COVID-19 has changed the outlook of the entire business world, hitting many verticals from top-tiered companies to startups. Vulnerable sectors globally revealed revenue drop in a matter of weeks with some even dwindling to a total halt. Countless companies have taken steps to reduce losses, including the establishment of homework arrangements, reducing employee through furloughs, cost-cutting, applying for government support, and others.
However, organizations are starting to think about creatively capturing opportunities by utilizing any available strategies at their disposal, including channel segmentation via social media, website redirects, venturing to other products, etc. Here are a couple of standard strategies you can use to be agile and adapt to the new normal we’re in.
Branch out to diverse channels with the same product. This proactive response to the current pandemic includes offering the same or similar products and services via an online channel – this means turning your physical store into an e-commerce shop. The first thing you need to accomplish is to find a registrar and use their domain name search to find an appropriate domain name (website address) for your business.
You can also host your website on the registrar and even have your new website developed by them. This will speed up the process and give you better support since everything is in one place.
Another factor for this strategy is deploying influencers online. For instance, a shop selling computer peripherals can sponsor gamers and then ask those gamers to redirect their fans and audiences to their online store.
Nike also used this strategy – when their offline business in China ground to a halt — their online operations did not. Nike’s staff engaged with consumers digitally by offering at-home workouts and supporting online store buyers. Nike also utilizes a road map to follow as the virus continues to rage across Europe and North America.
Offer different products using the same infrastructure. COVID-19 continues to dampen demand for many products and services, which resulted in underuse of many organizational infrastructures. Shops forced to close, factories run under capacity; restaurants, diners, bars, and hotels sit empty; service providers go unused.
Some organizations are able to take advantage of this shift by deploying existing infrastructure to create different products or offer new types of services. For instance, breweries are able to product rubbing alcohol when COVID-19 hit and essential goods provider are able to utilize curbside deliveries.
Empower your staff through remote work. Remote work is irrevocably part of the new normal we’re in. As a business, you must be willing to upgrade your technology if you’re yet to use VPN, Cloud databases, conference meetings, etc. You’ll find many resources online on how to set up a remote environment for your employees and empower your business to continue its processes despite the situation.
While we move from a reactive to a proactive approach as we deal with COVID-19, we need to make use of all resources and strategies available to us. If you’re a local goods provider without a website, your safe bet is to transition your online business. As stated above, your first course is to accomplish a domain name search with a registrar.
Responding strategically to our current world situation needs equal parts creativity, openness to challenging risks, and a willingness to be creative to adapt to the COVID-19 threat.