It’s no secret that Covid-19 has had an extreme impact on businesses worldwide, resulting in much slower economic growth.
The common trend over the past couple of weeks has been that, despite an increase in sales outreach, the conversion rate to deals and prospect responses has plummeted.
On the bright side however, more time spent indoors has translated to an increased amount of screen time. Data has shown that email engagement has improved since the start of lockdown.
With more online interaction, a lot of companies have decided to pivot their business strategies to make full use of the extra time consumers are spending at home.
We’ve compiled 5 useful changes that your business can implement to make running a business during the pandemic that much easier
1) Cut down on all non- essential costs
Prioritising between essential and non- essential costs is one of the hardest things to do as a business owner, especially if you already adopt a lean purchasing strategy.
A common tactic that many brands are using is to make (more) room in their budgets for customer retention strategies that will inevitably generate more revenue in the long run.
Another pivot could be to move away from physical procedures towards online and virtual platforms. For example, gyms have cut down on the costs which they would incur by keeping gyms open, and re- shifted their investments towards building online/ virtual fitness classes.
2) Re- structuring event timings, or virtualise them
A lot of companies utilise events in their marketing and sales strategies and hence, are particularly feeling the struggle during the pandemic.
With the Instagram Live feature being used non- stop over the past couple of weeks, some have taken the inspiration to leverage video software and social media to run online events.
Running regular webinars and interactive live events is a surefire away to keep up with your customers during the coronavirus crisis, and to prevent your followers from feeling isolated in these tough times.
3) Adjust your Marketing Message
Like your business, your consumers are facing the same budget constraints and will be making cost- cutting decisions about their purchases.
An important take away from this is that your brand must change your message to relate more to what your customers are feeling in the current climate.
Acknowledge the global pandemic in your marketing and even think about shifting your focus away from standard advertising methods to more empathetic messages. This way your brand won’t be labelled as ‘insensitive’ or ‘cold’ whilst the rest of the world addresses the dire situation that the coronavirus has created for your consumers.
4) Prioritise the Customer Experience
In a time where customers are counting pennies, it’s important to ensure that your brand provides the best value so that it continues to stay at the forefont of their minds.
The best way to achieve this is to offer discounts and promotions which lowers prices enough to not only be considered affordable, but relatively cheap.
As well as offering discounted prices, some brands are going so far as to altering the products and services they offer to be more relevant to the global pandemic.
5) Adapt your sales strategy to incorporate sincerity and solutions
If there was ever a time to embrace empathy, it’s now.
Salespeople generally don’t have a great reputation. This is why it’s all the more important that companies should utilise this time to train them effectively.
Importance should be placed on asking how customers are, how their families are coping, not on up-selling them!
Although it sounds counterintuitive, sales reps should still continue to pursue leads that have no intention of buying in this current time. This in turn plays into one of the golden rules from the sales playbook- nurturing your relationships.
Show that as a company you can place humanity above profitability.
In these troubling times, we must work together to show solidarity for a common cause- keeping sane when the light at the end of the tunnel seems like it’s forever moving out of our grasp.
Here at N&C, we hope that we have shown you some changes that your business can implement to allow you to better connect with your customers during these times of insecurity.
Wishing you all a safe and productive week ahead!