The COVID-19 Economic Crises: Ultimate Guides to Expand your Business In These Unpredictable Pandemic Period

The COVID-19 pandemic economic implications are being felt by everyone from all the corners of the planet. It’s high time that businesses to go back to the drawing board for re-strategizing.

As soon as the pandemic hit the world, health professionals came in handy to control the spread of COVID-19 virus; but the virus proved to be more lethal than everyone one thought. At this time, the World Health Organization provided guidelines to help prevent the spread of the virus.

Amongst these recommendations are social distancing, travel restrictions and self-isolation. Of course, these new norms started to bear positive results in controlling the virus, but their effects were not welcome in other sectors.

Every state started to impose several rules to protect their citizens. And this saw many businesses shut down as some businesses couldn’t cope with the new business models forced on them by the crisis.

For instance, a report by Elsevier Health Emergency Collection indicated that oil prices fall by 24% in the first month under COVIC-19. The turmoil COVID-19 economic effects also hit hard in manufacturing learning and finance sectors. On the grassroots, small and medium businesses bore the burden brought about by effects on the major economic sectors.

In contrast, some businesses have beaten expectations, they are accelerating by day in the midst of Coronavirus Pandemic. And of course, you would like to be part of such businesses.

So, how can you turn the massive COVID-19 crisis into meaningful change to see your business grow? Here are FIVE go-getter actions to cause the growth you want in your business.

1. Be a Resilient Leader

Top leaders make most of the critical decisions in an organization. A fall or rise of your business can be attributed to how you handle things in the organization. So, 

Commit to the mission and vision of the business under all circumstances. With the urge to achieve this, you will find opportunities under different constraints. 

Be transparent; let your team know the realities the business is facing, go ahead and reveal what they do not know and paint a clear picture of what you are expecting as an organization. 

These are top fundamental qualities of a leader which you must learn to navigate, respond, recover and thrive in different business seasons.

2. Adapt to the Changing Consumer Behaviors

Like you, your customers want to be alive, but no one is wishing to be swept by the virus. This means everyone is following the preventive measures recommended by health professionals by isolating, maintaining social distance and by keeping off crowded places.

However, everyone wants to eat, buy clothes, communicate, travel, invest and do other normal activities though in a safer way. This means the approach consumers are using to meet their needs are changing. Because of this, consumers are; 

Opting for digital platforms to get the services they want. E-commerce is the new normal during this pandemic period. 

Preferring the local products and services due to the travel restrictions imposed by many countries.

To take advantage of this new normal, explore the emerging business models to assure your customers consistency of services. Go multi-channel by adapting both digital and physical stores to take care of everyone’s needs.

It is the high time you personalize and customize marketing strategies for your customers rather than holding on to one-size-fits-all old strategies.

This is the surest way to maintain your customers and convert more amid the exponential changes in buyer behavior, attitude and purchasing habits.

3. Provide a Seamless Shopping Experience

As noted earlier, consumers are opting for online platforms as the main source of information about a product or services and at the same time preferring to transact through online platforms.

To cater for such needs, you must avail informative content about your products or services in all your e-commerce platforms.

There must be effective communication channels in all these platforms to answer any inquiries from potential customers.

Aim to maintain the physical experience your customers are used to. You can build more trust in your brand by enabling human interactions with your customers.

The human and digital aspects must therefore work hand-in-hand for better results.

4. Seize New Opportunities

The new normal is here, and unfortunately it’s here to stay. The buyer’s new trends will never be the same again.

As an entrepreneur, you should strategize yourself to grab on the emerging opportunities.

Take the necessary actions to stabilize and blend with the changes. Bring in policies which aim at minimizing cost and spending more on technologies as this is the most traveled path as of now and in the future.

5. Be COVID-19 Conscious

COVIS-19 has ignited the urge for healthy lifestyles. Consumers are aware of the safety precautions they need to take while meeting their needs. As stipulated by health professionals, businesses must implement operating procedures which protect their customers from being exposed to the virus.

You that you care by taking all the necessary precautions. Go ahead and provide all the useful information about COVID-19 to your customers. Through this initiative, your customers will be convinced that you are willing to walk with them through these tough times which creates a sense of belonging.

As others are getting out of business, running bankruptcy or struggling to stay afloat, you can choose to take the other direction. With these guidelines, you have the potential to soar ‘dramatic profit’ now and after the COVID-19 crisis.

Wilfred Mugambi is a Google Certified digital marketer and a Hubspot-Certified freelance writer with an interest in the tech industry. You can follow me on LinkedIn: https://www.linkedin.com/feed/