4 Marketing Strategies to Revive Your Business Post-Pandemic
Many businesses are struggling as we ease out of this pandemic, here are 4 marketing strategies that can help revive your business post-pandemic.
An entire generation is going to remember 2020-21 because of a life changing pandemic. Many of these people are business owners.
Aside from the many people who lost loved ones, the COVID-19 pandemic was arguably the most agonizing for small business owners. While it’s true that the global economy suffered horrendous losses of an estimated $8.8 trillion. Many companies went out of business, and many went bankrupt. According to PNAS, 43% of global businesses were temporarily closed. Consequently, companies reported a 39% decline in active employment.
However, humankind once again showed commendable resilience. Life is slowly coming back to normal. Businesses are again becoming operational. People are striving hard to regain what COVID snatched from them. Life is no doubt reinstating but with numerous new norms.
The business world has to cushion the most significant impact of this transformation. The needs of different business functions have changed. Consumer preferences and market trends have altered. It has dramatically evolved the marketing norms of the business world. Today, companies must adapt to the new marketing tactics. Therefore, this article is of pivotal importance. It highlights four marketing strategies to revive business post-pandemic.
1. Go Online
With social distancing guidelines on the rise, conducting business physically came to a halt. Now, a company’s survival depends on its online presence. Therefore, online is the way to go if you seek to revive your business in today’s dynamic world. For this purpose, you should hire individuals who possess an MBA marketing online degree as they’re well-versed in online marketing strategies. These MBA grads couple their eLearning with digital marketing expertise, providing companies with exceptional marketing solutions. Getting them on board or encouraging your existing employees to opt for online learning modes will prove beneficial in today’s age.
Business activities are restricted, and in-person ATL and BTL marketing are almost impossible. Therefore, the internet is the only feasible medium to interact with customers. Moreover, COVID added 298 million new internet users and 321 million new social media users. The world of the internet is soaring.
People have developed a taste for online shopping and online brand interaction. A vast majority of them are not coming back to the traditional marketplaces. Therefore, your business should go online. A well-drafted website, user-friendly app, and marketing through online platforms like Facebook, YouTube, and Instagram have become inevitable for business revival post-COVID. Online marketing channels are important because now your target audience is residing right there.
2. Create a Captivating Customer Experience
How often do you visit a restaurant just because the ambiance is better? How many times have you purchased from a shop where the shopkeeper greets you well? Well, any person would have preferred these choices over others, even with similar market offerings. In the contemporary business environment, customer experience defines business success. According to a Harvard Business Report, a one-star increase in the rating on Yelp increases the revenue by 9 percent. It shows the importance of better customer experiences and their correlated impact on revenues.
Therefore, customer experience is the key to business revival in the post-pandemic world. You must carefully calibrate your marketing and other business operations. Especially online marketing channels need to be entirely in sync with enhanced customer experience. The customer pressure points from the user interface of the application to the navigation on your website need to be in line. It serves the vital purpose of capturing customer attention at all levels of purchase decision-making. Moreover, it keeps them encapsulated with your brand offerings and enhances your competitive edge.
3. Produce engaging content
Content marketing refers to the production and then the distribution of content relevant to a brand’s market offerings. It focuses on the right target audience and engages them as per their precise needs. In the modern business environment, content marketing has become essential for brand awareness. It enhances a company’s reach and increases sales volume. It converts early customers into a late majority and improves the overall customer lifetime value (CLV).
Content marketing includes social media marketing, infographic content marketing, blog guest post, podcast, and video content marketing. However, these are some of the common tools of content marketing. The real world of content marketing is way more expansive. It also involves SEO and PPC marketing that have entirely transformed the traditional marketing pedagogies. According to Smart Insights, 81% of people search online for reviews and details of a product before making a purchase. Now imagine the impact of positive or negative content about your products and services online. It can either make or break it for your business health.
4. Restructure Customer Value Proposition
The COVID pandemic made us all realize the importance of resource conservation. Moreover, the financial muscle for most consumers has also weakened. Therefore, a vast segment of the market has become a value seeker. People are inclining more towards the best value money can buy. Also, certain features of your products might not be relevant anymore. Therefore, a lucrative marketing approach is to restructure your value proposition.
You might also need to play with the pricing as well. Dynamic pricing best suits the current market status. Certain business functions now cost more. In contrast, some have lost their value. You can leverage the net off and offer customers a better price. It will add another unique selling point (USP) to your value proposition.
The world has seen some drastic changes over the last two years in the aftermath of the COVID pandemic. Specific sectors like business went through more disruptions than others. Fortunately, things are getting better, and the global economy is regaining its strength. However, the need of the hour has changed – especially the marketing requirements. Discussed above are some of the modern-day marketing gimmicks necessary to revive your business post-pandemic. These are not limited but depend on the individual needs of different businesses. So, you must adopt the ones that are most befitting for your business operations.