Surviving The Coronavirus Period: Digitizing your business
It is an uncertain time for many of us in all industries. Currently, brick and mortar shops are experiencing a lower foot traffic or none at all due to lockdown and more people staying at home.
In Singapore, all non-essential services have been informed to cease operations by the government and close their shops entirely. For the food and beverage industry, cafes and restaurants can only do takeaway or delivery options, appealing to everyone to patronise to keep them afloat.
However, this also means that more people are spending time online and on social media. Here are some tips you can take if you want to use this time to restructure your business and adapt your marketing strategies to improve it or start an online business this period.
How to adapt marketing strategies or restructure your current business:
1: MOVE YOUR BUSINESS ONLINE (IF YOU HAVE YET TO)
Websites like Squarespace and Shopify allow for easy and quick domain set-up to get your website up and running quickly if you’re not the most particular about meticulous design. Shopify is geared towards e-commerce while Squarespace has more generic templates suitable for portfolio sites, restaurant landing pages, professional services etc. Squarespace can be converted to an e-commerce platform but at a fee. However, if you’re looking for a domain that is lower on the monthly subscription, we find WordPress the perfect fit that can achieve both portfolio and e-commerce sites. Need help creating your website? Feel free to get in touch with us and we’ll see how to work something out with you. We also do free consultations for your business if you are unsure of what your next steps should be.
2: BUILD A STRONG SOCIAL MEDIA PRESENCE
With more people staying at home, you can expect more time spent browsing online or on social media for services and products. This creates the opportunity for your brand to form a deeper connection with consumers now that you’ve got more of their screen time. Create an Instagram, Facebook, even Tik Tok and commit to being active on it. A tip is to keep your content on social media updated, do an IG Live, IGTV or FB Auction to showcase your products. If you’re too busy running the operations and would like to have your social media taken care of, we’re here for you.
3: SHORT-TERM PAIN, LONG-TERM GAIN
With more competition from different businesses and vendors, apart from product price, the delivery price could potentially deter someone from completing an order. A $10 delivery fee on a small item can drive someone to search for other alternatives and leave your brand’s checkout page. Though losses are normal now, the important thing is for your business to gain the sale. Absorb reasonable shipping costs to tide through and still receive cash flow and recover after the virus passes. Many big companies including Target, Amazon and Redmart have lowered their delivery fees too.
4: CREATE SALES PROMOTION AND IN-KIND DONATIONS
It might be a good move to run a sales campaign with the economy taking a hit as consumers would be more price-sensitive during this period. You can also opt to partner with a charity and donate a percentage of your sales to helping those affected by the Coronavirus.
Here are grants that we know of that support offline to online business strategies:
Why it might be a good time to plan or start your new business
It is undeniable that this pandemic would pose as a global economic challenge for all and this makes it clear that operations in businesses should be streamlined and financial resources should be conserved as much as possible. Of course, this applies to those who are not as financially affected by this period and have been toying with the idea of starting a new business for some time.
1: THE SPARE TIME NOW IS A BLESSING IN DISGUISE
If you’ve always had that entrepreneurial spirit in you, it’s the perfect time to do market research, create a business plan and do a cost-benefit analysis to make sure you’re taking logical calculated risks. You should repeatedly ask yourself – How can I create a fail-safe plan and make it cost-effective?
2: IT CAN WORK AS A SAFETY NET DURING UNCERTAINTY
If you’re an employee or worker who has been or might get laid off, consider running a business digitally to save money and time simultaneously. It’s easier said than done though, you’ve got to know what you want to sell and its value creation, set up an e-commerce store, nail social media marketing and drive traffic to your store to eventually generate sales. Your business will take some time to be fully operational and ideally, by the time the crisis is over, you will have a business that is ready for the emerging market and for clients.
3: OPPORTUNITY TO TRIAL AND ERROR
Should the lockdown in certain countries take longer than others, the only way to ensure your work or business is not affected is if you have a base of operations which can be managed digitally. Set out a comfortable amount that you’re willing to invest in the venture you intend to work on and start searching for the resources you need.