The term “new normal” was coined to describe a situation that the previously abnormal suddenly becomes commonplace. It is also used to describe the realities of life that work under the COVID-19 pandemic. The current COVID-19 pandemic has been a public health catastrophe. Millions of people are put out of work because of it. Small businesses, medium-sized firms, and mainly family-owned companies are also suffering from the impacts of the pandemic crisis. Their size serves as a factor that they might not handle an unforeseen major crisis like this because business are not sufficiently equipped or resilient.
In this new normal, people are spending more time on the internet to purchase goods and services. This is why many Small to medium sized enterprises start to sell their products online and adjust their business practices, channels, or and shift to digital marketing models to survive in these trying times. Both new and current SMEs in the retail space need to make their business as resilient as possible.
We’ve rounded up some suggestions below on how to be resilient in the new reality currently unfolding before us.
Partner or brainstorm with other businesses
You may have other existing or potential business partners who may be able to help you and themselves through sharing primary or secondary skills and resources. Develop added-value bundles, cross-promotion plans, or cooperative marketing by collaborating with other small business owners.
Build a robust organization
Establish a great foundation within the organization. Open information that helps employees to raise red flags about potential problems confidently. They can also be great resources for business ideas. Communicate, update, and create a forum for discussions. Also, clarify that making mistakes will not lead to retribution.
Improvise, diversify, adapt, and add business models
Do something you had never previously considered doing. Adjusting your business model may actually be a necessity to be resilient in these times.
Market through multiple channels
By using a variety of channels to reach out to your customers is one of the many ways to survive in this pandemic, most especially consumer preferences and spending habits are continuing to move online.
COVID-19 pandemic made people to be more selective in terms of purchasing items and availing services due to the lack of work and less income. That is why Small and medium sized enterprises should build a strong foundation to be resilient in these trying times. With just the right approach to market and the right marketing automation platforms, things can be done accordingly.