The outbreak of novel coronavirus has hit the global economy while threatening the world to fall into recession. There is an urgent need to take some proactive steps right now if you wish to put your business in a better position to sustain as well as recover quickly when the crisis subsides.
Moreover, China, the first country which detected COVID-19 cases, is already on its way to make an economic recovery. Check out some key strategies which can help your business recover from corona crisis.
How will coronavirus affect your customers?
Depending on the industry in which you work, analyse the specific problems which could be affecting your customers due to the spread of coronavirus. The next step is to set up your sales pitch and design the marketing plans to address these challenges and worries of your customer.
Some of the major concerns of the customers could be related to supply chain disruptions, travel restrictions, managing cash flow problems, shortage of essential food supplies, etc.
Being a business leader, it is your job to find ways to re-position your company’s products and services while addressing the specific problems affecting your customer amidst corona crisis.
For example, if your company offers video-conferencing solutions, you can jump a step ahead and provide additional support, consulting and other services which can help the customers to adapt to remote work. For logistics business, it is an ideal opportunity to come forward with possible solutions for supply chain disruptions.
Embrace social media channels
Even after being stuck in a lockdown situation, people will still need to buy essential items for their survival. This shall indirectly benefit your market when linked to different sales channels. Think in the direction of boosting your online marketing efforts to enhance sales through e-commerce industry.
For instance, if you can no longer depend on foot traffic to expand your sales in the retail business, then switch to e-commerce offerings. China’s restaurants took to selling takeaway meals when the number of their in-store customers turned down to zero.
Long-term investments in the business
Especially for people working in B2B sales, the current pandemic situation is the best opportunity to put in long term investments in the business. In case you are observing a bit slowdown, utilise this time to re-evaluate business plans, operations, and processes and work on strategic planning for the long term.
The pandemic situation is affecting things like concert tickets, business conferences, airline reservations, etc. But until the corona crisis goes on for a longer-term, it will not affect the bigger-ticket B2B sales. Even if the current situation feels a bit uncertain, keep nurturing the business ideas with a long view in your mind.
Prepare to bounce back stronger
A major lesson must be taken from Chinese businesses, that is, post-corona crisis economic recovery shall be much faster than expected. If you put all your business plans to a halt at this moment, you might face some hardships to capitalize during post-crisis recovery.
At the same time, you must not entirely ignore the seriousness of the pandemic situation. It is necessary to take precautions to reduce the ongoing spread of coronavirus.
Moreover, keep working towards nurturing your business to position the company for bigger success post-crisis. There shall always be new challenges or crises which will come in the path towards success. We must embrace the possibilities and bounce back even in tough times like corona crisis.