You have concerns and maybe a few frustrations, I get it. We are in what some may call uncharted waters, rather in business or life itself. I am here to tell you that you will be fine in both areas. As an entrepreneur, you may be feeling the weight of the world while trying to make adjustments to your business model as well as stabilize your revenue stream. As you navigate through this pandemic you are wondering how entrepreneurs can thrive and come out of this and ahead of the competition?
How Entrepreneurs Can Thrive During & After A Pandemic
You may also ask, is there anything that you can do!? Good news, yes there is plenty that you can do. With a little sweat equity and a few of my listed strategies, you will greatly maximize your business performance and chances of not only surviving this crisis but come out better than before.
Optimize your consumer contact list (and expand to social media)
Make sure you are using your consumer contact list to its maximum capacity. Commonly, the go-to medium to reach our customers are via email and we can almost ensure a higher open rate due to everyone being stuck at home. But wait, did you consider the fact that they are also on Twitter, Instagram, Facebook, LinkedIn, and my new favorite TikTok! Email marketing has been around nearly forever and to be quite honest it is not going anywhere. However social media has become an unsustainable platform that the majority of our customers are using. In order to market to our customers effectively, we meet them at the medium they use frequently. In addition to that, be sure you tailor your message to the “right” medium. Instagram has an environment that is very different from Linkedin.
Go after market-share
Most of your competitors have probably slowed their business down due to the current state of the economy. You can certainly count on them to be spending less on market research and product innovation which creates a great advantage for you. This is the perfect time for you to find out what your customers need now and in the future so that you can develop products that meet the demand. The future of your business depends on what you do right now. Millionaires and Billionaires are made during major crises, so become the largest market shareholder in your industry.
Increase outreach volume, but give valuable content
Now is the time to connect with your customers and make it feel personal. At times you may fear that your customers may unsubscribe because continuous blasted emails can be quite annoying. However, with opt-in email customers have a choice. If customers make the conscious decision to join your mailing list then guess what, they want to see your content. I highly recommend that you don’t abuse this power with those annoying email blasts that I spoke about. You need to provide valuable content! Some may ask, “How do I know that is valuable content.” You will know your content is valuable when it offers help to cater to their needs as it changes daily based on the economy.
Take advantage of low advertising costs
If you can remember the last Great Recession in 2007-2009, then you may or may not remember how the ad spending plunged. When difficult times call for budget cuts we tend to release everything not nailed to the ground. An advertisement should be one of the last things to go. If ads and marketing are the heartbeats of your operation when the economy is good then why would you flatline your company during a crisis? When the economy experiences a downturn that does not lower the need to advertise, however, it does lower ad prices. Rather its costs-per-impression or cost per click the prices are definitely at a lower rate. While people are confined to the comforts of their home they are on their couches clicking and making purchases. During this global pandemic which is causing a huge economic crisis, you have the opportunity to turn your business into a better version of itself before COVID-19. Make your marketing investments now while your competition is cutting back.