Many businesses had to scale down their operations to reduce expenses when the pandemic started. Others shifted to online sales to connect with their customers who stayed home to avoid the virus. These were the measures that many businesses implemented to stay afloat during the health crisis.
Things have improved over a year after the pandemic started. But businesses should continue to look for ways to maintain their revenue and increase their value in the eyes of their customers. They should also be prepared to adapt and make the necessary changes when the situation requires it. Here are some things that businesses can do to maintain their revenue during a pandemic.
Develop Customer Relationships
Even as businesses aim to connect with their customers online, they should also develop a good relationship. This is a good way of creating a loyal customer base that the business can rely on for sales. They can even help increase the company’s reach when these customers recommend the business to their family and friends. This word-of-mouth advertising is the best way for a business to find new customers since people typically believe the people whom they know.
So, aside from connecting with their customers, businesses must develop a relationship with their core customers. They can accomplish this by sending them an email showing how much they value their patronage. Companies should also provide incentives and discounts to these customers as a sign of their gratitude for them. Giving these incentives and discounts will further encourage these customers to buy more products and services, which translates to additional revenue.
Engage the Customers
To develop a relationship with their customers, businesses should engage their customers and answer any questions. And since over 70 percent of adults in the United States use social media platforms, companies can use their social media accounts to engage their customers. They can also use these channels to provide information about any changes the business implements in their physical stores due to the pandemic.
Aside from promoting their products, businesses can also provide information that their customers can find useful, such as keeping themselves safe during the pandemic. They can also use social media platforms to show their commitment to work with their customers so that they can get through the challenges posed by the health crisis.
Develop a Good Marketing Strategy
Businesses should also develop a data-driven marketing strategy designed to get the best results. They should use online tools to collect data from different channels to create a marketing campaign that takes advantage of the situation.
For instance, they can use Google Analytics to check which of their posts are attracting online traffic. The tool also lets them know where the traffic comes from and how long a visitor stays on their website. Using data that the tool collects, businesses can create a marketing strategy that targets a particular behavior of the customers.
Another strategy involves offering a version of the product with a new packaging that gives it a luxurious feel. The business has to decide whether it should go with metalized ink or hot foil stamping for the packaging. Both options offer a luxurious feel on the product, which can impress the customers of the business. If the company cannot decide, it can survey its social media pages to check which option is acceptable for its market.
Take Care of the Employees
Increasing revenue does not only involve the customers, but it also involves the employees of the business. Businesses should also take care of their employees and support them, especially with the uncertainty of the current situation. When a business takes care of its employees, the employees will help the company maintain its revenue.
Businesses can offer work-from-home arrangements to employees who do not need to be physically present at the store. These employees include accountants and administrative staff who can connect with the store online. This arrangement allows the business to observe physical distancing at its physical location and enables remote employees to stay safe while working from home.
Offering additional benefits for the employees can also motivate employees while they are working. Even though it will entail an added expense for the business, it can reduce absenteeism and increase productivity among its employees. The company can increase their hourly wages and provide health insurance, which is essential since the pandemic has yet to end.
A business can maintain its revenues in the middle of the pandemic by focusing on its customers and employees and being innovative with its marketing campaigns.