How to Pivot Your Business after Covid-19
In an instant, the coronavirus pandemic changed our world in a way no one ever imagined. As a result, most businesses suffered a major blow and are experiencing a significant decrease in revenue. While the economy is slowly reopening across the country, experts at the McKinsey Global Institute and Oxford Economics predict that it would take up to five years for businesses to return to normal.
Despite the seemingly bleak situation, you can still turn things around and cope up during these turbulent times. How can you do it? Here are several ideas that you may want to consider to pivot your business in a post-pandemic world.
3 Ways to Reinvent Your Business after Covid-19
- Adapt to meet the new needs and demands of your customers. Think of how you can better serve your customers now that they spend most of their time at home. For example, you can modify product lines to meet increasing demands for certain items, provide new services that you previously haven’t considered, and offer pick-up and delivery services.
- Think digital. Since most people are cooped up inside their homes, this is the perfect time to take your business online, if you still haven’t done so. If your business is already online, consider updating your website, build an app, and improve your social media presence. Every little bit helps.
- Promote your newly-reinvented business. Communicate with your customers and let them know what you’re up to. Keep them in the loop about your new offerings, store hours, and payment and delivery options. Assure them that you have what they need and that you value their safety.
Admittedly, there are a lot of ways to keep your company relevant during these trying times. Also, please be aware that not all strategies will work for everyone so Contact Me for a complimentary marketing strategy session if you need help in identifying potential opportunities in your industry. Together, we can make it work!