How Small Businesses Are Adapting To COVID 19?
The outbreak of Covid-19 has been crippling the world economy. No one ever thought that a tiny virus could shut down operations across the globe. Since December 2019, each country has resolved this situation in the best interests of its people and businesses. One common response was national lockdowns.
Due to Covid-19, the world is suffering from social distancing and a nationwide lockdown, businesses are having major impacts no matter how well established they are.
Owing to less sales turnover and the general uncertainty in the global financial climate, it has become difficult for most companies to keep their financial wheels spinning during the lockdown time.
Although enforcing national lockdowns has been successful in saving millions of lives, but it has also wreaked financial havoc around the world and has adversely impacted many small and medium-sized enterprises.
The effect on startups or small companies may be even harsher because they have limited cash reserves and a narrower margin for handling unexpected slumps.
The financial impact of this shutdown would have a significant impact on the country’s economy as it affects all business sectors resulting in low revenue generation due to a potential halt /slump in product and/or service sales.
So small businesses will have to adjust to a new set of rules during these testing periods and be mindful of the following aspects to reduce risks and withstand the slowdown caused by the effects of Covid-19.
1.Deliver The Product Over Digital Platforms To Meet New Requirements
Traditionally dependent on physical locations and on-site staff, companies may continue to keep their doors open by using digital platforms to distribute their goods or services. Turning your company online via e-commerce sites such as Shopify or virtual meeting tools like Zoom is now simpler than ever.
Some businesses have already looked forward proactively and made major adjustments to achieve those shifts. Many small businesses have already started focusing on developing an online shop to sell, in order to adapt to this new climate. They are already noticing the benefits of this change through higher value sales and lower fixed costs.
Fitness centers and gyms are now adjusting to increased digital use. A variety of gyms are now producing online fitness content or offering online Facebook live classes or Zoom coaching classes to keep their members involved.
2.Rapidly Increase Your Customer Base By Logging Into Online Communities And Marketplaces
The number of online marketplaces has exploded over the last few years because of the ease and choice that they offer consumers.
Participating in these marketplaces can also be a perfect way during these periods to create a mass recognition and exposure to a broad global customer base.
Every marketplace is special and provides different types of buyers, public relations, marketing and distribution costs.
Let’s see the five major forms of online marketplaces on the market:
a) On demand
The most popular market for services, focused on providing immediate response to the needs of customers through a network of suppliers, such as Uber or Deliveroo.
the most relevant form of marketplace in B2C and B2B e-commerce. Manufacturers and suppliers sell their goods on a third-party network that handles distribution processes, selling fees and additional storage, shipping and logistic analysis support. From Alibaba to Rakuten, these are the most commonly used markets for retailers and consumers.
This deals with community-building with smaller vendors and craftsmen who individually handle sales processes, logistics, returns and customer support, such as Etsy, even though a management firm still operates in these markets.
d) Software as a service (SAAS)
This deals with free and open source software which is appealing to small businesses and sellers who want to create their own website within a larger framework. It needs more technical expertise and maintenance effort, and it is not completely free of charge, because the hosting industry has some sales commissions.
Such markets use the P2P (peer-to-peer) system: anybody can sell and purchase something without third party oversight. It seems like a free and open society, but it’s also risky, as it can be used as a medium for illicit goods.
The benefits of an online marketplace:-
- Online visibility
- Reach to bigger audience
- Easy management
- SEO Benefits
3. Branding On Social Media
There is no doubt that these are tough times. When times are difficult, it’s very normal for brands to struggle particularly on social media.
Let’s take a look at some of the pieces of information.
a) Facebook saw a 72% rise in the use of all its devices in April. Users turn to these apps to keep them amused, connected, and updated as they spend more time at home.
b) Most advertisers are cutting back investment in all ways but they are participating and turning to strategies like emailing and social media marketing to continue creating a brand and attract consumers.
c) People switch to various channels for different content. For example, during this time, Tiktok and Snapchat have been a source of entertainment. Moreover, Snapchat reported a 46 percent rise in mobile phone use in South Asia at the peak of the April outbreak.
Those are only a few of the data points that make it obvious that it is now easy for advertisers to double down on creating a social media relationships with new and existing consumers.
Important tools which will help you to grow on social media:-
a) Go High Level – Click here
b) Client Generation Tool D7 Lead Finder – Click here
c) Crocoblock – Click here
d) Digital Ocean – Click here
e) EasyWp – Click here
f) Manychat – Click here
g) Sprout Social – Click here
4. Use Of CRM To Automate Your Workflow
The acquisition of new consumers would be more complicated for many companies when we emerge from the lockdown. This means that it is important that new opportunities are successfully handled and that established customer relationships are properly fostered.
CRM & workflow management tools will document and optimize all sales and service delivery processes and provide insight into the most successful marketing strategies.
In order to realize the benefits of CRM and workflow tools, it is important that you choose a solutions that can help your project to operate smoothly. This involves integration with existing systems, consolidating all communication and correspondence, and automating routine tasks so that the employees can concentrate on activities that add value to the company.
I have come up with the best CRM and workflow management tool that is Highlevel.
