Prior to 2020, nobody predicted that companies across the world would be severely affected by a viral outbreak. By now, you’re probably fed up of hearing about COVID-19, quarantine and how it’s having a detrimental effect on business. Buyer’s journeys have changed and customer pipelines are becoming narrower by the minute because products and services that we the norm are temporarily on hold.
To keep up with the times and increase those bottom lines, organizations need to shift their structures and adapt to come out on top. According to a survey by the U.S. Chamber of Commerce and MetLife, 24 percent of small businesses have temporarily closed shop and 43 percent of businesses said they won’t survive without government assistance.
I often work with B2C brands that cater to the entertainment industry. Since complete lockdown was enforced and social distancing rules came into play, it’s been difficult for entertainment companies to stay afloat. If you’re a CEO, c-suite exec, or decision-maker, it’s time to dig deeper into what your customers want and provide a solution to pain points specific to these weird times.
Let’s take a look at what you can do to reposition your brand during this crisis to increase revenue streams.
Collect Customer Data
Every great adventure, business and battle need to be planned ahead. In this instance, it’s essential to create a strategy that projects the next six to twelve months and has processes in place to keep the wheels turning during that time. Since we’re currently living in uncharted territory, the more research data you have, the better a position you’ll be in.
This is a great phase to collect customer research data through all available channels. Use Facebook, Instagram, Twitter and mailing lists to identify your customer’s needs more precisely. Create a short survey and ask your customers what their needs are during the current climate of the world. In short, customer data gives you the opportunity to reach your audience on their terms.
Customer acquisition can be up to seven times more expensive than retaining customers. In a time where you watch to stretch your company’s budgets, it’s essential to dig into data from your current customer base first.
Don’t Forget the Competition
During times of crisis, don’t forget that many of your competitors are in the same position as you. Delve deep into competitor research on different channels to discover how everyone else is currently running their business. For example, if you’re a small business that only caters to offline sales, you may notice that a competitor has moved their business online. During this process, providing a unique value proposition such as free local and same-day deliveries has given them a leg up against the competition.
Adapt Products and Services
If your company caters to a specific industry that’s unavailable during the pandemic, it’s going to be difficult to push your products and services like you normally would. Like I previously mentioned, taking your store online can be a huge challenge with big benefits but that’s not the only way to diversify.
The potential is there, web usage increased by 19.7 percent between the months of January and March and the figures are climbing. The audience is in place, you just need to find new ways of communicating with them.
Create More Content for All Channels
Since most people have been stuck at home during their quarantine, the statistics reflect their behavior. According to a report by Globalwebindex, social media has seen an increase of 30 percent for Generation Z and 29 percent for Millennials. Facebook also reported that there’s been a 70 percent increase in usage across its apps and that includes Instagram.
Creating the right content for your audience is now more important than ever. Whether you double down on website content or social media content, more users are browning the internet and that provides more opportunity to grab their attention.
Like I previously mentioned about adapting your offerings to fit into the lockdown lifestyle, your content should also follow suit. There’s no point in creating content about flying to faraway destinations or beach weddings if the world isn’t able to do that. Create content that suits the needs of the consumer in their current lives to ensure you’re delivering the most value.
When creating content, it’s also good to remember the mindset of audiences when they use a platform to view content. Engaging audiences on social media platforms need content that’s positioned to individual buyer personas. For example, target Generation Z and Millennials on Instagram with philosophical, funny, or emotive content. For conversational content, Twitter is the best option and it’s also a great way to engage your customers through a personalized approach.
The pandemic doesn’t mean certain doom for your business, it can be tackled by changing your perspective and taking a different approach. Even though your business may have taken a big hit, bouncing back could be as simple as diversifying your products and discovering new ways to engage your audience.
It’s always great to remember that your customers should be the main focus of your products. Whether you’re in an industry that’s seen a decline in buyers or not, changing your offerings and how you deliver your message can be a great way to increase company growth and meet your customer’s current needs.