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Most businesses are in survival mode as they try to survive the most significant challenge they faced in a century. The lockdown measures and social distancing protocols have altered consumer behavior. As a result, business operations and sales of companies across different industries are greatly affected.
As the pandemic sweeps countries worldwide, its economic impact is rippling in all corners of the globe. A Harvard University report forecasts that international airline travel will drop by around 44% to 80% while merchandise trade will decrease by 13% to 32%.
Adopt a Customer-Centric Strategy
It is an ideal time to adopt a business strategy that focuses on the customers. More than ever, many businesses realize the importance of putting the customer at the core of your plan. It is time to revisit your service to see if you are providing the best customer experience. If not, you should redesign your strategy and focus on providing more meaningful engagement with your customer.
In these challenging times, a customer-centric approach could be the difference between flourishing and shutting down. The pandemic has magnified the importance of customers to a business. Gaining the trust and loyalty of your customer is a critical element in surviving the challenging market.
Seize the Opportunity
Amidst a crisis, there is an opportunity waiting to be discovered. As a business owner, you can look at the positive side of the current situation. Some businesses looked at the pandemic as an opportunity to sell new products.
Numerous companies have retooled their operations to produce items that are in demand today in the market. For example, some companies started manufacturing personal protection equipment to help meet the need for it across the country. Other businesses began manufacturing and selling face masks, face shields, nasal swabs, and other healthcare items.
It does not indicate that you are going to stop producing your core products. You are just refocusing your effort to respond to the market demand.
The pandemic amplified the need for businesses to go online. If you observe, companies that are surviving or thriving amidst COVID-19 embrace that going online is inevitable. The crisis serves as an eye-opener for entrepreneurs to build an online presence. For example, the department store chain Macy’s suffered significant loss from its physical stores. However, since it has already made an online presence, it is reaping its initiative’s gains. In the second quarter of the year, Macy’s reported that its online sales jumped by 53% compared to the same period in 2019.
Now is an excellent opportunity to recalibrate your marketing strategy. Incorporating digital marketing into your business strategy is essential for business survival in these challenging times.