After the Coronavirus pandemic, what next? This has become a song on many lips and a thought, on many minds, as we look forward to the end of the pandemic, which we hope and pray, will soon come.
Many are, already, in a dilemma, trying to figure out what life after the pandemic would be, including business owners and entrepreneurs.
A school of thought believes that, businesses are going to be pushed to the brink of failure; if at all they succeed, while another opines that, businesses are going to thrive, after the COVID-19 pandemic.
Which school of thought is right is not certain. We can, only, wait for time to tell.
There are news of major companies, already laying off staff, hitting the airwaves, as some are beginning to consider reformation, restructuring and others, a total lockdown, but I tell you, what lies ahead, we cannot tell.
The future seems blurred, by the current surrounding situation, giving room for many assumptions
. We may, even, have to watch a contest of place, between big and small, incumbent and upstart, all trying to remain relevant in the market.
Remaining at the top, in the coming days, would be like a game of chess and as such, it becomes important for business owners, to know how to maneuver their businesses, through the tides of post-pandemic recession, successfully.
That, countries are heading towards a sudden and unprecedented recession, is at this stage, not a fallacy.
It is obvious, that post-pandemic times, will be a catalyst of change, to determine consistency, in the business environment.
We are certain that, it will no longer be business as usual; there will be an exceptional rate of unemployment, some businesses will close down and things might be bad for a while, but of course, there is always light, at the end of the tunnel.
A few nuggets to help business owners navigate successfully, through the tides of post-pandemic recession, are highlighted as follows:
Branding and Re-branding
It is often said that, an experience is only worth repeating if it is a good one.
That would, then, mean that, no one will be willing to repeat a bad experience, in the reverse and as we know, life, they say, is a teacher.
You may wonder what experience has got to do with your business.
Well, what keeps your customers coming back always is, the experience they get from your products, or services.
Now, branding or re-branding your products is, very important.
In the coming days, there would be a need to re-package and redesign your products, or services, in order to paint a picture, in the mind of your customers.
Doing this, will set you apart, from your competitors and re-package the image of your company.
In fact, branding, or re-branding, can breathe new life to your company, its products and services.
It will help your business to gain new positions and create new opportunities, in the business environment.
This could involve, upgrading your company’s logo, colours, text/font, designs and packaging.
It is, however, important to use similar characters and elements, in doing this, so that, one does not begin to confuse customers and render all efforts, useless.
Unique Selling Proposition
To, effectively, maneuver your business, through the recession that will be caused, post-pandemic, a unique selling proposition, or unique selling point, is imperative.
What would that mean? Whatever products, or services you offer, must have what differentiates and makes them better, from those of your competitors.
If we look around, we would discover that it is almost impossible, to find a one-of-a-kind business.
Ability to pinpoint your uniqueness, among homogeneous competitors is apt, to the longevity of your business, in the coming rainy days.
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Branding, or re-branding and having a unique selling proposition/point, would be a waste of effort, time and resources, if your products, or services do not get to its target market.
One of the best ways to channel what you have to offer is, to get it across to those, who need it and it markets it with word of mouth.
Do not leave a gathering, without talking about your products, or services. Give a consciousness of your presence, to people around you and to reach a wider audience.
Put up an advert, through the various media of communication.
Do not look at the fact that, it would cost money. We all know that we use money to make more money.
Take care to note that, advertisement should be, well designed and should not be done shabbily.
Always have it, at the back of your mind that, you are dealing with reflexive beings, you must put yourself in their shoes.
Know your customers buying behaviour and do not forget to let them know what differentiates you, from others.
Exposure of your products, or services advert, to the target market, must emphasize, meeting the needs of your customers.
Customer Relations / Service
It is important to develop, establish and maintain a good relationship, with your customers, because without them, your business, products, or services, is as good as dead and forgotten.
Ability to ensure good customer relations, would retain your relevance, in the business environment and boost sales, as well as the growth of the business.
If possible, render after-purchase services and get feedback from them. Make them feel important, by building a personal relationship with them. Help them feel that, they belong and are part of your plans.
Innovation and Technology
It is obvious that, the world is, constantly, evolving and like time, is waiting for no one. Innovating your business, in these times and age, would help navigation, through the twists and turns, of post-pandemic recession.
The pandemic itself has brought about a need, for everyone to be online. We, even, saw governments, taking to these innovation and usage, of technology, to reach the citizens. Get smarter.
Do not be left behind. Use available technology, information and applications, to maneuver, in the days ahead.
Recently, we have innovation by the introduction of smart apps, partnering with existing and stable organisations, that share your goals, it is a whole new world, and you cannot afford to be left behind. You.
In order not to kill your business, adapting is the best option, in this technology age.
Create a website for your business, to showcase your products and services and engage your customers on-site.
You can, also, develop an easy to use application, to be made available for download on the app store.
Cut Cost of Production
When recession kicks in, demand and supply for products and services will no longer be able to reach an equilibrium, as many become conscious, of the new reality.
In order, not to lose totally, it is important for you to cut your cost of production, while yet, striving, to meet the expectation of your valued customers, in satisfying their needs.
Doing this, will enable you to retain your existing customers and gain new ones.
Identify New Business Ideas
It is important for you, not to put all your eggs in one basket, hence, exploring other ideas that would thrive, in the business environment, would go a long way, in maneuvering your business, through the lurking hard times.
People and businesses, like Dangote and Apple, have been subscribing to this idea, from way back and are reaping the benefits, immensely.
You too can and when you do, you will be glad you did.
The post-pandemic tides, will bring about a paradigm shift and in order not to be left behind, business owners and entrepreneurs alike, should make efforts, to put their businesses, products, or services, at the forefront of success.
Be intentional about the steps you need to take and enjoy the reward that comes with it.
No pain, no gain!!!
Featured Image: insperity
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