that you focus on the same. Be sympathetic with your customers and also build powerful relationships, for valid reasons that require no explanation. Ask your customers about their health and also wellbeing, their families and kids, how they are coping with the crisis, and communicate positive stories, caution, hygiene tips, and safety measures.
Build a connection with all your staff
Most often, businesses fail to realize the value employees add to their organization, more so during crisis times amid the COVID-19 pandemic. Therefore, the biggest blunder to make at these troubled times is alienating your staff. Instead of doling out instant layoff notices and also asking them to leave, you can reveal the current situation of your business, how sales dipped, its effect on the revenues and also the profitability of your business, and also things like that. That is the reason why you need to arrange periodic meetings and also convey your current business plan amid the pandemic. You should also tell your employees how you could manage to navigate through the crisis and also make profits amid the pandemic.
Maintaining social distancing and also staying within the walls of your home does not imply that you cannot ask your employees to work from home and also participate in meetings. Today, you have many video conferencing tools to make your job easy. You might not stay connected 24/7 but it is worth the effort if you can manage to connect with your employees once a week. If you work and continue delivering to your clients, they will pay you to help you survive the pandemic and disburse your staff paychecks too. Michael Giannulis thinks that empathy and staying connected with employees will help you motivate them to work from home.
Employ strategic pricing to boost profit
When times are tough, it is imperative to focus on the tactical preparation of your pricing model. Amid the corona crisis, take some time out of your schedule to create a short-term strategic model, making the most of the tools that help you gain useful insights from loads of market and also customer data. This way, your business can implement fast changes depending on the current scenario, reassuring the generation of revenue, and also protecting your business amid the pandemic.
Moreover, you need to play safe if you implement an agile and also tactical pricing model. It is the most effective way to boost profits quickly together with canceling the feasibility of any paltry losses. Now, you need to be work hard and also work in real-time, selling your services or products at competitive prices. These tactics seem essential and also crucial for improving the bottom line in the short-term.
Connect with your loyal customers
You have different kinds of customers, some are loyal, and while others buy from you occasionally. You need to connect with your loyal patrons amid the corona crisis. Instead of trying to connect with your customers in vain via call, write emails, and motivate them to contact your business for resolving problems related to your products or services. It is a strategy embraced by many to connect businesses with their loyal customers.
Emails are effectual in elucidating how your brand is walking the extra mile to help its customers amid the crisis or keeping them informed about your new products or services. Pamper your loyal customers with deals and discounts so that they keep buying your products during the corona crisis. Businesses should strive to offer customers more value for their money spent on your products to keep buyers happy.
Focus on customer engagement techniques and company values
It is natural to panic during months of lockdown and also dips in sales. Then, you need to think out-of-the-box to build ideas for enhancing customer engagement. You need to implement the best engagement strategies to spin around your ideas and also boost sales amid the pandemic. Again, you must focus on your business values as well as a mission when times are challenging.
Figure out how you can continue to make sales through customer engagement, how your brand can come to the assistance of the community, how you want to see your business when the COVID-19 crisis ceases to exist, implying when everything becomes normal.
Focus on your business values, think of new and also unique businesses ways to build customer, client, and also employee engagement amid the pandemic.
Staying positive and implementing the right pricing models and customer engagement strategies will help you to sail smoothly amid the corona crisis. You need to get rid of negative thoughts and focus on the positive things to help your business to make profits during these troubled times. Thinking strategically and improving margins will help you survive the corona crisis. Closing down your business is not the solution.