With the spread of the Coronavirus outbreak, economies all around the world has rendered a major blow. Air travel is hit hard, sports leagues and big events are cancelled, countries are putting up travel restrictions to keep the virus outside their borders and public health officials and hospitals are still bracing for the worst. In these times of crisis, it is hard to stay calm and be optimistic. It has hit small and large businesses equally bad. By taking a few proactive steps, one can put their business in a more secured position to stay strong and recover faster once the crisis subsides. Listed below are a few key strategies and insights that can help businesses recover during the Covid-19 crisis.
The current pandemic has given one and all the opportunity to pause and do the necessary changes that are required in a business. Improving a website and its content is a thing that is often overlooked during normal business operations. Since, this pandemic has put one and all back indoors, it is the time when one can use the website to boost business.
Marketing automation is one of the four most popular methods for creating personalized customer experiences. Even something simple, like a chatbot in one’s website, improves business efficiencies help customer relate to one’s business more than the others. During the pandemic, everyone has been restricted indoors. This has created a whole new avenue for online browsing and buying. It is also the time to redo a few marketing collaterals thereby freshening the brand. 80% of search engine users focus on organic results; which are created by content creation.
As the pandemic increased, it pushed more and more known ways of life out of order. But the demand of certain things did not go down. Retail therapy turned out to be a savior for most of the people. E-commerce saw a huge boom.
Enduring a pandemic is not something anyone had planned for. There have been numerous ways that had to be mended. Most of the businesses have had to amend for the short term to reap gains in the long run. Some businesses have had to plan for short term slowdowns for long term investments. For big prospects in the pipeline, it is beneficial to invest in more energy into lead management and nurturing long term opportunities.
Post-coronavirus economic recovery might be faster than we expect. If one cuts back too far today, one might not be positioned to capitalize on the post-crisis recovery. Everyone needs to take precautions to stay healthy and reduce the spread of the virus. But companies should put some good foundations now to be positioned for bigger success later.
Consumers are sure to remember how a company responded to this crisis. The reputational damage to those that mistreat their people will be significant and long-lasting. A company’s will to support the team – whether by protecting jobs or cutting down on unnecessary expenses to support employee salaries will put it up on the ladder. It will also repay you in the form of a reputational boost and increased staff and customer loyalty.
The current pandemic has brought one to the situation that value of a product is given more focus. With salaries being cut and businesses taking a hit in sales, most of the people are watching what they buy. Only products or services of value are bought now.
Social media presence and post are the most relevant and engaging content nowadays. Industry news and views, tips and tricks, discussion starters, sales and discounts, and job openings are just some of the options one should consider for building presence in the social media. E-books or running a free webinar adds value to one’s brand.
Earlier if one had an offline business, it is time for one to think about migrating one’s business online. This pandemic has shifted everything to people’s screens. From education to shopping, everyone must do that online. For retailers, this is a form of expanding an e-commerce arm. For gyms or fitness instructors, starting online classes helped in keeping the business running. Whatever is the business, stepping up one’s digital marketing efforts is of paramount importance. Moving operations online where possible helps to keep the cash flow coming in, without putting people at risk by physically reopening too soon.
Times have changed, and your communications need to change with them. The most vital communication watchwords are intentional and adaptable. Thinking about how a message will be received before it is put out is of utmost importance. Communications must not be endlessly bleak, but also must not make light of the crisis. Being transparent, offering hope and positivity without shying away from the current reality, and being prepared to respond to the rapidly changing situation is of utmost importance.
Unethical behavior in the face of a crisis including stockpiling and price gouging are acts that effect businesses adversely for the long run. Sticking to ethical behavior even when businesses are hit by this pandemic offer customer relations that make businesses reap profits in the long run.
These are challenging times, and many businesses will suffer as a result. But there are ways to minimize long-term impact and even keep growing the business. Taking care of people, increasing the value offered, thinking creatively about moving operations online, communicating intentionally, and not capitalizing on disaster are a few steps that go a long way. With these principles in mind, one can survive and thrive in the post-COVID world that all around the world businesses are entering.