It is a combination of digital technology and all the tools, support and resources that you need to succeed with your agency.
Whether it would be texting, email, call, voice message, everything at one place. Creating your internal team or handling clients, it does all without going anywhere. It will save your tons of money by integrating all this useful features at one platform.
Click here for 14 day free trial – Highlevel
5. Using Linkedin To Buzz About Your Business
Networking sites is one of the most effective marketing tools used to attract new consumers and promote the brand online. Using it well can make a big difference to the overall success of your company.
LinkedIn is today one of the leading media networks for top companies. Since its introduction in 2003, it has evolved to become the world’s leading media outlet for professional networking with over 500 million users.
1. Build a descriptive company profile
First thing is that you need to build a LinkedIn profile for your company. It is important to be transparent and comprehensive about what your company is and the service you offer to your customers. And make sure to provide a detailed description of the applicable keywords, so that your company can appear in the search for similar terms. Your company profile will also provide contact details for your company and direct links to your website. This gives users the ability to further study your business and take a step closer to conversion.
2. Attach a Linkedin button to your website
The button connect is a tiny icon that can be inserted into your site along with other social media buttons. The button helps your website visitors to conveniently find your LinkedIn page and track your business activities. It will then extend your network and link you with a genuinely engaged audience that has the potential to convert.
3. Encourage every employee to connect to your business page
Every LinkedIn consumer can list in detail about their current work, along with their career background. By enabling your employees to connect to your company within their own profile, you can extend your business network and gain brand visibility to a wider audience. It also provides a much more friendly atmosphere, as potential clients can quickly browse at the company’s employees to find out about them.
4. Be consistent with posting
If you’re on LinkedIn, it’s not enough to have a profile. You need to be social, post content to attract users (and potential customers) and participate in vibrant conversations and discussions.
Posting daily content on LinkedIn not only keeps your profile up-to-date, but also promotes interaction. Any blog material or campaign reporting you post on your website should also be checked for LinkedIn. It will boost traffic and draw a wider audience back to your website.
5. Participating in group
You can set up a community by logging in to your account and clicking on ‘Jobs’ at the top of the page, followed by ‘Groups.’ After the page has been loaded, click on ‘Create a new group.’ Fill in the form and make sure you select ‘Normal’ as this will allow your community to be visible when checked.
6. Email Marketing
Email marketing is the most effective digital marketing tool for e-Commerce companies. Email marketing is the best way for companies to communicate with consumers in a timely and appropriate way without having a physical storefront.
We will show you specifically which emails to send and when to send to optimize your email ROI and ensures that you get as much profit from your email marketing as possible.
The lifecycle of the customer outlines how the consumer communicates with your brand at any point of the buying process. If you understand the customer’s lifecycle, you can monitor and predict purchasing behavior and send personalized emails that say exactly what consumers need to hear to make a purchase.
The lifecycle of the customer is also called the journey of the customer. It charts the progress of the user from a first visit to your website, to a first purchase, then a repeat purchase, and finally to being a loyal customer.
The entire e-Commerce lifecycle email marketing system consists of 8 sequences of emails. Each activated email reaches the customer when they are most probably to convert. However, you need the correct e-mail distribution infrastructure and behavioral monitoring systems, before you can use the e-commerce e-mail marketing strategy.
Click here to book a call- To get a complete guidance and training for building a successful email marketing strategy.
7. Creating A Virtual Team
A virtual team is a group of workers operating remotely. Employees are distributed around various locations /parts of the planet, around different time zones but united by the same goals.
Online networking, such as audio conferencing, video conferencing, web-based media, etc., are the essential means of communication. Digital teams are known to form ideal project teams with trained, qualified, and experienced workers.
Now, let ’s understand the benefits of virtual teams and how the company will benefit from recruiting remote workers during the pandemic.
Benefits of Virtual Teams In COVID-19 Epidemic:
When you involve remote developers, you slow down the spread of Coronavirus and keep people safe. As a boss, you are likely to be less worried about the safety of workers because they are covered and healthy at home. Keeping employees secure in the middle, you will still be able to optimize productivity and prevent significant business impacts as here workers need less monitoring due to the nature of their work.
b) Improvement in versatility
Distributed teams bring greater versatility to work than conventional in-house workers. They increase in terms of workflows, which is 17 percent more efficient and are not bound to schedules or hours of service. Homeworking is the condition for virtual teams and managers who do not have to worry about communication challenges, productivity losses, on-time completion of projects, and several other roadblocks.
c) Improvement in quality of work
Committed remote teams are expected to improve employee productivity by 44%. Working remotely means a better work-life balance and a better work-life balance keeps employees motivated, happy, and more focused. Remote employees to perform better quality work.
d) Higher ROI for technology investment
Companies are investing heavily in new communication and collaboration tools, such as Office 365 & Microsoft Teams, as remote work is on the rise due to the Coronavirus outbreak. Remote work means online communication, online messaging, online meetings, and online sharing of documents and remote teams are meant to use technology to stay connected and deliver projects. Investing in modern communication and collaborative tools gives businesses the highest long-term returns, especially in a case where business leaders expect a permanent shift to working remotely.
Important apps for creating a virtual team:-