How Product-Based Business Owners Can Survive Uncertainties During COVID-19
Several business owners have been forced to shut down their businesses as a result of the COVID-19 pandemic. Amidst the outbreak, other businesses yet to shut down completely have begun working remotely. However, losing customers during this period is somewhat inevitable as the lockdown makes it rather difficult to meet the needs of various clients.
This scenario is especially true for product-based business owners. The shutdown has resulted in zero revenue for most and yet, there are bills to be sorted. There are indeed a lot of uncertainties during COVID-19.
According to a report gathered by Guardian.ng, Adion Aleobua of Modion Communications said “the impact of COVID-19 pandemic on brands would be ‘dire’ especially because the pandemic came as a “surprise environmental factor that was not factored into the sales performance projections at the start of the year.”
He went further to state that “the closure of businesses and almost entire shutdown of the economy in compliance to the social distancing recommendations, will hit the bottom-line without a doubt. The loss to businesses can’t be accurately gauged right now, but with 50% crash of crude oil prices, government and Nigerians may just be staring at another recession in the face. The projections don’t look very pretty right now.”
In lieu of this, below is a list of ways product-based business owners can survive the uncertainties during COVID-19.
- Rebranding
Branding goes a very long way in keeping a business afloat. For product-based business owners who look forward to surviving the uncertainties that come with the outbreak of the COVID-19 pandemic, rebranding is one good way to begin.
Given the situation of things in this trying time, adopting a thoughtful approach that does not come across as being insensitive to the need of your client will help build a lasting relationship. While businesses might suffer temporary lockdown pending the eradication of the COVID-19 pandemic, clients will always be there when it’s all over.
We are currently in an era where diverse information both true and false are being spread across social media. Part of your responsibility as a product-based brand is going all the way in supplying your clients with the right information as regards the pandemic. This will go a long way in helping them stay safe.
- Engage With Followers
It is expected for product-based business owners to have social media presence across various platforms. This is where most businesses build their clientele and reach out to customers far and wide.
In the same vein in which business owners go through challenging times as a result of the outbreak, clients are not left out. As a product-based business owner, try as much as possible to engage with your clients on social media.
Engaging with them also entails asking about their wellbeing. Show them you care about them beyond the walls of your business relationship with them. In addition, try as much as possible to proffer solution no matter how little to whatever challenges they might be experiencing.
Another way to engage is by sharing recommendations in line with the product(s) you as a business owner offer for sale. It could be in the form of simple DIYs, maintenance routine, amongst several others depending on your product.
Constant engagement will help you as a product-based business owner remains in the faces of your customers/clients. Share only informative and relevant information and make them understand you are in this with them.
- Join the Game Changers on Social Media
With the rate at which negative news are being spread across social media, people can really make use of some positivity. Several businesses have chosen this period to cause a change using their social media platforms; for product-based business owners looking to survive the uncertainties during this pandemic, this can be a great step in the right direction.
Your customers and the public, in general, need some uplifting messages now more than ever; by putting your brand out there as a change representative, you earn the trust of not just your customers, but also that of the general public.
Constantly putting your brand out there widens your reach and as a result, your social media engagement increases. Share healthy tips and necessary habits that can help limit the spread of the pandemic. A great percentage of the world’s population now work remotely which means there are more people competing for the social media space. This can be a great boost for your product-based business.
- Communication is Key
According to the 2020 Edelman Trust Barometer, it has been established that business is more trusted than both media and government. For product-based business owners who have employees, now is the time to show them and also your clients that you’ve got their backs.
In communicating, consistency and accuracy are very vital. Do all it takes to keep communication lines open so as to allow for easy access when need be. When communicating, ensure you relate with them on their level. This will make it easy for them to understand the message you are passing across with your brand.
- Look Out for the Opportunities
According to China-Briefing, “while the inevitable global slowdown that has followed is unquestionably a time to contemplate and look back, we should also stay receptive to the notion that progress comes from dire situations and from thinking about a problem with ever changing perspectives – put it another way, crises necessitate creative solutions.”
For product-based business owners looking to survive the numerous uncertainties during this pandemic, opportunities exist everywhere. This can be a period to partner with various social media influencers who endorse your brand.
These influencers influence people, prompting them to take necessary actions. Partner with influencers in your field so as to endorse your products across several social media platforms.
While we can’t foretell how long this pandemic will last, it doesn’t have to be the end of your business as a product-based business owner. Taking the appropriate steps will ensure your business survives the uncertainties that come with this trying time.
