The heartache that COVID-19 has created for everyone is widespread. For those that have been running a business and have found their business either completely decimated or close to the brink, learning to rise from the ashes again is not just about figuring out how to grow your business again, but understanding how to make it more competitive. When we think about every business out there that has to rebuild itself, costs will be cut and competition will be fierce. So how can you make your business more competitive in this incredibly challenging time?
By Team Savant
Alternative Ways to Serve Your Customers
The hardest thing now that retail stores are opening back up is learning to serve the same amount of customers as before but without excessive overheads. Due to reduced in-store traffic, there will need to be different avenues to deliver products. Naturally, there was a big boom in home deliveries, but because of the bigger companies like Amazon offering home deliveries in such a quick turnaround, this can prove incredibly challenging. And while same day delivery is key for many businesses, looking to expand into this avenue it may not be possible all round. If you can find other ways to serve your customer base through monthly subscriptions, free delivery, or a pick-up point, these approaches can help to retain that interaction with the customer, while still maintaining that all-important social distancing.
Highlighting the Problem Areas Across the Board
Image: S O C I A L . C U T
If we understand where every business is struggling, not just in terms of interacting with customers, but in terms of employees working remotely, as well as issues in the supply chain, this will give us an advantage. Business owners need to highlight the major issues that stop them from trading. It's not just about lockdown, but it's about the local lockdowns that are going to be in force and ensuring there are ways around this. Customers need to trust in the supply chain. And if you can reach your target audience, not just through delivery, but through alternative methods to increase engagement or do what you can to maintain extra promise, during these difficult times you will help keep people on side.
Maintaining of Relevancy
Even if you manage to survive the initial lockdown period by downsizing your workforce or operating on a limited capacity, there is no guarantee that things will change after life returns to normal. Right now, it's important to improve your remote offerings while also being competitive. If you are wondering how to remain relevant at this time, there can be certain products you can offer, like face masks or alcohol gel, but you have to realise that this is something everybody is doing right now. If you are trying to corner the COVID market, as it were, consider an alternative approach to these products. And of course, relevancy is all about having a proper marketing campaign. Maintaining relevancy is about referencing the current situation.
It is a considerable battle. There are so many other companies are fighting back from the brink, you've got to understand the fundamentals to keep yourself competitive.