The COVID-19 pandemic has affected millions of lives and thousands of livelihood and businesses. With travel restrictions, public safety protocols, and other rules to minimize and control the impact of the pandemic, is it really possible for a business to even thrive, not just survive during these trying times? Short answer: “yes”, but only if business owners play it smart. So today, we’ll be taking a look at a few tips on growth hacking and adapting your business during the coronavirus pandemic.
- Don’t Offer Something New, Unless You Have To
- Revisit Your Suppliers
- Go Online, If You Still Haven’t Done So
- Avoid Capitalizing on the Pandemic
Unless your signature and best-selling product/services aren’t accessible to your customers due to its nature or legal restrictions due to the pandemic, then it’s best to stick with what you have. As much as possible, avoid offering new products especially if they’re not in high demand or if your customers aren’t actively requesting you to sell this particular product. Creating and marketing a new product is going to take a lot of time and money, and it may not be well worth the risk during these times, so focus your marketing campaign on your best-sellers and ensure that you have a steady supply of raw materials from your suppliers.
Now might be a good time to review your business’ suppliers. You wouldn’t want to be blind-sided one day and find out that your supplier won’t be able to make a delivery on time (or indefinitely) due to restrictions and other factors that may be out of your control. Try to check on local suppliers for your business’ raw materials and supplies, and it won’t hurt to find backup suppliers in your business contacts. If you’re lucky, you may even be able to find a secure and stable supplier that can offer you the same or higher quality materials at a cheaper price (or with better deals).
Even before the pandemic hit, your business should already have its own social media page or even its own website or blog. If not, now’s the best time to make use of digital marketing to increase your business’ reach and conversion rates. Most growth hacking techniques center on digital marketing, which is quite fortunate since most people stay in their homes and online these days. You can start small by using email marketing to reach your target customers, and embrace content marketing through blogging, SEO, and podcasting, to name a few.
This is more of a warning than a tip, but it’s important to not engage in what’s called “disaster capitalism” (a term coined by Canadian author and activist, Naomi Klein). As the name suggests, it’s about making business decisions to profit from a disaster through questionable business practices such as price gouging in-demand products, stockpiling, fear-mongering or spreading fake information to push your product. So, don’t even think about it — the long-term repercussion and possible legal issues are not worth the short-term gain.
It’s Challenging but It’s Possible
This pandemic has resulted in so many businesses closing down, but that doesn’t mean yours has to follow suit. In fact, if you play your cards right, you may even be able to not only sustain but grow your business during the coronavirus pandemic.
Lastly, if you find yourself in need of help in, say, digital marketing or even SEO, consider hiring a professional or a well-reviewed firm — sure, it’s an additional cost, but it can help you minimize guesswork and allow you to manage other aspects of your business. Even established businesses such as LegalMatch continue to look for sales experts amidst the pandemic, so don’t hesitate to do the same.