7 ways Your Business can adjust to COVID to improve Cash Flow and Turnover
The pandemic has changed the way traditional businesses operate, impacting all industries and sectors alike. It has become challenging for most businesses to keep afloat due to prolonged lockdown, conservative spendings and overall general economic distress. Unlike the internet-first and app-first businesses, sectors such as retail, real estate, and travel have to go an extra mile to keep their businesses running.
With this being the new-normal, companies have to find fresh and innovative ways to turn the tide in their favour. The following are some tips on how businesses can adjust to Covid and improve their cash flow and turnover.
1. Capture New Markets
In order to increase the customer base, it is beneficial to explore and understand the neighbouring area with respect to business/store location. Invest in targeting precise customer segments rather than going for generic advertising.
2. Build Brand Value
Now more than ever, with no in-person meetings or shopping experience, businesses need to connect to their customers and stakeholders to build trust. One way of doing that is to focus on brand value. People support companies promoting values that align with theirs. Communicating empathy and transparently with your customers is key as they can empathize with companies facing a crisis and understand each other’s plight.
3. Think Global Instead of Local
Remote operations open a vast pool of applicants for the job and the prevalence of delivery services open a broader market for consumption. With that being said, a team spread across states must have effective communication to maintain high spirits and understand the vision of the project.
4. Be Lean and Mean
Work-from-home already cuts out transportation needs and office costs are also greatly reduced. Hire only the help required from the global pool of applicants. A well integrated and focused team can help create trust and a sense of camaraderie within the company.
5. Be Agile to Changing Markets and Customer Expectation
Unprecedented times call for unprecedented compassion. Offer genuine support to your staff and customers — not as an overt marketing strategy or to gain competitive edge. Customer demands and expectations have changed dynamically over the course of last year and will continue to change, and to be in tune with those expectations, companies must keep an open channel for dialogue.
6. Take Advantage of Latest Technology
Digital adoption of communication has transformed the organisational front of businesses, with customers and employees communicating through digital channels. A whole suite of productivity tools has been introduced — from video conferencing and presentation to group activities, they help improve customer engagement. This not only saves valuable time and resources but also streamlines the entire process. Moreover, companies expect these changes to be long lasting and many are already making the required investments in technology for the future — funding for digital initiatives has increased more than anything else.
7. Review Target Markets and Marketing Strategy — Create niche markets in online and local communities. Giving sales the tools required to succeed by identifying and understanding customer psychology is key. We at unMazer provide deep, actionable insights and analytics based on AI, machine learning and statistics. Applying these insights can be a game changer, not only for driving revenue, but for making strategic growth decisions to expand your market share.
The adversities caused by COVID-19 remain a prevalent issue even after a year of lockdown. But these challenges can pave the way to unexpected opportunities to drive a successful business. With valuable data, actionable insights and meticulous planning, companies can emerge from the pandemic stronger than ever.
With the right marketing strategy, you can reach customers and avoid the troubles many businesses face during their initial years. Start by checking the blog on -
