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Business Survival Strategy for Your Business in COVID – 19

Most businesses saw a dramatic decrease in their website traffic and business conversions during covid 19. It required companies to adapt to this sudden change and find a way to survive the covid19 pandemic. 

It opened up whole new dimensions for business intellectuals. It required them to be creative and find a way to safeguard their business. The primary changes required alteration in business strategy and employee interaction to ensure the smooth functioning of business activities. 

Here are some tips you might implement to help your business survive in the covid 19 pandemic.

Don’t panic:-

Many businesses lacked strategic planning during Covid 19 pandemic. The sudden lockdown and inactivity in the global economy required them to calm down and plan their future marketing strategy. Besides, most businesses panicked and failed to create a plan for their business to function during the covid 19 pandemic. 

Businesses tried generic strategies to attract consumer attention. They started providing discounts and distributing coupon codes, estimating an increase in sales. However, it did nothing more than decrease their brand value. Framing a successful strategy requires focus. Panicking and making random business decisions would further hinder their chances of surviving the covid 19 pandemic.

Assess the feasibility of your business model:-

For starters, figure out the feasibility of your business model. It will give you perspective into the possibility of your business surviving the pandemic. It will provide you insights into taking essential steps to build a survival strategy for your businesses.

Improvise the unique selling points of your business. It is the quality that sets your business aside from your competitors. It can be anything ranging from an exclusive product to exceptional services. Is your USP compatible with the pandemic? If yes, does it requires alteration? If the alteration is essential to make your business survive, you must go with it.

Set particulars for remote working:-

One of the most challenging tasks for businesses during the covid 19 pandemic was reducing the communication gap amongst the remote working employees. The pandemic required employees to abandon office and shift to remote working. It proved to be a challenge for businesses to essentialize smooth interaction for business functioning. 

Businesses could implement weekly or monthly performance tracking to measure the performance of their employees. It is essential to manage the workforce and function as efficiently as in the office. However, most employees reported higher efficiency levels and comfort while working remotely. Besides their assurance, it is essential to track their activities to ensure higher efficiency levels. 

Plan policies for longer intervals:

Since the interval for which the covid 19 pandemic may last is uncertain, it is better to plan multiple policies catered to different intervals. It keeps you ready for every situation. Various strategies for different periods come with their challenges. For a three months policy, an instant halt in variable expenses such as hiring, marketing, and travel would save a lot of valuable businesses capital. 

However, for a long-term business strategy, greater emphasis must be given to cutting down on as many expenses as possible. For example, businesses must consider limiting variable expenses such as hiring and renegotiating fixed budgets (rent, salaries, and lease payments for business equipment). Your primary focus must be on ensuring the smooth functioning of your business activities.

How to increase your ROAS to 7 times during the covid 19 pandemic?

During a pandemic, when the primary endeavor of businesses is to survive, it is hard to increase sales. However, it is not impossible either. The only thing to remember is that it requires creativity and a different approach to the sales campaign during the pandemic.

Follow these steps to excel in your marketing campaign.

1. Build your online presence:-

Build your online presence

If your business focuses mainly on traditional sales, it is time for you to move to online platforms. With most business activities on halt during the covid 19 pandemic, online sales are a boon. Businesses must focus their marketing efforts on online platforms. 

With a lot of time at their command, consumers will invest a lot of time surfing the internet. It is the best time to use this strategy and become a thought leader in your field of business. Emphasize digital platforms to increase your brand awareness and reach as many potential business prospects as possible.

2. Focus on the products:-

Increasing sales during the covid 19 pandemic is an arduous challenge among digital marketers. Some products may no longer be valuable to your target audience. If boosting sales requires you to drop some of your premium products out of your sales funnel, be prepared to do it. 

You must exclude all irrelevant products from your online stores and focus on products that fit your audience’s needs during the Covid 19 pandemic. For example, a good option for a fashion brand is to produce fashionable masks to increase sales on their online platforms. 

3. Readjust and alter your services:-

The services required by consumers during the covid 19 pandemic will differ from the regular times. You must understand the specific demands of the time and provide quality services to lure your consumers. One of the best examples for upgraded services catered to covid 19 for restaurants were the new trends introduced by Google in the GMB (Google my business). 

