Many businesses suffered losses and some were even forced to close down due to the covid-19 pandemic. Though the pandemic has receded, several of them are still struggling to get back. During those trying times, there were businesses that not only survived but also thrived. They were able to adapt to the new reality successfully. These include both big and small businesses.
For example, Freshchoy’s which usually supplies fruits and vegetables to Chinese restaurants in Melbourne had a tough time during the early stages of the pandemic with several restaurants closing down. They later hit upon the business idea of selling their products online on the WeChat app and the response was so good that they were able to expand their services to several new locations.
The common factor among businesses that succeeded was that they were all able to adapt to the changing market conditions. For your business to succeed you should make changes based on the prevailing circumstances.
Here are some points which can help you navigate your business successfully in the new normal.
1. Reassessing business opportunities
Customers’ needs and habits keep changing. Due to the pandemic and resultant economic instability, people have started spending more on essentials and less on discretionary items. Develop a systematic understanding of the changing habits of the buyers. Be on the lookout for growth opportunities and use them as and when they arise.
2. Data analysis
Dive deep into data to know if your audience has changed. Keep track of your company’s sales and marketing analytics and provide services and products based on the customer’s needs. Be active on social media to see if you’ve got new followers and also the demographic they fall into. Quality data can give you a better understanding of your target audience and help you adapt better business models.
3. Take multiple perspectives
Try to use the eyes of the customer to find out their interest and also what has changed recently in their buying habits. Based on this you can change your business model. The same thing applies to the competitor. Find out the product and services they are launching and the segment they are trying to attract. You can plan your business strategies based on these findings.
4. Pivoting services and products
Look around and understand what your community needs. Your ability to deliver them quickly will determine the success of your business. What can your business do to provide these much-needed goods and services? Reach out to your suppliers and manufacturers so that they can help you pivot what you offer.
5. Online sales
According to reports, digital shopping in Australia was the highest across the globe in 2020 (the last two quarters). The growth this year is also on par with the previous year. Over 5.3 million households purchased something online during June 2021. These numbers show where the future of shopping lies. It is high time that your brick-and-mortar business goes online if you have not done so already.
It is imperative that your business has a website that is highly functional and mobile-friendly as most of the customers use their mobile devices to make purchases. SDI can help build such a website that can help your business in numerous ways. It makes a lot of business sense to seek the services of a highly developed web development company like ours.
6. Pivoting to working remotely
Working remotely has become the new normal with video chats and meetings being very common. Video meeting platforms such as Zoom have become very popular. For your business, working remotely can mean big savings in utilities, commuting, and rent costs.
7. Expand your customer niche
You can expand your business niche by going online. You can tap new markets in areas and countries other than your own. The prospects are definitely exciting.
8. Motivate your workforce
For a business to adapt successfully it is imperative that the employees cooperate and all of them are on the same page. Motivate your employees and explain to them the needs and benefits of the changes being brought about in the business.
9. Aim for the greater good
Identify areas where your business can do things for the greater good. For example, Telemedicine has helped people cope with their illness during the lockdown. Share these efforts with your audience. This will create a good impact and ensure customer loyalty. Such work is not only good for business but is also the right thing to do.
As we have seen, going online is essential for your business to adapt to the new normal. For this, you need to have a fabulous app along with a website to attract and retain customers. Our experts at SDI have decades of experience developing killer apps and websites which have taken the digital market by storm. We can create a great teleconferencing app and e-commerce app which can give other apps a run for their money.
Get a full spectrum of our various app development services to expand your business considerably by getting in touch with us at +61 422 710 780 or email email@example.com.