2020 was an unpredictable year. Here are some characteristics of healthy businesses that you can bring into any field to ensure a successful future…
Reassess Consumer Values
The world came to a standstill for a couple of months. In a global market, planes were empty and stores were closed. While this pandemic is something that will remain people’s memories, that shouldn’t stop your company from having a steady revenue. Therefore it is essential to listen to consumer concerns aside from federal and state regulations and incorporate them into your customer service. Keep in mind that when a customer is comfortable and knows they have been heard – they are more receptive to your business. Find the most effective way your industry can provide the best customer service and tailor it to the needs of your audience. Having considerate values associated with your brand will only improve sales. With that being said, here is a list of consumer statistics as we introduce the new normal.
- Nearly half (47%) of people surveyed said that they feel safe going into stores—up from 35% the month before
- Approximately 70% of consumers expect their household income to be impacted for more than two months.
- Approximately 33% of consumers expect the economy to bounce back in a two to three month period, a dip from the 44% who reported mid-March.
With healthcare officials predicting a resurgence, economists are predicting a W-shaped recovery, and news stories of local outbreaks are causing consumer enthusiasm for nonessential goods to be muted.
Find New Opportunities
Understand that every economic sector has the same goal. Maximizing revenue. To do this you need to expand on the opportunities that worked for you and innovate them to adjust to the current climate. At this time, action is just as important as research. Optimizing your business by investing in more revenue streams will only help you reach new heights, despite the economic downturn and help your business thrive. Here is the first hint for success in the “Digitization Age”.
According to a recent survey, less than 8% of total B2B product sales are closed directly through the Internet, versus 15% for B2C products. While these numbers go up every day, the online market is something that almost all small businesses have not utilized to its full potential. Reconsider moving your marketing budget over to screens rather than billboards, and you may see a massive increase in traffic directed towards your company. Not to mention its advantages in tracking efficiencies in your campaigning effort through online analytics – a useful tool that can’t be integrated into traditional marketing resources.
Embrace the Future
At times like this, it’s best not to be shackled by expectations or attempt to predict the future. The key mindset for success right now is to hope for the best but be prepared for the worst. Our parting advice would be to take this time and consider rebuilding. Take this problem, and see it as an opportunity to rebrand and restructure to create a sustainable business model under the current circumstances. Here are some small business statistics to remember:
- An average of 31.4% of small business owners expect more than six months will pass before they return to the usual level of operations
- 25% of businesses say the government relief bill will not help their business
- 88% of organizations have encouraged or required their employees to work from home
In the end, businesses need to be able to adjust and adapt to the economic ecosystem they were abruptly thrown into. However, be thankful that we are at the peak of the technological age. You can reach your consumers anywhere in the world and operate without a brick and mortar store, so make sure you take advantage of the opportunities that are presented to you and adjust your approach. Before the industrial revolution, the people who did not take advantage of the new manufacturing processes were left behind.
Today, we are in the middle of a technological revolution. Has your company been implementing new strategies to your business model to maximize your revenue and create a larger consumer base or have you been lagging behind?