Running an online business, let alone grow it, during the Covid-19 pandemic is a tricky proposition. The disease has got the planet firmly in its clutches, causing one of the worst economic crises in history. Dubbed the Covid-19 recession, it has driven thousands of companies to bankruptcy and left millions without jobs. At one time, over one-third of the planet’s population was on lockdown, causing massive economic turmoil the likes of which have never been seen. The United Nations estimate that by the end of 2020, more than 200 million jobs will be lost worldwide. Regardless of the type of business you own, this is very bad news. However, it may be possible to not only survive but even thrive in these circumstances. Here is how.
This Is A Perfect Time for Online Business
It may sound a bit callous, but the Covid-19 pandemic has created almost perfect conditions for the growth of an online business. People are cooped up in their homes with nowhere to go. Their interactions with the outside world almost exclusively go through the Internet. That means we will be spending even more time online than usual. Since we are already there, it shouldn’t be that hard to get us to spend a few bucks on your products. Of course, that won’t happen magically and you will need to put in a lot of work, especially since the competition is trying to do the same thing.
A lot of people have lost their jobs due to the pandemic and are struggling to make the needs meet. That means they are spending their money on essentials only. If you want them to spend it on your products, you need to convince them that you are offering true value in exchange. Often, that means you will have to cut into your profit margin, but what you lose there can be offset by the increased sales. Not only will you be able to ride out the economic turmoil, but you will also set an excellent foundation for the future. People will associate your brand with value and that will drive your sales for years to come.
Engage Your Audience
During difficult times, people need solace and compassion above all. Establishing your brand as an integral part of your community is always a good idea, but never more than during this pandemic. There are many ways you can achieve this, but many companies mess this up. Instead of actual care, they offer their customers corporate media events masked as community outreach. Of course, these usually backfire spectacularly, leaving their executives stunned and publicly embarrassed. Don’t repeat their mistakes. If you are going to reach out to your audience, do it properly. Design programs that actually matter and that people can benefit from. That doesn’t mean just giving away freebies. You can also offer help with job hunting or sponsor a food bank.
Maximize Your Online Presence
Some businesses are experiencing a massive boom during the pandemic. For instance, if you are involved with any casino affiliate program, you are probably making a killing right now. It just so happens that the current situation benefits some more than others. People stranded at homes have limited options when it comes to entertainment and online casinos are a popular choice. By definition, any online business should be able to profit from people spending more time on the Internet. You just have to find ways to maximize your presence and develop an edge over the competition.
You Have to Spend Money to Make Money
This is an old adage, but still remarkably true. During the economic turmoil, companies will do everything to stay afloat. Often, that means opening their war chests and sending lavishly on marketing. After all, your product may be the best in the world, but it won’t do you any good if nobody knows about it. Focus on social media, as this is the cheapest marketing available, especially if you have access to a good social media manager. Your aim should be to increase conversions, not just rack up the followers. Collaboration with influencers in your niche can do wonders for your conversion rates. Another thing to focus on is brand awareness. The easiest way to increase it is through giveaways. However, they should be designed to achieve maximum effect for a minimal investment, so you don’t end up giving away half of your stock.
The Future of Online Business
One thing this pandemic has taught us is that the future of humanity will revolve around online presence. Many companies have successfully migrated their large portions of their workforce online without any loss in productivity. In some cases, productivity has even gone up with the move. This is something you should also consider. Not all jobs can be done online and remotely of course. You will still need warehouse managers and workers. But many jobs can and you should take advantage of that. Even with paying home internet for your employees, it will still save you a ton of money. During the crises, those savings can be a difference between life and death for your company.