At this point in time, Covid-19 needs no introduction or the devastation it has caused across every segment of our society. It may seem impossible to stay even a little optimistic, especially for businesses that suffered a huge blow to sales, have seen it decline to zero, inventory stockpiled, and complete loss of revenue. But it’s a business 101 that, worst scenarios can bring great opportunities.
To regain your loss after opening, you need to take proactive steps to pace up your recovery. There are no hard and fast rules to apply on all businesses because every business is different, has a unique niche, a specific target audience and many other dynamic business elements. But there are few areas that are effective for every business:
- Safety of customers and employees
- Travel restrictions
- Low demand and supply
- Inventory management due to Panic buying or no sales
Use Online Selling Platforms
If you are selling a product, you should immediately opt for E-commerce including online selling platforms like Amazon, E-bay, Facebook Marketplace, Instagram, Offer Up, Letgo, 5 miles, Craigslist, and others. Due to Corona Virus, many people are hesitating to walk into a store; instead they are switching their shopping habits to online shopping. According to the survey by Digital commerce 360, and Bizrate Insights, online selling has increased significantly.
Start Rigorous Marketing
The idea of spending more on marketing may seem a little off track and not viable, but it is the most successful model of increasing business revenue during crucial times. Now let’s understand why it is important. After the Covid-19 lockdown, your business needs more attention and resources to stand firm and recover the damages amidst all the failures and bankruptcies and unemployment and all the domino effects that follow. The best way to recover and sustain your business is to immediate get a boost in revenue obviously. And by spending more on marketing including paid ads on online selling platforms, your business has higher chances to recover and thrive.
Think Long Term
With the loss in revenue and sales, you might consider increasing the prices to recover faster, but it can backfire and cause loss of customers and worse—loytaly. Due to the crisis, millions of people have lost jobs and income sources, and because of this, they don’t have the same spending capacity as before. So, as a business, you can cap this market before your competitors do and promoting discounts and sales to attract and retain customers.
We should remember that after World War 2 and the Great Recession of the 1930s, the USA emerged as the world’s largest economy. So, this might be our opportunity to regain loss from the Covid-19 and increase businesses on a larger scale than ever before.