Worried about losing your business because of COVID-19? Some companies in the Philippines and abroad started filing bankruptcy due to lockdowns and safety expenses caused by the pandemic.
But that doesn’t mean there’s no hope for your business either.
Instead of waiting for things to get better soon, adopt better strategies for your business now. Here are 3 top ways your business can survive and grow despite COVID-19 and its effects on our local economy.
Best Ways to Grow Your Business During COVID-19
1. Focus on the essentials
It’s a myth that people make less purchases during the pandemic. In fact, some studies show we spent more!
The only difference is that many people became more conscious with what they purchase.
So focus on the essentials.
Based on trends these past months, there are 3 driving factors that affect consumer behavior:
But these factors imply various purchases during the pandemic.
To address hunger, people buy food and food-related products including baking products and kitchen-wares.
To address fear, people buy protective products (e.g. masks, gloves) and entertainment products (e.g. gadgets, board games).
To address survival, people buy stuff to keep a convenient and productive life despite the social challenges. You might be surprised, many people still buy cars because of difficulty in public transport. That’s despite economic loss.
So regardless of your business niche, all you have to do is position your products or services as a means to address customer’s concern for hunger, fear or survival.
2. Repurpose your products/services
If you’re running a business with a local space, you could be affected by the lockdown measures. Re-opening your business is limited only to those the Philippine government deem “essential.”
But despite the restriction, you can continue running your business by simply “re-making” your offers.
Let’s take an example.
If you run a gym, you can’t open your place yet. But you can do this:
- Create a video series of home exercises
- Sell equipment people can use at home (e.g. yoga mat, dumbbell).
Although your customers will stop visiting your gym, people won’t stop needing exercise. Staying healthy is still part of their survival.
All you have to do is repurpose your product/services to match your customer’s limited access these days.
3. Go digital
The best way to reposition and repurpose your business offers during COVID-19 is going DIGITAL.
According to studies, the most obvious change caused by the pandemic is “the rapid shift from in-person purchases to e-commerce.” More and more people make transactions online.
It’s the NEW NORMAL of business.
If your business isn’t online, you’re missing a lot of opportunities. Even if you have a local store, people should be able to discover and contact your business online.
But it’s more than just creating a Facebook page for your business—and then leaving it that way.
Online marketing should be a new way your business provides a digital experience for your customers.
Here are a few tips to get started:
- Create a Facebook page for your business with a logo, cover photo and complete business information.
- Post regularly about your products or business offers and updates
- Build a website and feature your products so customers can shop conveniently.
Just make sure customers can contact you, understand what you offer and avail your products/services digitally.
The effects of this pandemic and until when it persists is uncertain. Don’t wait passively. Now is the best time to adapt.
Start building connections with customers online, and get your business successful despite COVID-19.