The coronavirus pandemic and the subsequent market downturn has taken its toll on businesses across the globe. It doesn't matter if you're a small to mid-sized business or a large corporation, everyone is feeling the impacts of the current economic crisis.
As of the beginning of this month, unemployment claims have topped 30 million people. Non-essential businesses have been forced to close their doors, some until the economy rebounds and others for good. And now, most businesses are operating under entirely new protocols, the likes of which they've never implemented before. It's a nightmare scenario for business owners.
No one could have predicted how hard the pandemic would hit the economy. If your business is still up-and-running, there's a good chance you're going to make it through to the other side, but there will always be that lingering uncertainty. Here are a few ways you can readjust your focus to maximize future profits and boost your business in the midst of this downturn.
Make the most of your current customers
Every business owner's goal is to scale their company, but growth is only possible when you can continue to attract new customers and clients. During a pandemic, this just isn't a possibility.
Instead of focusing your efforts on widening your customer base, take the time to nurture the relationships you have with your existing customers. This is a great time to show them how much you appreciate their business. Consider offering exclusive deals or rewards. It may not seem like much, but these incentives may go a long way in creating a loyal customer.
Once the market picks back up, these customers are more likely to continue engaging with your business, even offering you up as a word-of-mouth referral to their friends and family.
Continue your marketing efforts
Budgets are tight. Now is the perfect time to rethink your marketing strategy.
Instead of focusing on converting leads, think creatively about appealing to your customer base. How might amplifying your mission and your people impact customers? Stay active and focus on increasing social engagement.
Now is also the time to plan. Craft a marketing strategy ahead of the economic rebound so that you and your teams are prepared. Marketing is all about timing, so if you develop a great plan now, then you will inevitably be in a better position.
Dig deep for growth opportunities and be innovative
During a market downturn, many businesses will struggle to stay afloat and eventually drown when they can't find their footing. Pivoting your business during a pandemic is no easy task, and the leaders who remain focused on creative solutions and making the best of a bad situation will come out stronger on the other side.
Don't panic. There are a variety of ways to further your business interests, no matter how bad it gets. This is a time to make bold moves. You don’t need to reinvent the wheel, but you will need to cultivate a different perspective so you can identify new opportunities. Stay vigilant and look to the future.