June 20, 2020, 0 Comments
How to Adapt Business Strategy in COVID-19 Pandemic?
None of us saw the year 2020 to turn out as a complete disaster. Nobody knew that 2020 would be all about washing hands, wearing masks, staying 6ft away from each other, and practicing social distancing in every walk of life.
The Coronavirus pandemic has been hitting the world at a huge level. Almost, six months have passed, and the deadly virus brought a gap in almost every field of life. According to the report of the Coronavirus marketing stats, the businessmen are dealing with a difficult time lately.
Certainly, business organizations are worried about their company and customers. Due to this reason, the Global Crisis Centre at PwC has observed a rapid rise in calls from businessmen to save their company from the everlasting effects of the pandemic. Not just this, the International Monetary Fund and the Organization for Economic Co-operation and Development have already predicted the downfall of global growth because of the virus.
So amidst this tough situation, how can you save your business? What are the strategies that
your business needs to implement to withstand the Coronavirus pandemic?
Here is the list of strategies that businesses all over the world can adopt to turn the pandemic
into an opportunity.
Discover the Organizations Best and Worst Scenarios and Plan Accordingly
The first thing to do during a crisis is to analyze the company position. Some organizations already have a crisis or continuity plan, but every new crisis comes with new challenges. Figuring the company’s position and thinking about all possible risks amidst the pandemic will help in building an effective plan.
Like the whole world has been shifted online, does your company have enough technology to run a business on the internet? How are you as an employer going to connect to the workforce? How is the data flow going to be managed? These are some of the biggest worries for CEOsamong panic situations.
Identifying all the ways to cope up with upcoming risks will help in sustaining the position of the brand. Based on this, the organization needs to build a team of skilled workers who can reduce the risks.
Make use of scenario planning to cope up with the best and worst possible scenarios. When an organization thinks of a possibility, they get prepared enough to face it. Hence, look for all that your organization is prepared for and all that it needs preparation for.
Increase Conversion Rates for Your Organization
The conversion rates of many big companies are falling. For example, Delta Airlines is burning $60 million a daybecauseof the pandemic.
So, if your company is facing the same issue, then choose services like Affirmfor online sales. These platforms help in boosting conversion rates and lessen the burden of the clients. Moreover, they allow in accepting money with monthly and yearly installment plans.
Define the Policies of Your Workforce
The most important element of any organization is its staff. Hence, amidst a pandemic like Coronavirus, making policies for the workers depending upon the situation is necessary.
Be clear about all the policies. For instance, if the worker is in the vulnerable areas and will work from home, how is the company going to schedule his/her work?
In case any worker or their family members get affected by the Coronavirus, will they be granted leave? And what will be the policies for them? Similarly, taxation policies, the compulsion of SOP’s, travel restrictions, and all other policies regarding the workforce should be planned and updated depending upon the circumstances.
Do not forget to communicate with the workforce. Also, make sure to keep them informed regarding all the new policies and changes in the work plan.
Pay for Advertisements to Promote the Business
Almost everyone is found streaming on the internet during the lockdown. We are all compelled to spend more time online and hence traffic on the internet is high. As people surfing are more, so there are fewer advertisers online. Therefore, paid ads are becoming cheaper.
As a result, the paid advertisements have started to generate more Return on Investment (ROI). Surprisingly, an increase of 71% has been observed during the Coronavirus crisis.
Thus, advertise your organization on online platforms using paid advertisements. For example, people are viewing Netflix to such an extent that Netflix has had to reduce its streaming quality to help during the lockdown. So if you advertise your business on Netflix, it can reach a wide audience.
Provide Opportunities for the Clients
People of every age are looking for ways to invest their time in something productive. Because of lockdown, learning opportunities have been reduced. Not just this, the unemployment numbers reaching all-time highsduring this pandemic.
Thus, creating something exciting, interesting, and informative will intrigue the customers. Your brand can offer a course on Udemy or build one of your own to bring the audience’s attention and gain profit from it.
You can even offer free courses and increase the chances of paid subscriptions to your brand. For instance, Eric Siu gave away a “how to start a marketing agency for free” course and more than 250 people took the course.
Diversify Your Company
Though COVID-19 is affecting the whole world, the spread of the disease varies from country to country.
There has been a rise in the cases of the Coronavirus in countries like Italy, Spain, the US, etc. On the other hand, few cases were reported in countries like New Zealand, South Korea, and Australia.
On average, 84,000 new cases a day are observed globally. The number of cases affects the traffic of organizations. Hence, the company must diversify the regions they get traffic from. It can be done using international SEO which helps in gaining more audiences from different countries.
However, the businesses worldwide did face an outbreak in 2003, known as SARS. This epidemic was very close to the median tenure of a CEO, i.e. five years.
But, COVID-19 seems even closer to the tenure and is undoubtedly causing a lot more damage to businesses. It is believed that this pandemic is likely to cause three or four times as much as it caused during SARS. This will be approximately 160 billion US dollars.
Nobody knows how long this pandemic can last. But people can turn the risks into opportunities.
Therefore, it is totally on the business organizations to take their business to skies or let it face a hard time in the crisis. Do not waste time thinking about when your business will move forward, do it now by making use of the above-mentioned strategies!