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"It is important that leaders define reality in this process and give hope to their surroundings. Be connected with your colleagues, make sure they do or don't do it. Honest communication is more accurate than doing it as if it was everything."
Staying Calm Under Pressure
Now, by taking proactive steps, you can make your business safer to stay strong and recover faster after the crisis continues. In fact, China, the country where the virus first appeared, is currently showing signs of economic recovery. You should anticipate that such epidemics and environmental disasters will continue to increase in the future. The strategic changes you will make will shape the future of your business. Here are a few basic strategies and predictions that will help your business recover from coronavirus:
1- Think About How Coronavirus Affects Your Customers
Depending on which industry you are in, your customers may have some new problem points related to coronavirus. Think strategically about how the outbreak affects your customers and how you can help. You can then adjust your way of selling and redesign your marketing based on how you can address these specific challenges and concerns. For example, consumers are changing spending habits, and some companies and product categories are actually growing:
1.Market sales are increasing 2. Medical equipment sales are increasing 3.Imperishable milk and fruits are preferred 4.Fashion & Luxury online transactions (internet sales) remain over 2019 5.Home furniture and garden supplies sales increased as people stayed at home
2- Embrace New Sales Channels
Even if countries are starting to lock up more, people will still want and buy something. You can create opportunities to serve your market through alternative sales channels. For example, if #coronavirus reduces pedestrian traffic to your retail business, try to expand your #commerce bids. Restaurants saw a drop in customers in the store, instead they sell takeaway food
Travel restrictions will also change the way products are marketed and sold through distributors. Sellers will not be able to advertise on-site to distributor sales organizations as usual. Sellers need to rethink how they interact and find new incentive methods when they can't directly touch the distribution sales teams. One of the answers on how to do this: Through Channel Marketing Automation (TCMA). This system can be used to convince customers of products and services. This system is a critical component in the marketing portfolio that enhances customer-oriented content and messaging.
3- Work on Long Term Investments in Your Business
Coronavirus may be an opportunity to make longer-term investments in your business, especially if you are in B2B sales. If you are seeing a particularly short-term slowdown, it is high time to re-evaluate your operations, platforms and processes and to make long-term strategic planning. Think long-term and invest in the human resources at strategic points, and keep feeding your job advertisements with a long-term view.
With the stores closed, e-commerce has increased more. #Coronavirus greatly shook business and consumer behavior. Take the opportunity to invest in the sale of goods and services online. Examples of increasing online sales: E-Commerce, Telemedicine Services, Teleconference, Digital Media, Cashless Payment, Drone Delivery, Augmented Virtual Reality, Distance Education, Digital Banking, Home Work, Remote Tracking Software, Digital TV and Movie Subscriptions, Social Messaging etc.
4- Get Ready for Suppressed Demand Explosion
Pending demand refers to a situation where the demand for a service or product is unusually strong. Economists generally use this term to describe the return of the public to re-consumption after a period of reduced spending.
Another lesson from Chinese businesses is that economic recovery after coronavirus may be faster than we expected. A lot of withdrawal demand is recovering quickly after the crisis. As businesses, we must be ready and positioned to take advantage of this. I believe companies can take good steps for greater success tomorrow. There are always difficulties and crises that affect our business. We can adapt and embrace opportunities and come back stronger, even from a major crisis like the coronavirus.
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