Businesses around the world have taken a hit from the ongoing COVID-19 pandemic. Even the most forward-thinking companies didn’t expect this to happen, and most companies are fighting to keep afloat amid the challenges of the new normal. However, some countries have effectively flattened the curve, and are successful at keeping the spread to a minimum. There are news reports that leading pharmaceutical companies are on the right track to developing an effective and safe vaccine.
There is hope for the future, and it is important for companies to be prepared in order to bounce back from the setbacks incurred from the pandemic. Businesses need to think of the bigger picture and look forward to long term growth. Here are some ways you can rebuild your business beyond the new normal:
1. Prepare for increased demand
A lot of businesses have suffered a dip in sales due to the strict community quarantine and the financial uncertainty brought about by the pandemic. People have been conservative in their spending since the onset of the community quarantine, and this has affected the revenue of most companies.
It is understandable for businesses to cut back on production to optimize operations, and decrease wastage, but it is important they don’t cut back too much. People are gradually spending more, and companies should take advantage of the market’s new normal shopping behavior. There has been a surge in online shopping, and people are buying local. Companies should be ready for the steadily increasing demand. Sales will increase as time goes on.
2. Pivot to create new sales channels
In order to prepare for the future, businesses need to pivot to address the challenges of today. To remain relevant in the new normal and beyond, businesses need to revisit their offerings, and pivot to create new streams of income. Businesses shouldn’t limit themselves to the usual brick-and-mortar setup. E-commerce has been booming amid the pandemic, and companies should explore partnering with other businesses that can help increase their sales.
The fact of the matter is that things won’t automatically turn back to normal, and people will still be apprehensive about mass gatherings. Social distancing will still be prevalent. Most people will still turn to online shopping as it is convenient and more economical. That’s why companies should be flexible to the demands of the market as these will still be relevant post-pandemic.
3. Consider your customers
For better or worse, the pandemic has revolutionized the way the world works, and businesses need to come to terms with the fact the market has changed. There is no going “back to normal.” It is therefore important for businesses to understand what their audience wants and needs.
To help safeguard their safety, there should be health protocols in place in your office or establishment. Extensive health and safety checklists should be followed to assure people that your business cares for your workforce and the market’s wellbeing. According to Forbes Magazine, companies need to be sensitive to how the pandemic has affected people in order to win over more hearts and encourage business patronage.
Even if government protocols are getting more lenient, companies that show they care have a better chance of appealing to more people. It’s important for businesses to think long term, and people will remember how your company positioned themselves during the pandemic.
4. Marketing is key
While businesses have to cut losses in order to optimize operations, it is important for them to consider the crucial role of marketing in the new normal and beyond. Businesses should make smart marketing decisions to appeal to their audience. There is still a demand for advertising in the Philippines, according to video ad tech company Unruly. The messaging just has to be revisited to be sensitive to today’s times and be flexible enough for the long haul.
Aside from the messaging, companies need to go beyond the internet and invest in different types of advertising. People are going out more often after all, and in order to attract more customers, businesses should diversify their marketing efforts. In line with this, Brandmaximizers offers displays and banner stands to help businesses better market their products and services.
We offer premium quality visual merchandising solutions to help companies and brands market their products and services better. In the new normal and beyond, we are committed to supporting businesses to step up the ante of their marketing efforts.
