The pandemic has not spared any sector, and as a business owner, you might have already changed your business strategies to cope with it.
While it will take quite some time for the economy to get back to pre-pandemic levels, there are some measures you can take to scale up your business even during these challenging times. Look at the bigger picture and be more proactive to improve the bottom line.
Your company needs to be agile to adapt to the new normal in business. So what are these changes you need to make to be competitive during the pandemic? Read on to find out.
Strategies to Scale Your Business During The Pandemic
Here are the strategies for growth during the pandemic:
While your sales came from your current customers before the pandemic, the volumes will come down drastically during the pandemic as they are scaling down operations.
You need to find out new opportunities in the market. You could be either market your existing products and services to new markets or develop new products and services that are in demand in your industry. If you are in the forklift industry, there is a growing demand for forklifts due to the e-commerce industry.
The pandemic has increased the demand for connected forklifts. These are forklifts that operate using the latest technology like the Internet of Things or IoT and Artificial Intelligence. The food and beverage industry, for example, needs material handling equipment to keep downtime to the minimum.
The food industry has shifted from diesel-powered forklifts to propane-powered forklifts. The infrastructure industry has also boosted the demand for forklifts with rising investments in the construction sector. You need to identify your niche.
If you want to exploit these opportunities, you need to find out if you can incorporate the latest technology in your forklifts and ensure they provide superior performance. To ensure that your assets last longer and work optimally, you should focus on forklift preventive maintenance.
Select The Right Customers
When scaling up your business, you need customers that need your existing or new range of products and services. Chasing the wrong customers means a waste of time and money. You will also have lower revenues and might start making losses.
Trying to have too many products and services could mean a fall in quality. You might not have the resources to provide the right customer service and lose your existing customers in the bargain. You need to repackage your products and services in such a way that neither quality nor customer services suffer.
When you have identified your niche, it’s time to draft the message you want to convey to your existing and new customers. A focused digital marketing campaign stating your value proposition needs to be sent to your customers to get their attention.
Making Customers Successful:
You are in business because the customer has tasted success with the quality and price at which you are selling your product or service. Once you have identified the right customers, your sales team should have clarity regarding your product roadmap.
To provide the best quality and service, you need to have an effective preventive maintenance program. You need to know the current status of your assets, their maintenance history, and when repairs or replacements should take place.
When you use preventive maintenance, the condition of the asset is determined in real-time through feedback from the machine, and downtime is minimal.
With a preventive maintenance schedule, your assets will generate higher ROI or return on investment. This is because you won’t have to invest regularly inexpensive equipment. You will also be able to focus on your core assets that contribute the most to production.
Be More Active on Social Media
While the pandemic might have slowed down business globally, social media platforms have experienced an exponential rise in the number of patrons. If you don’t have a social media presence or are not very active on your business social media page, it’s time you went on an overdrive.
Stay connected to your customers through Facebook, Instagram, and Twitter. Keep them updated about your latest offerings through these platforms. Respond to their comments and feedback instantly.
When your customers find that you are interacting with them regularly and responding to their feedback, customer retention will be easier. If you are targeting new customers, find out their preferences from social media.
You will be able to find answers to questions like ‘How Am I Unique?’, ‘Are My Products Cost Effective,’ ‘Do These Customers Need Me?’
Start Communicating Online
Since the pandemic prevents you from meeting your customers in person, have your meetings through online platforms like Zoom. You need to ensure that your sales staff create the same impression on customers online. Train your staff to handle customers online.
Send tips, tricks, and other useful guides to your prospective customers through email marketing. Offer YouTube videos of your products and services in an easy-to-understand format. This will engage the customers better than the conventional cold calling strategy.
Invite your existing and prospective customers to free webinars that will update them on your current and proposed products and services. This will help them understand what they stand to gain from you. They can also get their queries clarified through these webinars.
Treat Your Employees Right
The pandemic has hit your employees hard, and it is during these times of crisis that you show them that you care about their wellbeing as their employer. Offer new career opportunities in the organization and make their salary payments on time. Train them so that they can participate in the new growth strategy of your company.
Your employees are your real assets, whether they are in maintenance or marketing. You have invested in their training, and this is when their productivity will be tested. Create a vibrant and positive environment for your company.
Create Opportunities During The Pandemic
The pandemic has crippled the global economy, but that does not mean you can’t grow during this challenging period. You need to go back to the drawing board to find out how you can offer innovative products and solutions that will help your existing and potential customers during the pandemic.
Take your business to the next level during the pandemic by thinking out of the box.