This week we feature an article by Derek Goodman, entrepreneur and creator of Inbizability. He shares some tips on how to gain new customers during difficult economic situations, such as the COVID-19 pandemic. Just a few months ago, your business was as busy as ever. But now, with offices closed and business forced online due […]
This week we feature an article by Derek Goodman, entrepreneur and creator of Inbizability. He shares some tips on how to gain new customers during difficult economic situations, such as the COVID-19 pandemic.
Just a few months ago, your business was as busy as ever. But now, with offices closed and business forced online due to COVID-19, many companies have watched work dry up. Unless you have the cash reserves to wait out the crisis — a luxury few businesses can afford — finding new clients is a priority for business continuity. But before you can attract clients, you need to adapt your strategy to the times.
Digital businesses are doing better during the pandemic. While it’s not too late to start your digital transformation, a strategic approach pays off. According to McKinsey, companies that take a bold and tightly integrated approach to digital transformations are more likely to succeed. An end-to-end approach that includes remote working, data security, and digital marketing ensures that you can not only find clients, but you’re prepared to serve them too.
Companies aren’t just changing how they do business. They’re also changing the type of business they do. The top economic performers in the COVID marketplace are not only taking analog products and services digital, they’re also creating entirely new offerings to meet client needs during the crisis. As Work-from-Home Depot explains, this isn’t the time to be risk-averse. While strengthening relationships with existing clients is important, so is being innovative and addressing the specific challenges that customers are facing right now.
Consider how your business can adapt its services to meet today’s needs. Can you offer something valuable to people stuck at home, to essential workers, or to other organizations navigating the COVID-19 marketplace? Creativity is key to staying relevant.
Adapting your business may be the best way to ensure continuity, but don’t underestimate the importance of financial support. Even if your organization succeeds in increasing its client load, pivoting costs money. Business grants and loans can provide your business with the resources it needs to handle the increased costs and revenue loss triggered by the COVID-19 crisis.
Government relief programs include the Paycheck Protection Program, Economic Injury Disaster Loans, and SBA Express Bridge Loans. Companies can also tap non-governmental resources like cash grants. While grant awards from non-governmental organizations tend to be smaller, they may be less competitive than federal relief programs.
Keeping your business alive through COVID-19 isn’t a single-pronged approach. In addition to expanding your business’s digital reach, make sure you’re pivoting your business to stay relevant and taking advantage of the resources available to your organization. By preparing your business to not just find, but serve customers, you can turn the clients you attract during the pandemic into loyal customers for years to come.
Derek Goodman is an entrepreneur. He’d always wanted to make his own future, and he knew growing his own business was the only way to do that. He created his site Inbizability, to offer you tips, tricks, and resources so that you realize your business ability and potential now, not later.
For more articles from Shep Hyken and his guest contributors go to customerserviceblog.com.
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