How To Survive and Pivot Your Business For Success

 

 

 

 

 

 

 

 

The shock of Covid-19 and the economic impact many businesses are experiencing is unprecedented, but how do we manoeuver in these challenging times?

 

 

Entrepreneurs are well aware that out of some of the darkest times can come some of the best ideas.

 

 

During the financial crisis back in 2008, when several businesses were going through turmoil. Andrew Mason a 27-year old launched Groupon, a virtual coupon business.

 

 

 

“During a difficult time, Groupon was able to deliver performance-based marketing solutions to connect businesses and brands with their customers” 

Stephen George, who was one of Groupon’s first five employees in 2008

 

 

 

 

 

 

 

 

 

 

 

 

Go Digital

 

 

 

 

 

 

 

 

It’s time to transform the way and find a new way to operate in this current climate. If you’re going to survive, you’re going to need to do things differently.

 

 

Ask yourself how your business can offer its services in a digital way.

 

 

Estate agents could start offering would be buyers 3D tours of properties

 

 

Clothing boutiques could launch an e-commerce store to sell their products

 

 

Restaurants could offer online purchasing and delivery

 

Personal trainers could start offering virtual training sessions

 

 

 

 

 

 

 

 

 

 

 

 

Diversify Your Offerings

 

 

 

 

 

 

 

 

At the start of the Covid-19 pandemic it was well known that there was a shortage of some lines of products, for example hand sanitiser.

 

Manufacturers were struggling to keep up with demand, as a result supermarkets, hospitals, businesses and consumers were going short.

 

 

London-based organic skincare brand Pai decided to pivot during the pandemic and mobilised its labs to create the hygiene products everyone wants to get their hands on.

 

 

Many businesses have shifted their production towards facemasks as well as PPE.

 

 

Does your business have resources you could easily shift to the new areas of demand?

 

 

 

 

 

 

 

 

 

 

 

 

Become Customer-Centric

 

 

 

 

 

 

 

 

The world is changing. The customer you knew may never look the same again. It’s time to take a look at your business and think of your own customer strategy.

 

 

Buying patterns are changing, and customers are quickly forming new opinions on the way businesses handle themselves during Covid-19.

 

 

If you have a holiday booked you may be aware that some travel companies are facing backlash after refusing to refund upcoming packaged holidays, their communication has become slow and frustrating to their customers.

 

 

Time will tell the resulting damage to these brands post-Covid-19, with many loyal customers choosing to shop elsewhere. Going forward customers are going to spend less and consider more. As the old saying goes it’s cheaper to retain customers than to acquire new ones, and customer loyalty should be a big priority for businesses.

 

 

 

 

 

 

 

 

 

 

 

 

The Bottom Line

 

 

 

 

 

 

 

 


As the pandemic continues to disrupt normal business practice and consumers fears of a prolonged recession come to the forefront of buying decisions, businesses will have to pivot quickly to survive in this new world.