2020 has proven to be a year unlike any today’s generations have seen before. Businesses particularly have suffered at the hands of the COVID virus. From shutdowns to decreased sales, many companies have taken a hit on their profits this year. If you are seeking to grow your business amidst these challenging times, below are three helpful tips to consider.
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1. Revamp Your Business Plan
COVID has had an extreme impact on how consumers are shopping. While online purchasing has been available for quite some time, it is now more of a necessity as many customers are avoiding unnecessary face-to-face interaction. As a business owner, analyze your business plan and make updates to better service your clientele during these times.
Genpact offers assistance with target operating models. Target operating models lay out your business’ ideal priorities, finances and structure. Genpact helps ensure your model will accomplish your business’ goals and the action steps are communicated clearly and executed efficiently. In a world where consumer shopping habits are changing, they can help ensure your business is adapting as needed to turn a profit.
2. Utilize Social Media
As previously mentioned, people are spending more time online as a result of limiting physical contact. Therefore, it is imperative that you have a social media presence. Consumers are constantly turning to the internet for product ideas and suggestions; you want to make sure your business is part of the conversation.
First off, ensure your web site is updated and easy for your customers to navigate. There is not much point in driving online consumers to your main online presence if it does not work properly or is outdated. Post any changes you have made due to COVID on your web site, such as hours and sanitary procedures. If it is within your means and makes sense for your type of business, offer online shopping and shipping. If you can offer this feature, this will greatly increase your ability to make a profit.
Some of the primary sites you should utilize are Instagram, Facebook and Yelp. While you can pay for advertisements, simply posting relevant and intriguing content can grab consumer’s interest. Create a listing for your business. Include information about your company, how you got started, what you offer and what makes you stand out from the competition. Make sure the phrasing sounds genuine and is grammatically correct; if your content is minimal and filled with spelling and punctuation errors, it reflects poorly on your business. Ensure there are a variety of photos of your products and services. Finally, make sure your awesome web site is clearly noted on the listing!
3. Offer Incentives
Now that you have some fantastic listings showing off your business, it is time to start interacting with your potential customers. Incentives are a wonderful way to encourage people to try your services or products. Even if you are limited financially, do your best to offer some type of discount or promotion to entice viewers.
If you have a Yelp listing, use the “call to action” feature to highlight a new customer promotion. If you are using Facebook or Instagram, use the post feature to interact with others on the site and showcase specials. If you have a limited budget, a great way to get traction without giving away lots of discounts is by telling users to share your post in order to be entered into a drawing for a prize. This motivates people to share you content without you having to provide a reduction for everyone. You have lots of room for creativity when it comes to incentives, as it is really up to you to discount and emphasize what you see fit.
This year has brought with it many hurdles, especially for business owners. Take time to revisit your business structure and see what changes are beneficial. Following the above tips will help put your company back on track for growth.