The COVID-19 Pandemic no doubt has affected businesses globally and most business functions within organizations have experienced some form of disruption due to the challenges of the pandemic. Every organisation whether small or medium scale needs to re-strategize, re-do all marketing plans and reposition themselves for post-covid to ensure their businesses can thrive during and after the Pandemic.
As more firms realize the importance of virtual work, many business leaders are taking the opportunity to rethink their organizations from the ground up. This, will of course change and challenge the initial norms of the marketplace. In other words the marketing, advertising, selling, culture and recruitment process in organizations would take another form.
Therefore, business owners, and top level managers in different organizations and structures must engage themselves in disruptive thinking and innovation to survive through this period. And most especially, prepare a place for themselves in the new normals of the post-covid world.
How to Reposition Yourself for Post-covid Marketplace
Create Innovation Team
Although you’re building a team, it’s risky to just jump straight to the hiring process, especially if this is your first time in creating an innovative environment. Since you need to be deliberate about selecting members of the team, you need to do the following; define your goal, have a clear-cut target, recruit people with the necessary skills required to achieve your goals, share your goal with them and empower them.
Re-evaluate Your products or Services
As you are redeveloping a strategy for a new world post-covid, it important to consider which products and services to use to grow your business or company by looking at the financial performance of your products and services over the past several years as well as the current trends.
You also need to know the needs your existing customers and prospective customers. then, match it up with market attractiveness. Every organization has a portfolio of products or services that it offers to its customers. That portfolio needs to be managed just like your personal investment portfolio. This is very important!
Redefining Your Marketing Team
Marketing is the heart of any business and just like the human heart, marketing is vital in the life of any business. One of the biggest mistakes we can make is to completely cut the marketing budget and let your marketing team go. Business owners and companies who do not market themselves in economic downturns will be forgotten when the economy recovers.
What then is the most effective form of marketing businesses should adopt post-covid? Well, the best form of marketing companies can adopt post-COVID-19 is Digital Marketing.
In view of the pressure and challenges caused by the Pandemic, companies should adopt digital marketing as a matter of urgency and utilize the best digital marketing strategies for their businesses to ensure their brand reaches their target clients.
What then is Digital Marketing? This is the act of promoting and selling products and services by leveraging several online marketing tools. It is the new currency in the space of marketing. Examples are; Social media marketing, search engine optimization website management, search engine marketing, content marketing, influencer marketing, email marketing.
Identify New Opportunities
Spotting market opportunities is essential for business growth and survival. Opportunities are factors that contribute to a growing business. These are typically external and include things like: economic trends, market trend, shifting or expanding customer base, changes in government, changes in partnerships or relationship with suppliers, competitors, etc. Therefore, to achieve this, you need to focus on your resources to create platforms to build these opportunities.
Develop a Post COVID-19 Vision for Your Business
Together with the analysis of digital marketing and new opportunities for your business, you should think about a vision for your company for the post-COVID-19 world. That means, you have to build on your purpose and mission statement and then project your time horizon into the future.
You have to dream big and focus on success to describe in present tense what you will have achieved at this time. This vision will help you to communicate with your team, your partners, and your customers. In addition, it will help you address hearts and minds too. It is vital to communicate and share your vision on how the future might look like. This helps you to navigate yourself and your partners in a positive, desired direction.
Build a Close Relationship With Your Existing Customers
One important truth you must know about your customers is that their habits and preferences are rapidly changing due to the pandemic, and you must show them your business is meeting them where they are now.
Many customers prefer working with businesses where they can connect with an individual rather than a faceless corporation. So, when you get the chance to interact directly with customers, take the time to bridge the communication gap between you two if there’s any. You see, now is a great time to connect with your customers. Call them and ask how their family and business are faring. Find out how their fairing this season and see if there are ways you can help and support them. Also, make sure you take action on the information the customer is providing and that you have a clear understanding of their experience.
Finally, take corrective actions and document them COVID-19 has created an opportunity for business owners to prove themselves during a dire time, and businesses that perform well relative to others may receive a premium on the market upon a post-COVID sale.
Business owners must take pointed corrective actions tailored toward the shifting economic landscape. Don’t take every achievement and failure you encounter in this season for granted because they will definitely be a guide to you and the next generation. Be vigilant.
The truth is, post-covid reality will hit many by surprise, but not you, if you have taken the time to read through this article.
Though, it is hard to know what the next weeks, much less months, will bring with the COVID-19 pandemic, but with deliberate planning, you can be well assured that you can better prepare yourself for future challenges and opportunities as you apply everything discussed here.