The current COVID-19 crisis is like nothing we’ve ever seen before. Businesses in every single sector are facing a “pivot or perish” situation. They’re being forced to change the way they do business or face going out of business forever.
Big decisions need to be made and difficult conversations will be had. However, it’s important to know that you can survive! If you make a few key changes and batten down the hatches, you can survive the business storm of the century.
No two businesses are alike. However, SMBs in most sectors can likely benefit from any of these strategies.
Eliminate All Inefficiency
It’s time to seek out and destroy any and all wasted time, money or resources.
At OrderEase, we help businesses eliminate the inefficiencies of the traditional ordering systems in a number of sectors. Basically, we show them how to move from paper/phone/fax-based ordering system to a much more efficient cloud-based tool.
This not only simplifies and streamlines their ordering system, but it also eliminates the time and money wasted on:
Errors and mistakes
Lags and delays
Missing, trapped or siloed customer information
These companies are able to run much leaner as a result. They’re also able to generate more repeat business with more accessible customer information and more insight into buying trends.
Double Down on Your Existing Customer
The social distancing lockdown has probably not eliminated your loyal and repeat customers’ need for your products. So, make sure they know you’re still open for business and how they can reach you.
This is the time to really lock into your existing customer and nurture your relationships. You can start by spending more time on your various social media channels to reconnect with your customers. Start meaningful conversations and see how their needs and situations have changed. Host webinars and Facebook Live broadcasts to interact with customers. Offer advice, and answer questions. And do so without trying to sell anything. This is not the time for the hard-sell.
You can also leverage your email list and get some solid traction. Even in this day of social media and pay-per-click advertising, the ROI of a well-executed email campaign can be absolutely astounding.
Take Advantage of Your Size
SMBs are, by their nature, smaller than major brands. This also means they can be more nimble and adaptive.
You can adapt and evolve quickly, which can be essential to your survival right now. Large companies have various levels of boards, stakeholders and shareholders that need to be consulted for changes like:
Altering your price or packages
Changing your target market
Putting together an ad campaign
Reallocating budgets or resources
Building a new partnership
As an SMB, you can identify a new opportunity and make a major change, then go from the whiteboard to the marketplace in days, instead of weeks or even months.
Use this to your advantage!