Small and medium-sized businesses will be hit harder by the COVID-19 epidemic than fortune 500 – said Captain Obvious.
It is highly likely that family-run businesses and entrepreneurs don’t have crisis management plans to mitigate and minimize revenue losses or disruption. For small businesses, crisis management is centered around legal matters concerning injuries, accidents, and death. The idea of planning a procedure for a crisis such as the COVID-19 pandemic seems too radical and impossible. However, the current unfortunate times we live in will serve a valid exercise for all businesses and entrepreneurs. It’s time to broaden our strategic thinking and build “catastrophe” action-plans.
Loyalty Matters
Let’s be realistic. Unless you sell toilet paper and hand sanitizers, run a grocery store, or a pharmacy, few prospects will be knocking on your door today. People are in a “survival” mode these days, and small businesses will adopt the same mindset – survive. What does that mean? Based on the Hierarchy Of Needs, people are concerned with preserving what they have, hence the hoarding mentality; for a business, this preservation and hoarding = regular customers! This is a time to hold on to what you have.
Your regular customers are the bread and butter of your business. They are your knights and advocates who can help sustain your business and maintain a presence. That’s why authenticity and connection becomes a valuable tool to gauge their engagement and support. It would be unnatural to assume that people are lack compassion. Now is the time to reach out to them with content that is meaningful to their current situation. They are home, and they are hungry for inspiration, entertainment, and ideas.
How to Hoard Your Valued Customers
Reach out
Being digitally connected facilitates and speeds up the communications and connection process with customers. Take the time to identify digital means to engage, including emails, Instagram, Facebook, TikTok, or Linkedin. Your customers will not judge you for being vulnerable during global adversity. Go ahead, reach out to them for support but make it a win-win initiative. Think of what your business can do to help meet their needs too.
Make them an offer they can’t refuse
Well, this is an over the top statement! The intent is to think beyond what your business has previously done in terms of “value.” It’s time to take a step further and define innovative and engaging solutions. These are very tough times, and proactive mindfulness is a winning ingredient, even if it bites a bit.
Contingency planning
It is not the time to allow fear and panic of the unknown to distort thinking. Take the chance to leverage the downtime to strategize for the future. The fields of opportunity will open up once we pass the obstacle, and your business has to be ready to evolve and catch up. There are two things you should start working on immediately:
- Review historical business performance to identify new possibilities and solve weaknesses within your current business strategy.
- Listen to predictions by expert business analysts. The insights provided could be indications of change and opportunities your business will have to embrace moving forward. Is your business ready for these changes? More importantly, will your customers be willing? And, how will they respond if you are not on top of your game?
- Start outlining scenarios and new approaches for the post-pandemic consumer who could develop different habits such as dependency on online shopping, video conferencing, etc.
The dawn of a new era!
The question everyone is asking now revolves around digital transformation and adaptation. How will the pandemic impact consumer behaviour moving forward? Historians believe that the bubonic plague brought the eventual end of Serfdom society, and consequently, the birth of science and culture society. Will Covid-19 affect our lives as did the bubonic plague in the 13th century? The most obvious answer is that it will lead to an increased dependency on digital solutions.
