The COVID-19 pandemic has shaken many businesses around the globe to their core. Many companies and executives are left scrambling in its wake, trying to find a way to cope and adapt in these uncertain times. However, there is one key strategy that will be essential in determining whether your business sinks or swims. This short blog will explain why your ability to adapt in the midst of this pandemic is vital to your company’s sustainability and future success.
The key to success
Companies that view these trying times as an opportunity to grow and improve will be the ones who outshine the rest. Your business’ ability to adapt during moments of crisis is critical to its continued sustainability.
The objectives you started out with at the beginning of 2020 have most likely changed dramatically. For example, you may have shifted from an acquisition-based mindset to a focus on maintaining customer loyalty and increasing retention rates and lifetime value. Are these changes reflected in your marketing and sales plans? If not, you’ll need to update those areas quickly.
Remember, the key to success during these trying times is agility. If you want to be effective, you’ll have to make changes both decisively and quickly. The companies with the right mindset and the right technologies in place to support and enable their business through this transition will be the biggest winners of all.
We are currently at an inflexion point for marketing. This crisis has made way for the opportunity to change the way we look at strategies. This is the time to take a moment to reappraise objectives and shift marketing plans, tactics, expenditures, and resource allocations. Every business needs a revised marketing plan and budget—one that is forward-looking and addresses the immediate challenges your company is facing. Now is the time to be proactive and prepare a solid foundation from which you can set your business off on the right foot after the COVID-19 pandemic. It is also the time to confirm that you have the proper technology infrastructure in place to help support these endeavours.
The hard truth is that the vast majority of companies are going to have to deal with a decline in revenue. If you don’t happen to offer a product or service that helps people within the context of this specific crisis (i.e., video conferencing, medical equipment, entertainment), then you’re going to have to shift your perspective. Now is not the time to focus on acquisition and growth. Instead, start working on customer-centricity. Shift your focus towards your existing customers and find ways to deepen your relationships with them while increasing retention rates and lifetime values. Nurture your customers and show them you care. Help them in anyway you can and remain dedicated to providing them with the same level of service they have grown accustomed to. This will make all of the difference.
In time, the crisis will pass. The economy will recover, and businesses will slowly begin to piece themselves together again to get back on track. However, not everyone will come out on top. The companies that are able to remain proactive and take strides to improve during this time will be the ones who continue to thrive in the future. Right now, your ability to reappraise your objectives and adapt is critical. Don’t miss out on the opportunity to shine.