COVID-19 Business Strategies: Survive and Thrive
August 20, 2020
0 minute read
The Coronavirus has spread in the US from March 2020. In just a few months, it has already changed our lifestyle and the way we run businesses. COVID-19 Business Strategies constantly change to adapt.
Retail and eCommerce businesses are dealing with new challenges in customer behavior and their spending. The crisis causes major disruptions and devastation all over the world.
Despite the odds, there is still a glimmer of hope out of this crisis. Though COVID-19 probably the most impacting factor in the market disruption, it opens many windows for opportunities. If your business is stuck right now, learn to survive.
Here are 5 highly recommended COVID-19 Business Strategies to keep your business survive and thrive in the Pandemic.
The opportunity in COVID-19
The quarantine measurements are applied. Physical stores are either temporarily closed down or lose revenue because of social distancing. It’s high time for online businesses and online marketing to take place.
Move your business online, now!
Advice to physical store owners, at this rate, you should start learning about eCommerce platforms to sell your products online.
To online retailers, hoping your business is running well during the pandemic. However, you can still boost sales by optimizing your online store.
What do we recommend?
We recommend Shopify – a trusted eCommerce platform that allows everyone to set up an online store to sell their products. If you have already familiarized yourself with Shopify, please continue reading the article. For people who don’t, learn more about Shopify and why you should use it.
Beside Shopify, you can also build your online business on WordPress or WooCommerce.
Invest time to do research and set up an online store. It will benefit you not just during this Pandemic. It’s a long-term and profitable investment.
Online Marketing role during COVID-19
If you already are a Shopify retailer or run an online store, you probably fully understand the importance of online marketing. Marketing is essential to reach more potential buyers and drive new leads and sales.
Once the economic crisis occurs, our first reaction is to cut all spending, including marketing investment. And that’s dead wrong.
Research shows that eCommerce earns more from the COVID-19 because of quarantine measures.
So you could have thrown away a golden opportunity and make way for your competitors.
COVID-19 brings unhappiness to some. However, it’s a rare chance for smart retailers to come out on top. Online Marketing is a marathon. It would benefit you long-term.
5 COVID-19 Marketing Strategies
1) Social Media
Creating social media accounts doesn’t cost any penny, and you are free to post your goods. Think of how great it is to have a Facebook fan page or Instagram account to communicate with your community. Social media is a great tool to advertise your brand and products, support your customers, and update your store’s activities frequently.
- Attract customers, get their feedback to provide better service
- Build trust and loyalty
- Provide useful information for market research and reduce marketing costs
- Boost sales by networking and advertising
- Develop your brand
- Keep you on the run with other competitors
- Social media won’t bring benefits if the store owner doesn’t have a clear marketing strategy.
- Need updating and monitoring regularly
- Social media is representing the brand. You can’t upload an unprofessional or inappropriate content.
- Online exposure may attract the risk of negative feedback. Make sure to prepare for all.
Whatever the risks are, having social media on your marketing strategy would give you an upper hand.
2) Email marketing
Email marketing has proved to be one of the most effective tools to boost sales and lead to more traffic. It is a must-have strategy for online businesses. However, there are a few things you need to know to make the most of this marketing tool.
- An affordable way to engage target audiences
- Reach millions of people quickly
- Data and analytics are easy to track
- Build customer relationships
- Create brand recognition
- Easy to customize
- Your email may mark as spam or bring unpleasantly experience to receivers
- You may not reach the targeted audiences
- Require constantly update
- On the run with many competitors
- Email marketing strategy and planning is a must
Make the use of your CRM and email list. First, plan your email marketing strategy. Then scape your CRM for existing customers or lead. Finally, take up email campaigns to rearrange your email list.
Email marketing has the lowest fee and yet gets the highest result in return. So there are no excuses not to take advantage of this tool.
Thank you Email Marketing Tool advantages:
- Fully customize
- Easy to use
- Provide eye-catching template with available content
- Report about sent emails, opened emails, spam, and subscribers
- Suggest email content
- Automatically send a thank-you email after customers subscribe or make a purchase
- Show the number of emails sent and emails opened
3) Promote item for home use
Spending time and money on advertising is crucial. More importantly, sell what is on demand.
COVID-19 has a strong effect on the eCommerce trend in 2020. Fashion is the best selling category on eCommerce platforms and has increased more than a half in the first quarter of 2020. Now, customers are driving to Consumer Electronics, Food & Drinks, Stationery & Hobbies, and Entertainment. In other words, they’re likely to buy items for home use and essential products.
Social distancing causes citizens to isolate themselves at home and avoid public places. As a result, the demand for clothing reduces. Food and entertainment categories take place because of outdoor activity restriction.
Your goal is to make profits. It means that you need to promote items in demand. Instead of sunglasses, handbags, or fancy high heels, cozy sweatpants, slippers, or video games will make more sales.
In case you’re a restaurant owner, online advertising about the pick-up options or shipping. It would minimize revenue loss because of COVID-19.
4) Promote gift cards, vouchers or discounts
In the eye of the hurricane, you need to be realistic about sales expectations. It’s more important to keep the business flowing and keep your customers. The COVID-19 crisis is a burden to us all. Your customer might get affected by economic disruption as well. It’s time to show your loyal customers your appreciation and care.
For Shopify Retailers, Popups are highly recommended. Sales Pop Master – Countdown by Autoketing provides many powerful features to boost sales and attract customers’ attention right at first glance.
- Run discount campaign on social media
- Send voucher or special offer via email
Whichever method you choose, make sure it delivers to your customers. Make the most of your social media and email marketing.
Pop up is also a fantastic method to ensure your customers who visit your online store wouldn’t miss your campaign. Learn how to optimize the benefits of Popups
There are tons of creative ways to incentivize your offers.
- Gifts to loyal customers
- Bundles of other special offers
- Voucher for the next purchase
- Offer membership discounts
Let others know that your business is getting support from customers.
Facebook has a new feature to support local businesses. Digital Gift Cards allow users to discover your offer on Facebook with no extra cost.
You can find it in the “ Support Local Businesses” section on Facebook.
To online businesses on Instagram, you can share gift cards, food orders, and fundraisers stickers in your Instagram stories and profile.
It would be great if you’ve already had a community on social media. If not, it’s never too late to create one.
5) Learn from the data
Let data guide your business decisions.
From the data and analytics, you will have a much better view to understanding how your business is running, and what steps you should take.
Google Analytics is a powerful tool that allows you to analyze your traffic, keywords, landing pages, etc.
If you have an online store, GA reports will identify products in demand and items that deliver the most profitable sales. GA eCommerce reports could cause some confusion for beginners. Despite that fact, Google Analytics is an all-time favorite tool for business managers.
Google Trend helps explore trending products or services by calculating what people search on Google. With GT, you can know exactly what is in demand and adjust your products or campaign accordingly.
Closing advice in the COVID-19 crisis
2020 is a challenging time. However, we can turn hardships into opportunities.
COVID-19 definitely hit your business but could be a good way. The sooner you start, the faster you recover. It’s important to adapt to new trends and patterns to remain viable.
Firstly, stay safe and positive. Your business could run slow at the moment. Don’t give up. Be proactive in building a stronger bond with your customers and actively with the online marketing strategies.
Secondly, think of the long term and don’t let the current fear cloud your judgment. Sure, there are a lot of changes and many things to learn. But you’re running a business not just to keep it survive. You want to make a profit. It’s high time for you to start taking step by step.
Lastly, Autoketing team would like to remind you that our team is always ready to help. If you have any questions about our application, please feel free to reach out.
We will get through this together.
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