The pandemic has had a tremendous impact on the world economy. The pandemic-associated lockdown brought the whole world to a standstill, and unless you own an absolutely essential business in a sector such as sanitizing equipment, pharmaceuticals, and medical devices, etc., the chances are that your business felt the effects of the pandemic as well.
Due to COVID restrictions, businesses were facing a cash crunch. The practical manifestation of this cash crunch was visible either as job losses or at least wage-cuts. Either way, people had lesser money to spend.
Consequently, people had been reluctant to spend money unless it was absolutely essential. This has affected businesses industrywide. So, it wasn’t just B2C models that were affected, but also B2B models.
Almost a year later, things seem to have stabilized a little bit. Economies around the world are opening up, and government assistance is stimulating demand.
The post-pandemic period is crucial for businesses, as they get an opportunity to reinvent themselves to thrive in the new world order. In this period, how you market your business is what will decide whether you sink or swim.
Scaling up your business in a post-COVID world will take some diligent planning and meticulous execution. Wondering how you can do that? Here are eight ways you can scale up your revenue post COVID:
Reassess Your Financial Situation
The first step would obviously be to assess your revenues and how they have affected your financial position and stability. Your strategy ahead depends on whether your revenues are covering your operational costs. If they do, your next step will be to get your revenues back to normal and then use marketing to grow.
If your revenues fall short, you have probably put in some money yourself or borrowed from a financial institution. In that situation, you have the twin responsibilities of improving your revenues as well as reassessing your financial situation to account for your loan repayments.
Reinvent Your Business to Solve Post-COVID Problems
Reposition your products or services to solve problems or reservations your customers are facing right now. Addressing those concerns by tweaking your product or service and marketing through the right channels will help your business survive. As you’re well aware, survival is essential to thriving later.
A good example is how restaurants restructured their business models from dine-in to take away. Internet Service Providers switching to round the clock customer service to cater to higher demand is another great example.
Explore Additional Channels of Marketing
Adding to what was said above, your marketing channels will also have to address your customers’ concerns. The goal here is to get back customers you lost during the pandemic to get your revenues back to normal. However, the strategy here will be highly personalized; based on your business model (B2C, B2B, etc.) and the sector you are in, among other factors.
If you own a customer-facing business like a retail store, you should consider e-commerce marketplaces or direct online sales. A business that involves meeting clients or customers directly will have to invest time & effort into social media platforms like LinkedIn to keep generating leads.
Once your business has stabilized, it is time to scale up your revenues. Repositioning yourself and adapting to the changing market is quite important. The early days of economic recovery are the best to adapt, as they give you enough time to adjust to the new normal.
Increase Your Digital Marketing Spend
It is no secret that social media use has increased during the lockdown. Using social media to connect to your customers and market your products is only logical. If you’re already doing it, it’s time to diversify on various platforms.
Choose your platforms based on where your customers are most likely to spend their time. A brand selling clothes for teens is likely to do better on platforms like Instagram, TikTok, Snapchat, etc., rather than on LinkedIn.
Explore More Forms of Content Delivery
Transform your image online with more diversified content. Adapt to the platform you’re using – market using images on Instagram, video content on TikTok, Snapchat, etc.
Email marketing plays a unique role in some businesses. Generate more leads by exploring video email, which is a very engaging marketing tool. Tools like this screen recorder also make it easier for you.
Plan Your Marketing Campaigns and Execute Meticulously
Planning your social media strategy is quite important as it helps you track your revenue growth due to marketing spend. Marketing shouldn’t be seen as just another business expenditure but as a facilitator of revenue. You should take marketing seriously and plan detailed campaigns, and associate flexible goals around those campaigns.
Don’t Just Market Products – Market Your Brand
Branding is now more important than ever. People tend to buy more things from brands they’re acquainted with. Use this opportunity to build a great brand and stay transparent and open about how you are adapting to these difficult times.
Use social media wisely to build a great, relatable brand that people will remember and like to be associated with. Again, the use of video as a tool to create heartfelt, engaging content will add much value to the process of building a brand.
Revamp Your Business Website
Apart from your social media presence, your website is the biggest virtue-signaling tool you have. Your website is a reflection of how you want to present your brand. Take this opportunity to fine-tune your website, fix any glitches you have, optimize your content, redo your design to reflect the perception of your brand.
The pandemic has affected the world in an unprecedented manner. Incomes have suffered, as has demand. However, the economy is recovering. This is the best time to make changes to your business model to scale up your revenue.
The impacts of the pandemic on your revenue can be overcome by following a well-charted marketing strategy. Focus marketing solutions that focus on video marketing as that is the definitive way forward. Reinvent your business to recover and grow in a post COVID world.