6 Lessons that Pandemic has taught Businesses around the world
Every business stays prepared for contingencies that can occur in the course of the business. Some can be controlled and eased out after some time. However, some contingencies that can come once or twice in the course, hit with such an intensity that it leaves the businesses crippled and forces them to stop or close down their operations.
Such has been the case for businesses and economies around the world due to the pandemic that has hit in 2019. Its after-effects have made it very difficult for businesses to carry out their operations. The most affected are the small businesses and the startups which were closed completely due to lack of funds and backing down of investors as well as clients.
As observed, the businesses which had their digital status up and running were the least affected. Here are some of the points and lessons which were observed out of such businesses that can lead them to restart and succeed in their businesses during this pandemic.
1. To build a profit yielding customer base takes time:
Businesses that have invested their money and time in building their online presence with the help of digital marketing are now reaping the returns in this current period. It took years for them to build a customer base through the digital presence and hence are experiencing an average but steady business even in this current time.
Those businesses who chose to neglect the importance of online presence are now facing the lowest point for their business. As they have realized now, they are starting to give more attention to building their customers by running small campaigns that are not that effective to build a loyal customer base as it requires years to do so.
Now as the pandemic is phasing down, businesses should realize that this is a gradual process and it requires time to help gain trust among their customers. As of now, it is going to cost more to acquire customers through the help of digital space, so start working towards it before it becomes even costlier. So now they must focus on nurturing their current customers.
More importantly, every business should understand that the objective of online presence or marketing shouldn’t be about buying fake followers but working on organic growth and getting more as well as genuine engagements through their audiences.
2. Having a presence on every digital channel is unnecessary:
Now more businesses are moving towards being result-oriented so it would be difficult to justify the engagement on a channel and the investment involved in it when it doesn’t reap results as expected.
As the pandemic was rapidly gaining its pace, the brands were in a hustle to maintain their business operations and trying every strategy for their digital space. Some of these focused on the organic way of marketing and paid promotions on social media platforms. Other than these strategies became ineffective as the pandemic arrived.
This situation taught us that we should mainly focus on effective and relevant marketing platforms and social media platforms because these will generate the highest revenue for the businesses and help those who had restricted their marketing budget.
3. To build your digital presence you should start with a website:
The website is a foundation for digital marketing strategies so as a business owner it is important that you focus on making the foundation stronger.
The website happens to be your company’s face on the digital front, so keeping it up-to-date, crisp, genuine, and error-free should be the top priority.
The content should be such that it should connect and relate with people who are visiting your website as being an opportunity to turn those into customers or clients.
There are various benefits of having a website, some being gathering leads and executing our sales. Having a website also benefits to implement other digital marketing strategies like SEO, email marketing, analytics, automation, social media marketing, and many more.
The ones who didn’t focus on improving the website’s user experience before the pandemic, are now diverting their other funds on improving it.
For instance, every major company in every category of business is successful not only by their operations but they have been backed by a website which has been developed by them over a period of time to cater to the needs of the people visiting their website and have a great user experience.
4. Keeping a close tab on consumer trends that can help you sustain your business:
As businesses are putting down their various digital campaigns, brands are trying hard to capture customers and also creating demand for the customers to follow.
Trends are important to be followed being a business whether be a pre-pandemic or post-pandemic period. The trend is mostly fueled by what the consumers are doing while in lockdown. If it means to adopt a completely new marketing parallel being the new ‘normal’ then so be it.
For a business to be back to normal, it should be consistent. Consistency in the business process, prioritizing digital marketing activities that will bring the expected result that can favor the marketing budget constraint experienced by every business now.
For instance, now people are preferring to eat home-cooked food due to the covid crisis. They are hesitant to even order food from restaurants. So, some restaurants have come up with a DIY idea to provide all the ingredients that are required to make a particular dish in a package and are being sold to their customers so that they can cook it on their own at their homes.
5. Accelerating more towards the digital dependence of businesses:
Digital marketing has always helped with speed, agility, and transparency. This has helped businesses in the current pandemic times. We had to embrace the full potential of digital marketing and work accordingly. The decisions that required much time are now taken in a few hours. Every plan has now been taken in some sense of urgency to get things done quickly.
With the pressure on limitations with the marketing budget, businesses are now reacting more towards any kind of problems to be solved quickly than before. This is the clear sign of businesses embracing these changes quickly to be sustained in these pandemic times and thrive their business further.
6. Use of technology has helped people to adapt to the crisis easier:
Now due to the crisis, every individual and companies have adapted and evolved in their day-to-day operations with the help of technology. Students are learning online, people are working from their homes, meetings with clients are being held online. All these are due to the successful digital age and technology that has helped humans even in these hard times.
Now, schools and colleges are conducting their lectures and learnings through online means with the help of software and webinars. Employees are now working seamlessly while staying at home with the help of technology. Online training is also being conducted online. Many yearly events are now being held online due to this situation which is a new experience to everyone and also very much fun while following all the safety measures.
So to sum up all the above points business should consider below:
- Try to gain a client base organically and gradually as possible as it helps to create your online presence and gain engagement from our audience.
- Try to mainly focus on those social media platforms which are effective and relevant as it can help you to generate more revenue still being on marketing budget restrictions.
- Invest your time on making the company website more efficient and responsive for our audience to have great user experience as a website is a foundation for our digital marketing strategies.
- Have an update on what is trending in the market and what people are up to in these days so that you can rethink and improvise according to the situation that can help your business to gain revenue.
- We need to understand the fact that digital space is the future. If you aren’t prepared or haven’t started yet then this is the right time to build your online presence so that you would be ready for the future.
- The use of technology or advanced use of technologies has helped us to adapt to the situation and make our living with it in a smooth manner.
We hope this article helps you to realize the valuable points and its purpose to grow your business. To know more feel free to reach out to us.
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