Thailand has been one of the first few countries to emerge from the Coronavirus pandemic. Business with offices in the Asia region are sure to reap benefits from Thailand’s practice of true business and corona safe ways. All startup consulting firms and marketing consultants in Thailand are privy to the ways the business practices that are changing around the world. It is of utmost importance to find out ways to emerge from this pandemic victorious. Startup consulting services offer the right insight to such situations and help businesses plan ahead. Social media interactions, short term staggered growth and returns for long term benefits and employee welfare are just a few points that consultants take care of. These help businesses create a cushion from the economic impact of the pandemic and plan ahead for a better future.
The post Tips to boost your business when it is hit by the pandemic appeared first on StartUp in Thailand.
Source: Asian Correspondent
At some point, many startup owners may find themselves in limbo — either failing to increase their profits or not making much at all. If you happen to be one of them, it’s important to understand that there are ways to get over this slump, and it’s important to act on it now to steer clear of possible failure.
In order to overcome adversity, you will need to improve on the following key areas of your business to increase your bottom line.
Seeking expert advice is crucial, especially for startup owners who are feeling stuck, so that any situation can be assessed and handled better. Finding a mentor can prevent you from making further mistakes and fix current issues in your business. Business consultants here at Startup in Thailand have decades of experience and in-depth understanding of the local market, which can help you gain new business opportunities and fast-track growth and profitability. Obtaining effective business management support can help you give your startup a better business strategy with a much faster return on investment.
Stepping up your digital marketing can give your startup a stronger online presence. You can reach out to your target market much faster using social media networks like Facebook, Instagram, Twitter, and YouTube. Content marketing is another powerful way to reach out to potential customers. Ayima Kickstart highlights how even though it can be a challenging endeavor for small businesses and startups, the rewards are pretty compelling. A good content and SEO strategy can bring more people to your business website using articles that are relevant to what Google users search for. This means more people will learn about your startup, potentially leading to an increase in sales.
Improving sales is a continuous process that doesn’t have to be long or complicated. There are ways to drive up sales that are easier and quicker than memorizing complicated strategies from books and seminars. Chron points out that concepts such as upselling and cross-selling are simple to understand, but can boost sales significantly. Upselling is basically offering upgrades to products your customer has already decided to buy. For instance, a cashier at a coffee shop offering to upsize your coffee for a small amount is a common upselling practice. Cross selling is similar, but offers additional items that complement the product to be purchased, like when cake is offered when you order coffee.
Indirect spend, or expenditures on essentials that don’t make profits directly — like office supplies, furniture, equipment, etc. — may bloat easily if left unmanaged, and reduce your bottom line considerably. MH&L News notes how negotiating lower prices is a good approach but not enough to make significant savings. To have better control of your indirect spend, you also need to know when it’s too much, too little, or too costly. Finding the balance is key to having a well-managed inventory while saving a substantial amount of money.
Automating business processes used to be a convenience only big companies could afford. But thanks to technology and the internet, even startups can have access to automation. Forbes emphasizes key areas your startup should start automating to boost efficiencies and cut costs. For marketing, tools like Social Juke Box and Paper.li allow you to just “walk away” once they’re up and running. Meanwhile, automation tools for business operations are also readily available. When I Work is a free employee-scheduling app; CallTools offer a predictive dialer service that can save time for your call center; and Cleverload outlines different levels of warehouse automation. Lastly, tools like Keap, Capterra, ClickFunnels, and Chatfuel can automate emailing, CRM, sales funnels, and chatbots respectively, to help boost your sales.
In this digital age, cybersecurity should be a core objective even for startups seeking to protect their bottom line. Inc. stresses the importance of cloud security for cloud-based infrastructure, applications, and data. Network security is also crucial for protecting the devices and data controlled by your network administrator. VPNs and firewalls are also great investments for your online defense. Remember to always back up your data, and update and/or upgrade your existing tools, too. Provide cybersecurity training to your employees, but segment and limit their access as well.
Article exclusive for Startupinthailand.com
Written by Anna Cadman
The post Stuck Up Startup: 6 Things to Reinvent for Bottom Line Boost appeared first on StartUp in Thailand.
Source: Asian Correspondent