The COVID-19 pandemic is causing nervousness in the business sector across the country, to the extent that some businesses have closed and other businesses have closed temporarily. However, closing down business is not the best option, even if this virus is a concern.
The first thing to do in the face of this viral crisis is to be well informed and not get carried away by the rumors we see in our WhatsApp groups or in the media that are not recognized.
It is important to know that the best strategy to fight a crisis is to face it and not to be killed by it, so this is a good time to act and keep our business afloat.
I propose the following six actions to fight the virus and not let it affect our business:
1. Emergency promotions
Give your customers discounts and attractive promotions, but cash them in to have instant resources to capitalize on.
You can give 3 for 2 products, 10% discounts, an extra gift for every 100 dollars of purchase, free shipping or even recognition on your social networks as a “distinguished customer”, among many other promotions.
2. Sell to your employees
If you are an SME, you should have a strong approach with all the people in each department that compose your company and, therefore, you can talk directly with each member and make them understand that all hands are needed to get out of the virus crisis.
Each member can sell products with family or acquaintances, get more customers or simply promote the products in their networks of family, friends, neighbors and acquaintances.
3. Invent a price club
Think of a Sam’s, where you sell a kind of membership so that your customers get benefits. This membership can be charged on a monthly or annual basis, so that in that time consumers can get products and services at low cost.
With this, you generate loyalty, profits already paid with the membership and measure how this strategy works over time.
You must start selling on consignment, that is, go with your customers and place your product without getting paid at that time, but leave them, come back 10 days later and those who were sold will be paid. With this you stop selling on credit and you are moving your inventory.
At each visit, you leave the amount sold on consignment again and this way both businesses win.
This strategy is called promotions for the future because it is about talking to your customers and offering them the promotion that if they buy the project you have for 2021 today, they will get a great discount, giving you a certain amount of money to secure that discount; this way, you capitalize and secure a customer in the long run, even if you sacrifice a little bit of your profit.
6. “Coronavirus Marketing”
I call it that because in this time of pandemic we must make the most of what the crisis has to offer.
In this case, all your promotions and advertising should be focused on how your business will fight the coronavirus and how you will support people. It is not a question of taking advantage and selling expensive products, but of offering your products with the slogan that in support of the crisis we are living, “I will do this promotion or you will be getting these benefits for you and your family”, etc.
Other advice I give to entrepreneurs in the SME sector is to exercise and be sure that the pandemic will end at some point.
Exercise to avoid thinking about negative things and making bad decisions; you will have more happiness and it will give you energy for your day to day.
On the other hand, you should know that this crisis will end at some point, it is not the end of the world; both the government and the people will fight this virus and it is likely that in a few months everything will return to normal, and by then your business can be strengthened by following the strategies mentioned above.