Sunday, June 21, 2020

Business Strategies that Work & Don’t Work After the Pandemic

If you own a business, you’d realize that the pandemic do changed your business strategy. That is because the whole consumer behavior paradigm has shifted, priorities are readjusted and disposable income becomes limited. If you have not thought about a new business strategy, here are some points to kick-off your plan: 

1. Research your customer profile again

You might lose some customers but you also might gain some. It is a good practice to start profiling your customers again through customers' surveys or feedback. The first thing you should do after few weeks of the opening is to conduct such research. 

The result will give you an insight of what to implement at the moment, your short-term and long-term business goal, as well as what business strategy you should adopt. 

2. Subscription-based/Pre-paid sale no longer works

Due to the uncertainty of income and unstable job securities, consumers will be reluctant to part their money especially on products and services that they have to pay now but can’t enjoy yet. 

For example, a facial package that cost RM3000 for a year will no longer attract your customers. Even though paying monthly might cost more, they would rather pay the no-frills RM400 per month rather than parting with RM3000 cash in their pocket. 

3. Micro-products are in-demand

Smaller-sized products would be a preferred option compared to bulk or wholesale products. This is because consumers still have the habit of trying multiple products but with limited financial capability, it will force them to look for variety but limited quantity packaging.

For instance, travel-sized beauty products, cocktail-sized sauces, etc. will be easier to sell compared to huge jars sizes.

4. Expand your "individualistic" loyalty program to social group loyalty program

Typically, loyalty programs are tied to an individual account. I am seeing that more businesses are expanding such loyalty account into a social group concept - where you can add your own circle in your loyalty account. When any person in the social circle spends their money, it will benefit the group as a whole. 

This kind of loyalty program works really well if you have a tiered benefit system. The members of the social circle will encourage each other to spend in order to meet the next tier with more benefits. 

5. Put more efforts on your online sales channel 

Your online presence doesn't need fancy websites, software, or an advanced system. If you are a small business, you can leverage on Facebook group or Instagram page in order to generate sales. I am seeing a lot of Facebook live sales that generate 5-figures sales each night. 

6. Leverage on the friends-intro-friends referral program  

A lot of businesses introduce their own affiliate programs in order to get their followers to "advertise" for them. The affiliate programs not necessarily open to your customers because the whole idea of it is to get your followers to help you sell your product. 

Simply get your follower to sign up with their unique link or code, once they manage to refer a customer, they will be reward with their effort. 

Many people are looking for alternative ways to earn money in the current situation. So, this can be a very good platform for you to tap on if you want to get lots of customer leads in a short period of time. 


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