How to stay afloat in times of Covid19?

Mr. Jay Rathod, Founder, Koffeetech Communications

By Mr. Jay Rathod, Founder, Koffeetech Communications

In just 7 months, the world has witnessed a drastic transition which has resulted in multiple operational and financial challenges for companies across all sectors in our country and across the globe. The pandemic has led us into taking a detour from our normal lives and has either paralyzed operations or has created opportunities for the businesses to come up with innovative ways to stay afloat if not the profit from the new normal. With the uncertainty of how long this pandemic is going to last, companies can’t get back to their old marketing playbooks. For many businesses, the ability to adapt to digital tactics will be the deciding factor in whether or not they will make it through these testing times. Here are a few tips highlighting how to adapt and overcome the challenges and to stay afloat in times of Covid19.

Build your digital presence: The sudden onset of the pandemic has taught us some tough lessons, and have forced the businesses to adapt to the changes quickly to stay afloat. Business with an established online presence set before the pandemic have been able to sail through to an evolved approach as compared to business without a strong online profile

The internet has gone through a series of transitions and altered from connectivity platforms, information, and content consumption to a service providing an e-tail platform. With this evolution and the physical proximity reducing, digital presence and marketing is the ideal way to reach your consumer and drive targeted sales.

Match up to the ‘new normal’: Over the past few months, we have noticed an unexpected shift in our way of living due to the on-going crisis. The way we work, study, socialize, and connect looks completely turned around.

E.g. Brand launch events turned to virtual launches, big-budget fashion weeks turned into fashion video launches for their new collection.

These activities not just kept the engagement cycle running but proved to be a much more cost-effective route for brand promotions.

Communication is the key: Communication is the key now more than ever! During uncertain times like these, building new customers and holding on to the loyal customer base can be extremely challenging. Showing empathy, crafting informative campaigns and educating your target audience gives your brand an opportunity to show an emotional connect with its customer instead of just a promotional tool.

Publishing interactive content pieces, social media activities, conducting feedback surveys, providing incentives to keep them engaged will result in long term retention.

Monitor your expenses: Keeping a close eye on your balance sheet will ensure smooth cash flow in your business and the better you manage your expenses, the better you function.

One of the biggest benefits of digital marketing is definitely its affordability and effectiveness. A well-planned digital marketing campaign can reach your potential customers at a much lower cost than traditional marketing. For businesses operating on a low budget and limited workforce, digital marketing can help you generate better leads. Any sized business can adopt digital marketing tactics as it’s a pocket-friendly approach.

Learn from your competitors: A success story is not just about surviving the pandemic but also to continue and improve the marketing efforts that will ensure you stay ahead in the game.

It is imperative for each and every brand to examine the industry and its competitors. Understand the customer responsiveness to their campaigns and strategies which gives you a lay of the land. This has become more important than ever keeping the unpredictable nature of the consumer.

Recondition your business model: We were in an ever-evolving market where there are disruptors which may be a boon or bane. To keep up with such advancements, an entrepreneur should always keep their business model profound yet flexible.

Let’s consider how successful restaurateurs treated the pandemic crisis. Before entering the 2nd month into the lockdown, established hospitality brands had contingency plans with DIY food kits, ready to cook variations of their signature dishes to cocktail mixers.

Staying afloat in this pandemic is the primary survival strategy for any business. Covid19 has taken a toll in every aspect and for every sector, the ability to quickly adapt to shifting landscape is the only way to tackle unprecedented circumstances.

About Neel Achary 18407 Articles
Neel Achary is the editor of Business News This Week. He has been covering all the business stories, economy, and corporate stories.