How to adapt your business in the wake of COVID-19
COVID-19 has changed the ways that consumers interact with business. There are more online sales, and when customers do shop in person, they make less frequent trips with larger purchases. When the lockdown ends, these new preferences are not suddenly going to go away.
So how can business owners adapt? Here are a few tips:
1. Survey your customers
Take the time to actually ask your customers what they want. If you’ve recently set up curbside pick up or online shopping, ask your customers about their experience. Ask them about what products and services they value most. Ask if they would like to see these services continue beyond COVID-19.
2. Create a sales forecast.
Do you know how many of your leads result in quotes or how many of your quotes result in sales? By figuring this out, you can begin to determine where there may be any weaknesses and begin to improve those.
3. Plan for a variety of scenarios.
If this health crisis has not us one thing, it is that nothing is certain. What if your sales forecast doesn’t work out the way you planned? What if we are on lockdown longer than you thought? What if we open up and then have to close back down again? If you plan for a variety of scenarios, it will help you to be better prepared for whatever happens.
4. Revamp your marketing plan.
Once you have a good idea of the products and services that you should focus on, it is time to revamp your marketing plan. Prior to COVID-19, you may have relied heavily on in person meetings or networking. Since it may be some time for these strategies to be viable again, you’ll need to focus on other strategies. This may include online marketing, webinars, online events, etc.
5. Get creative with your marketing dollars
Since you likely have less money in your marketing budget right now, anything that you do invest has to work. With digital marketing, you have quick analytics that let you know whether you’re creating leads or not. Consider teaming up with some other essential businesses and advertising on their vehicles. At Matrix Mortgage Global, we want to support our business clients.
Call us today if we can be of assistance.