It enabled restaurant owners to provide no-touch delivery, home delivery, and other features to fascinate their visitors. Restaurants that implemented these tactics were able to survive the covid 19 pandemic. Similarly, you must also find services that you might use to attract your target audience.

4. Establish communication with the customers:-

It is essential to make your consumers aware of the changes you made to your business model. Establish some means of communication to acquaint them with the changes you made in your business strategy. It puts a positive impact on the consumer’s mind. They will recognize your business from the ads you run across different online marketing platforms. It increases their chances of buying from you and therefore the return on ad spend. 

5. Increase the ad quality:-

The competition on social media platforms for the attention of a target set of audiences is high. Having high-quality ads is crucial during the covid19 pandemic. It must instantly grab your target audience’s attention and add to your marketing endeavors. Look for creative ideas to give your ads a dynamic and vibrant ambiance. 

Focus on quality graphic designs and write persuasive copies. Incorporate the latest design trends in your website design. One of the best ways to spot the trends preferred by your target audience is to run a competitive analysis to understand the marketing strategies of the key market players. Incorporate the learnings of the competitive analysis you carried out to formulate persuasive ads and excel your marketing campaign. 

6. Stay online and be responsive:-

The interaction during the covid19 pandemic is limited to online platforms. It is essential to stay online for as long as possible. Being active on the online marketing platform keeps you in direct contact with your consumers. Your audience may have tons of queries regarding business activities. It is essential to adhere to these queries at all times and provide a high-quality user experience.

7. Lower your cost per click:-

There are two ways to lower your CPC. 

  • Decreasing the ad spent while still maintaining the number of ad clicks. 
  • Increasing your ad clicks while still maintaining the ad spent amount.

If the click quality remains the same, both of the above two factors increase your return on ad spend. One of the most effective ways to decrease the cost per click is to experiment with your bid amount. For example, try aiming for the second position for your search ads on search engines, it costs a lower CPC. If your ad quality is higher, you may still be able to attract potential business prospects and increase your return on ad spend. You must focus on Decreasing your bid amount while still maintaining your ad rank. It will also be helpful to increase the return on ad spend.

8. Target the right audience for your PPC campaign:-

The targeted audience is the people most likely to convert to your ad strategies. It is essential to emphasize attributes to define your target audience specifically. Narrow down the domain of your target audience. By having a deep understanding of your target audience, you will better understand their preferences and focus your PPC marketing efforts specifically on them. 

It will increase the quality of your clicks and decrease the CPC of your ads. If used smartly targeted audience can significantly increase your return on ad spend.

9. Targeting the right keywords:-

Targeting the right keywords is highly beneficial to increase return on ad spend and excel your marketing campaign. These are the exact search terms your target audience type in the search bars in pursuit of a specific query. They enable your ads to reach the right audience and ensure a higher return on ad spend. 

One of the best ways to increase your return on ad spend is to use long-tail keywords. They ensure a lower CPC and are statically proven to provide a higher ROAS. Using the broad match attribute of Google Keyword planner enables you to present them on relevant keywords. 

10. Plan consumer journey:-

Plan consumer journey

Planning consumer journeys and emphasizing your marketing strategy for the target audience enable you to provide a high-quality user experience for each point of consumer interaction. It increases consumer engagement and increases the chances of conversion. 

For starters, put yourself in the consumer’s shoes to identify the path he takes to purchase your product or service. It enables you to find out the difficulty a consumer faces that hinders his experience. Once you identify the hindrances in user experience, you can eradicate them to provide a better user experience and increase your return on ad spend. 

Conclusion:-  

The covid19 pandemic has brought a lot of challenges for several businesses. Businesses must understand its severity and make essential changes to boost their marketing game. The last thing you must do is to panic during the covid19 pandemic. You must keep your calm and evolve with the need of time. 

Your first step must be to find possible concessions on the business expenses. It is essential to act quickly and take care of primary responsibilities. It will enable you to focus on the core business activities and frame a comprehensive plan to make your business survive during the covid19 pandemic. 

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