In this article, we'll give you some tips for a small business to survive in a crisis.
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Imports have come down due to the Covid-19 lockdown and there is a slowdown in the market. The MSME segment has probably been the hardest hit with some businesses thriving keeping in mind the needs of the customers.
To stay afloat, many markets are now planning their marketing strategies and strategizing to emerge from this pandemic. Small businesses—manufacturing, trading, service, retail, etc. that have been affected by this situation—may need to cut marketing—but certainly should not. Small businesses can take advantage of this situation and adopt several digital strategies to get back in the market.
It is impossible to have a new sale at this point, it should be on top priority in your to-do list because the customer you have now is your lifeline. Your customers are satisfied with your product or service and continue to trust them. It guarantees you a steady revenue stream.
It is for sure that it costs more to acquire a new customer than to retain one. In these uncertain economic conditions, you have to spend a lot on marketing and sales to acquire customers. With this in mind, you can take the following steps to retain existing customers:
Understand their problem and how their business is being affected in this situation and see where your product or service can contribute
If the customer is making a new purchase from you, offer them free value-added services or a discount on additional features. And make loyalty programs to satisfy your existing planets and get rid of some of the financial stress they are facing due to the situation they are in now.
Stay in touch with your customers so that you can be with them for any need or issue.
This pandemic has given rise to the digital transformation of organizations, as it is no longer a matter of choice but a way to survive and stay in the market. Adopting the "digital way" has become the "new way". If a customer is allowed to engage in trying a new experience, make sure it is easy, satisfying, and positive, that kind of experience will build connection and loyalty.
Many B2B companies are investing in webinars whose main objective is to educate their customers and prospects about their product/service. And these mainly include businesses that have definite value additions to customers and businesses. Each webinar allows marketers to gain a new understanding of areas of traction and areas of weakness, and to solve problems for greater impact. Online experiences and virtual walkthroughs are much easier to plan, execute, and collect ROIs than traditional events, so it's no surprise that B2B marketers are turning to them as their most popular marketing method.
Your company website plays a vital role in creating a bridge between you and your customer. Investing in making your website attractive and better optimized and providing all the necessary information that is relevant to your audience will help both you and your customers/prospects.
When you are going through a tough time your customers are also going through the same situation, so you are a company that can understand these difficulties, by being sympathetic to them during this time you can earn their trust. Customer service plays an important role in this time.
MSMEs have many unique needs, which can only be understood by the company that provides them solutions according to their needs. Thus, you and your business will do a great job considering these business solution providers as your growth partners. Be it marketing and networking services, software, financial services, they will be offering solutions, support, and innovative ideas. And during this time you can also make special offers and support which will give you the much-needed boost.
Disclaimer: This article is intended for general consumption only. The information in the article was accurate at the time of publication, but it is subject to change due to changes in government rules and regulations. The contents of the blog may not be copied unless prior permission is obtained.
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