How to advance your business during uncertainty
Since the coronavirus pandemic began, I’ve seen many business owners who struggle to adjust themselves to the crisis. Some managed to produce new products to stay relevant, some learned new virtual tools to promote themselves, and some still haven’t figured how to navigate these new challenges.
Now, with the second global wave at hand, we understand that our day-to-day changes and we must adapt with it, there’s no turning back.
If you are a business owner struggling during these times, here are 6 steps that will advance you during these uncertain times.
1. Identify what’s your #1 business need
What is the one thing that will make the most impact on your business right now? Don’t forget that it should be applicable, and quickly implementable.
For example, a jeweler can collaborate with a fashion community to market their products and produce low-cost, affordable pieces for those who would like to buy new jewelry, within their budget.
2. Adjust your products
Try to think how to move your business to the virtual world. Even if your entire product cannot be switched to online, think how it can receive a new shape virtually. Maybe you have knowledge that you can deliver in an online course?
For some inspiration, check out Melitta, the German filter company that shifted to producing face masks. Not only did they identify the market’s need, but they managed to turn a profit in times of crisis, while creating a real impact.
3. Conduct a market research to find an additional audience
Who can be your next customers?
What do they need? Where are they located? What can you offer them?
Think it through down to the smallest details.
For example, characterizing someone you are already familiar with – an existing customer or even a friend, can help you better profile the needs of potential clients. Here’s an online tool to help you create customers’ profiles.
Already sure of your target audience? You can create online webinars or other virtual meetings to market your business and find additional audiences.
4. Adjust your messages to this point
Be there for your customers, as these are times of uncertainty for all. Be sensitive and attentive, think how you can customize yourself to stand out among your competitors. By the way, even if you won’t sell right now – your customers will get a long lasting positive impression of you, and keep their loyalty.
Watch Aravrit designer explaining why she created her “hug” T-shirt precisely in times where social distance is a must. She took this painful issue and turned it into something her customers could identify with – and created this stand-in hug for their loved ones.
5. Invest in your business infrastructures
Does your website need an improvement? Haven’t written a blog post for months? Been meaning to rearrange your business for a long time now? Use the time to improve your infrustructures. It will pay off.
Hire a designer to rebrand your business, a marketer to adjust your social media content, or an expert to automate your marketing funnel. Use Fiverr or Upwork to find your desirable freelance service, or better, hire local freelancers and support your local economy.
6. The one thing you should always remember…
The most important thing is — don’t forget to bring value to your customers. It’s true for now, tomorrow, and forever.
Running a business is not easy and during uncertainty it’s that much harder. Follow your market needs, make small but effective changes, and stay as flexible as possible. You might surprise yourself with the results.