The COVID-19 pandemic has disrupted almost all businesses from various industries. While some have managed to reopen this year, a few others have closed for good.
Some resilient and strategic businesses, however, have taken advantage of the pandemic situations. They have turned the global crisis into business opportunities. They have undergone a digital transformation and pursued technological innovation. They have become adaptive to the ever-changing consumer needs and ever-evolving business landscape.
If you’re looking to grow and expand your business amidst the pandemic, here’s what you need to do:
1. Consider the thriving industries in pandemic
The US Chambers of Commerce mentioned some thriving industries during the pandemic. These include the cleaning industry, delivery service, fitness sector, landscaping service, and telehealth industry.
It’s good if your business type belongs to one of these industries. If this is the case, you can take advantage of the opportunity to grow your business. If not, however, you must make some necessary adjustments. For instance, if you’re in the health industry, focus on providing telehealth services instead.
2. Understand the consumers’ changing behavior and needs
Any global crisis can lead to changing consumer behaviors. As you can see, consumers have particular needs based on present circumstances. Given the COVID-19 pandemic, customers may be quite hesitant to spend on non-essential goods or services.
That said, be sure to conduct research and perform due diligence amid the pandemic. You have to understand your consumer needs at this point. For instance, if you run a restaurant business, consider offering delivery services due to the pandemic restrictions.
3. Study your competitors and stand out in your industry
A global crisis can either make or break a business. Challenging times will reveal which will survive and which won’t. As such, it’s best to assess your market and study the competition in your industry.
For faltering companies, see what factors have led to their business failure. For flourishing businesses, know what their best practices are. From there, you can recalibrate your business strategies and incorporate some of these best practices.
4. Create value for your target market
Businesses typically thrive and succeed if they consistently provide ‘value’ to their target consumers. Amidst the COVID-19 pandemic, consider how you can cater to the needs of your target customers and provide them with real value.
The best course of action is to conduct a business valuation. This process involves identifying the key factors that will help you create value in your business. If possible, work with a company valuation that can assist you in this vital aspect.
5. Employ digital marketing strategies
Digital marketing has long proven to be effective in promoting a brand and selling products or services. But it has never been this important during the pandemic. In fact, it is your best marketing option as consumers and businesses have gone digital amid the global crisis.
There are a handful of online marketing strategies you can employ. These include search engine optimization (SEO) for online visibility, pay-per-click (PPC) advertising for site traffic, content marketing for branding and promotion, and social media management for customer engagement.
6. Take advantage of digitalization and technology
The COVID-19 pandemic has led to massive digital transformation among many businesses. It has further amplified the need for digital tools and technology. As such, it’s best to assess the current resources you have and see what technologies you can incorporate into your business.
That said, consider the use of automation, artificial intelligence (AI), and robotics. Take advantage of virtual reality (VR) and augmented reality (AR). For instance, if you want to enhance your customers’ online shopping experience, utilize VR technology.
7. Set contingency plans for your business
As with any business type, it’s vital to set contingency plans in place. However, these plans must go beyond short-term calamities such as hurricanes, earthquakes, or flooding. Your business must also foresee long-term crises such as a pandemic and see how you can manage to survive.
But as the COVID-19 pandemic has gone for more than a year, you must have set business strategies to survive and thrive by now. Most importantly, you must have already carved your business contingency plans to prepare your business for what lies ahead.
Business growth and expansion may be impossible in a pandemic. However, these can be plausible for highly strategic and resilient businesses. All it takes is to check your industry, assess your target consumers, study your competitors, and create business value. Also, employ digital marketing, use digitalization and technology, and set contingency plans for your business. With all these crucial steps, you’ll see your business grow and expand during the pandemic—and beyond.
