Dealing with COVID-19: practical tips and resources for B2C founders

Unlike operating in B2B, consumer sentiment and behaviours can change overnight. Anxiety, uncertainty, WFH fatigue - these are real feelings felt by consumers across and it’s critical for companies to proactively rethink everything from positioning, messaging, to strategy in order to adapt to these extraordinary times.

While you don’t know when the pandemic will end, there are things you, as a founder, can consider during this time to mitigate risks and build resilience. (For enterprise/b2b founders, see part II)

1. Strategise different scenarios depending on your runway, profitability and category performance

2. Unlock the upper funnel

Facebook/Instagram ad performance in March. Source: Social Fulcrum, as of March 27, 2020.

3. Listen to your customers and reposition your brand

4. Act fast, act decisively, and over communicate

***If you are a subscription business or rely on long payback time: As churn tends to be very high during this period, especially on the B2C side, it might be worth considering free trials to help acquire users, and offer discounts to switch people from monthly to annual subscriptions to mitigate the churn and bring forward cash flow. Listen closely to your data and identify early signals impacting your LTV. It’s imperative to remove the fiction and be mindful that new customers are more marginal and need more education around your product.

Historically, turbulent periods like this offer great opportunities to disrupt legacy brands and systems. The companies that survive and thrive are the ones that are laser focused on adapting to consumer behaviours and staying nimble. We hope you will stay safe and here are some useful resources:

Online e-commerce sales benchmark by category:

Shipbob’s daily e-commerce trend

Daily web traffic data and benchmark by category:

SimilarWeb Coronavirus Data & Insights Hub

Ad data update and strategies on ads:

Common Thread: COVID-19 and E-commerce

Social Fulcrum blog post

Government subsidies and support:

Shopify’s global list of government subsidies and relief programs

Other incentives and support:

Facebook’s Small Business Grants Program

We also have a list of perks availabile for our portfolios, please reach out to get the details.

[1] A survey done by Profitwell that shows how affinity changed from “make you money” to “save you cost” in a matter of a year.

Investor @ Vectr Ventures. Triathlete/cute animal video lover. DIY fanatic.