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
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?
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.