Some important context: This article is written in the midst of the Covid-19 pandemic. The pandemic is severely affecting people, societies and businesses of all shapes and sizes around the world. The goal of this article is to inspire thought and action to make the best of the times, and to not become a victim of the global economic and societal impacts.
Now, more than ever, the world is interacting remotely, and doing business online. Postal delivery companies around the world (UPS, Fedex, Amazon) are overloaded with customers. Many companies are failing as the paradigm of how they acquire business and revenue completely shifted within a short period of time.
We consider ourselves here at Goliath Marketing to be very lucky to be part of the online business industry which is not only surviving, but growing and thriving.
Business owners who aren’t already in a position to sell their products or services online are either scrambling to do so, or likely struggling to stay afloat. Many companies have lost their most major source of income; foot-traffic, walk-ins, referrals from existing customers, etc. Some businesses aren’t able to do their jobs anymore either.
We’re in the business of moving and expanding businesses online presence and profitability. We want to share some thoughts on how to pivot in this challenging time, and how to future-proof your business even when the COVID-19 pandemic eases its grip on the world.
Many entrepreneurs and managers are experiencing something unprecedented and unexpected. Not only are they working on mitigating current impacts, but also considering how to be better prepared for a situation like this in the future. The suggestions we make in this article are for those people as well.
For a business selling hard goods, the solution is probably the most straightforward. Make sure you are able to sell and market your goods online. If you’re in a market that is not well represented in the eCommerce world, this situation could be the push you need to get ahead of your competition for the long term. Being one of the first brands selling your type of product online can be a game changing advantage against your competition. Set up an eCommerce store and shipping/fulfillment system to continue your source of revenue and reach a larger market. Then work with a marketing agency like ours to drive traffic and leads (and thus purchases and revenue) to your online store. Or, do it yourself, but at the risk of spending too much time and money figuring it out.
For a food service company, the solution can be complicated. Not only do you need to be able to accept online orders, but you are hoping to have a decent turnover of sales to go through your fresh food inventory before it goes bad. Obviously having your business affiliated with food delivery services like UberEats and Skipthedishes is a logical start. Also get your business listed on Google Local Businesses as well as on Facebook, and start collecting some positive reviews. When your restaurant is just starting out on those third party delivery platforms and hasn't collected many reviews, people will often check secondary platforms to investigate your restaurant. This is where Google Local Business, Facebook, Instagram and a solid website all come in. Speaking of your website, you want to have excellent, appetizing pictures of all of your dishes. You'll also want an online menu, and any active promotions or deals you’re currently holding. Consider setting up your own delivery system through your website, or selling gift cards.
Speaking of gift cards, this is an excellent approach for service-based businesses to try and maintain some revenue, and leverage the support and good will of their clients and community. For example, a salon client of ours tasked us with setting up a gift card program for them. They able to accept payments for gift cards online, and manage them through cloud-based software. We set them up with an online booking system that integrated with the gift cards as well. Once the restrictions on doing business as normal for them are lifted, they will be able to leverage the online booking system. This will reduce the impact of the avalanche of people who are overdue for haircuts and beauty treatments.
Other service based businesses are actually thriving right now. Software as a service companies are raking in the riches as more and more people are moving to their services to either conduct business, communicate, or have a good time. Think Zoom, Netflix, Youtube, Twitch. These companies are all seeing a windfall of users as more people are forced inside. Another market that is benefiting is the tax and accounting market, though many smaller tax accountants and CPAs are lacking in a digital marketing strategy and process. We’ve helped clients setup a website, market to their local or relevant audience, and start booking (and collecting payments) online. We’ve also helped brick and mortar accounting companies perform entire client interactions (from initial consultation, to performance of services, to collection of payment) online. This obviously helps them in the current challenging economic landscape, but also reduces overhead (office space costs, admin costs, potential travel costs) in the long term!
There are many other ways which a business can pivot to innovate the way they collect revenue. This will help to not only survive this pandemic, but also diversify their client base, community outreach and revenue sources for the future. With all that’s going on, many business owners are realizing that putting off moving their business online was a costly mistake. Use this interesting and challenging time as motivation and space to get your products or services online. For today, and for the future!
We're always interested in discussing innovative ways to do business. It's our passion to offer new perspectives, approaches and strategies to help businesses grow. We'd love to have a chat with you! Click on the button below to book a FREE consultation with us where we can discuss what your business can do during this unique, challenging time.