It’s no secret that the pandemic has caused a considerable dent in the bottom lines of countless businesses across a wide variety of industries. The lockdowns, health and safety protocols, and other factors made the pandemic a bumpy year for big and small companies alike. While some have struggled even with even just managing the pandemic, there have also been some who have managed to grow their business during these difficult times.
Now, not all companies and industries respond to new emerging strategies in the same way. Technology, digitalization, remote working, e-commerce, improved communication, and a renewed workforce are among the vital aspects to dig into when coming up with a strategy for the new normal.
During this period, we heavily rely on the advantages that technology and digitalization can afford most businesses. Automation, process improvement, increased customer feedback, and targeted operational strategies all do their part to improve profit margins. Increased revenues and the emergence of new markets also bring up new growth opportunities.
The new normal may not be the best time for growth for more traditional business models, but it certainly looks promising for those who are willing to adapt and innovate. Even long-standing business practices are being reconsidered as consumer behaviors shift to sustainable and socially aware decision-making.
Establishing new avenues for business in these trying times is an essential part of maintaining or growing your market share. While some businesses with physical locations shut down, brands established e-commerce platforms to continue operations. The logistics that go into morphing your supplier, distribution, and payment channels online are a relatively simple process to adapt. Most of the heavy lifting comes into the actual website or platform itself. In some cases, robust platforms can even take your local reach and enable you to target international markets.
While many businesses are currently ditching the rent and overhead costs associated with physical locations, there are also ways to grow your brand while maintaining a traditional store. Taking the restaurant industry as an example, many restaurants have partnered with third-party delivery services and minimized in-store dining to ensure customer safety. Robust vaccine rollouts have made going out in the new normal somewhat safer and less anxiety-inducing experience.
What affects your physical locations now is your actual location. Businesses in previously bustling metropolitan areas may experience a decrease in foot traffic as people move to less densely populated areas such as the suburbs. Engaging in professional real estate agents can help you find your properties in new and up-and-coming locations. Understanding your target market’s behaviors and adapting to them will not only increase revenues but also highlight what changes need to be made to better the overall business.
Traditional marketing initiatives have definitely taken a back seat during the pandemic. Online or digital marketing strategies have proven to not only be more cost-efficient and effective. While traditional media still remains an excellent avenue for advertising, the lockdowns highlighted just how much can be accomplished online.
Digital advertising offers you real-time campaign information, better-targeted demographics, and faster turnaround times, and breaks down costs to individual exposure levels. Ads on social media platforms allow you to cherry-pick which markets to cater to and what content you can allocate a boosting budget towards to reach more eyeballs. Television commercials, radio, billboards, and other signages still remain effective advertising tools but become lackluster when compared to the online landscape.
Perhaps one aspect that was most obviously affected by the pandemic was the company workforce. Not being able to come into work physically had most employees questioning their job stability. A committed strategy for technological integration saw companies moving their workforce to work from home. Any change in the way we do business comes with its own learning curve.
Productivity, efficiency, and communication all became sore spots initially but were quickly addressed by various business-targeted applications. Cloud computing, telecommunication, virtual reality, and remote monitoring systems allowed companies to manage the remote setup and even increase productivity.
These are just some vital aspects to consider when looking into growing your business in the new normal. While not all of them will work for every business, there are vital factors that fit most market’s behavioral changes in most industries. Taking a step towards expansion or growth requires extensive preparation and an even deeper understanding of your unique selling proposition and your market’s behavior. The new normal and its new developments can allow even smaller businesses to succeed with the help of well-thought-out technological strategies.