Through the COVID-19 pandemic, businesses have scrambled to move as many operations as possible to online platforms. It’s been a strategy that has helped companies remain relevant during social distancing restrictions. But some businesses simply can’t be run over the internet or a digital platform. So, what can those businesses do to survive? While it’s a lot harder for these businesses to digitise their offering, there are a few things they can do.
Reassess your marketing budget
Marketing has been a subject that many business owners are uncertain about. While some have slashed their marketing budget in response to fewer sales, others have doubled down. There’s no right or wrong answer regarding what to do with your marketing budget amid COVID-19. It really comes down to your specific industry and business goals. If all of your competitors have cut back on marketing, it could be an opportunity for you to get your brand name in front of more people.
Utilise organic marketing
Depending on what advertising mediums you use, it can be quite an expensive investment. If your revenue isn’t sufficient for maintaining advertising campaigns, you could try a more organic approach — that is, utilising areas of digital marketing other than paid advertising.
Ongoing lockdowns mean there are many more people at home in front of screens. Leveraging this knowledge could help you become a household name by simply spending time on online platforms interacting with your target audience.
Steps to take:
- Research competitors. Check out their content including social media profiles, blog articles, and YouTube videos to see if there’s anything you could learn.
- SEO. Search engine optimisation (SEO) is the strategic approach taken to get your website ranking on Google for specific keywords. It uses a combination of technical and content-focused techniques to help you be easily found by potential customers.
- Create content. Creating social and blog content helps to build trust with your audience and is a great way to show your expertise.
Get social on social media
If you’re stuck at home in lockdown, set some time aside to research where your target customers hang out and then interact with them in a way that provides value and builds a relationship. Social media groups are a great place to start. Join some relevant Facebook or LinkedIn groups on behalf of your business and start communicating. If your business has had to close its doors during the lockdowns, your newfound network will remember your name for when it’s business as usual!
Share your knowledge through webinars
Running a webinar or group video conference is a great way to share your expertise with your audience. For example, if you’re in the hospitality industry, run an online cooking course or demonstration. If your webinars are popular, you could even try selling tickets to them!
While networking provides the most impact when done face-to-face, it can be done remotely through online groups, phone calls and video conferencing. Networking provides an opportunity for you to learn from other business owners regarding business strategies that are working for them and is also an avenue to gaining referrals and business via word of mouth.
Search online for business groups or associations to join. If you don’t get any business advantages out of it, it is still a great way to stay connected and remain social during a time where physical distance is keeping us segregated.
Become more customer-centric
It may sound like a cliché, but it’s true — without customers, your business wouldn’t exist. It’s important to remember this when deciding how to approach customer service and care.
Putting together a reward program is a great way to build loyalty to your brand. Customers don’t decide who to shop with purely based on price. If they have an incentive to shop with you and are rewarded for their loyalty, they are less likely to switch to one of your competitors over differences in pricing.
Superior customer care
Flexibility and going the extra mile for your customers is a sure way to make an impact. By adapting your service to cater to individual customers wherever possible, you’ll be sure to build a lasting impression — which flows through to customer loyalty.
Manage cash flow with invoice finance
Has a lack of cash flow been holding you back? Does the time it takes your customers to pay their invoices mean it’s difficult to grow your business and get ahead? Waddle’s invoice finance could be the working capital solution you’re looking for. You can pay your staff, take on new business and cover day-to-day costs without worry.
Waddle is a revolving line of credit that uses your unpaid invoices as security. It is an innovative platform that integrates seamlessly with your accounting software, such as Xero, MYOB or QuickBooks. Your available balance stays in sync with the invoice ledger, rising and falling as invoices are raised and paid. And your loan is repaid by your customers as they pay those invoices into an account Waddle sets up in your name, so it remains fully confidential. Visit our homepage to learn more and click Apply to get started.