The COVID -19 pandemic has quickly led to a global economic downturn. According to leading financial institutions and market research firms, a global recession is knocking at the door, which may eventually lead to ‘The Great Depression’ that occurred post the Second World War.
Unarguably, the Coronavirus has severely affected businesses across industries. Companies all over the world, irrespective of their client base ad market capitalization, are now scrambling to figure out how to recession-proof their business affected due to Covid-19 pandemic.
Here’s a list of 5 tactics that will help you safeguard your business considerably from this global economic downturn.
1> Put an Automated Lead Machine
If you’re still not leveraging the power of automation, then now is the time you should think of integrating it with your system. During a recession, you’ll have to multiply your sales volume to balance the effect of Coronavirus on online business.
Without automation, it will be an arduous task. On the contrary, an automated, AI-powered lead generating tool will clone your existing system and capture qualified leads for your business across industries. The most exciting part is that it will help you achieve your sales goal faster and and is cost-effective too.
2> Put Customer Safeguards in Place
During these turbulent times, it’s best to put customers on contract. The best approach to this strategy is to talk with the customers and ask them about the impact of the Coronavirus on their marketing budget, and business as a whole. This way, you won’t end up losing your client base.
Establishing an open line of communication with your existing customers,and prospects, will also help you plan better should they decide to discontinue the project or reduce their marketing budget. Alternatively, you can start sending out surveys to your clients to get a proper understanding of how they’re planning to deal with the effects of the virus on their business.
3> Focus on Industries That Have Served You Well
It’s not a great idea to test new markets in this economic landscape. The best way to handle the effect of Coronavirus on online business is by focusing on markets that have always given you positive results.
Delve deep into those industries and craft a unique strategy citing how your product(s) or service(s) will help your prospects thrive even during this turbulent phase. Speak to them on video calls and propose your strategy, stating how you and your team will make a difference and bolster growth in their business.
4> Continue Your Marketing Endeavours
Businesses across industries suffer from liquidity crisis during a recession. One common mistake that every company makes is to cut down their marketing budget to nil.
However, reports suggest that during a recession, marketing serves a huge purpose. In all probability, your competitors will cut down their marketing budget. Take this opportunity by keeping yours consistent. And if you’re facing a severe cash crunch; pursue low-cost marketing techniques, such as blogging, social media marketing, webinars, email marketing, and online newsletters.
5> Emphasize on Networking
Before searching online or asking for suggestions, people tend to prefer doing business with whom they know or like. Make sure that your prospects know you and about your business.
A great way to do this is through the strategic use of social media. LinkedIn is a goldmine for both B2B and B2C industries. Add your existing, as well as potential clients to your profile and publish useful information related to their industries, to garner attention.
So, here were 5 ways to recession-proof your business from the upcoming economic downturn. Let us know what you think in the comment section. Also, don’t forget to add your views if you feel we have missed some crucial points. Best of luck!