Business Strategies for Surviving the Pandemic Economic Shutdown
The USA is now CLOSED for Business
The worst thing that can happen to business, happened. A global shutdown of the economy is unthinkable. In my wildest dreams I would never have thought this could happen. Real life is stranger than fiction. The 3.5 trillion dollar question is “now what?”
Though it may be tempting to pause during this time and just wake up when it’s over, now is the time for aggressive, forward-thinking marketing strategies.
Businesses with a clear plan and a quick response, will be best positioned to survive and even thrive as things begin to return to the new normal.
There are two ways to position yourself during the pandemic crisis and economic shut down. First, digital marketing and branding. Secondary, is to evaluate your existing business and look for opportunities to meet the demands of today’s needs. For example: telemedicine consultations vs. in person.
Prior to the pandemic, online marketing was increasingly vital to medical clinics for getting more clients or patients. Regardless many practices still focused on traditional marketing such as events, print advertising, networking, and referrals. As people are forced to stay home, work from home and social distance, they are spending more time online and less time in person. Even as we begin to open businesses, this shift to online will continue to trend. Although we may return to normal and you may be reluctant to make changes, it is not likely in the near future. At the time of writing this we are in our 14th week of home quarantine and social distancing. Our state is only in Phase 2 of re-opening with promises of pausing our economy once in again here in Washington state.
Although we will leave the house and resume activities, our behavior will continue to shift toward digital. Now that we have figured out how to work from home, participate in virtual meetings, workout on our own, cook all of our own meals, do our own manicures and shop online many of us will continue to do so. Although we may have suffered from being socially distant, we experienced what it was like to eliminate commutes and spend less time in the car, participating in virtual meetings, and having everything delivered. There is a strong argument that working from home and more productive and cost effective. This pandemic will have a permanent effect on how we move forward. What we will refer to as “normal” will be very different.
The businesses that thrived are the ones that were already focused on digital if not completely digital such as Amazon, Netflix, and Zoom.
Focus on your digital marketing
Now is the time to pivot and prioritize your investment in online marketing strategies and building relationships using virtual tools. This means investing more in:
- Your online profiles
- Search engine optimization
- Social media campaigns
- Reputation management
- Email marketing
- Video Marketing
- Telemedicine
- Virtual events and webinars
- Influencers
From in-person to digital, there’s a migration occurring, and savvy businesses will take advantage of the online influx. Now is the time to invest in a marketing strategy that prioritizes virtual connection, building relationships via online resources.
- Create a new modern website
- Evaluate your past marketing efforts
- Rebrand
- Create and execute campaigns focused on today’s environment
Invest now in your online marketing or at the very least create a strategy you can execute in the near future.
Evaluate your current business strategies and shift to meet today’s needs
Although your business model may have thrived prior to COVID-19, coming out of it may mean you need to adjust and fine-tune. Consider how your business can pivot to adjust to a new normal. For example, if you previously relied on foot traffic to a brick-and-mortar location for sales, shift to digital to accommodate the higher numbers of people who are online. For in person appointments, it may be necessary to add telemedicine or virtual appointments whenever it isn’t necessary to be physically present.
Before you can create post pandemic business strategies, analyze how your industry has been affected. Research what your competitors and the industry as a whole are doing. Pay attention to the trends and focus on finding the opportunities. Being able to find a gap or need that your business can fulfill that’s been neglected could be critical to reclaiming and expanding your business.
Evaluate your current business strategy, strengths and weaknesses. Consider what was working before that may not work as well now. Some adjustments may become obvious while it may require more digging to see where you can adjust or improve to remain competitive. Revisit your business goals to make sure they’re realistic, given the current circumstances. You may have set a target revenue goal for the year that will need to be scaled back especially with your Q2 sales.
Some things to consider changing for post pandemic business strategies:
- Offer new services that meet the demands created by the pandemic
- Create new products such as hand sanitizers and acrylic walls
- Adjust your fees and prices
- Expand your business hours to accommodate the demand when businesses can open
- Delivering products or bringing services to people’s home offices
Examples of a successful business pivot:
- Businesses such as Nordstrom shifted from focusing on business attire, summer outfits and travel clothes to attire that we are wearing during quarantine – work from home, loungewear and workout clothes.
- While social distancing, our personal appearance and business attire became an afterthought. Yoga pants, t-shirts, and messy buns are the new trending corporate attire and are here to stay. The fashion industry has shifted their focus to things like working from home outfits, chillaxing attire, “staying in” outfits, leisure wear and athletic clothing. Tennis shoes and slippers have never been so popular.
- Restaurants shifted from “dining in” to take out and delivery. The restaurants already offering these take out suffered less while others scrambled to put together a contingency plan. As these restaurants begin to open up many will continue to offer takeout and delivery. Another dining trend is to move the tables outside. Some of created outdoor seating areas with a beautiful and inviting aesthetic.
- In the Bellevue area there was a noticeable increase in home improvements and remodeling which is proving to be a positive for builders and construction workers.
Creating business strategies for reopening:
Once you have researched your competitors and created a plan, consider a contingency plan for future catastrophes and pandemics. Instead of having just one or two plans, have additional options. It may relieve some stress as well knowing you have plan B, C, D and E. Be sure to include a “cash” reserve or an alternative stream of income to meet the costs completely shutting down your business for one year and at a minimum 3 months. This can make the difference between surviving and complete financial devastation.
