3 Steps to Reboot Your Business in a Post-Pandemic Market
Keep Calm and Continue Adapting!
After COVID-19, then what?
Covid-19 has caused an unimaginable impact on the global economy and businesses. Brands are cornered by uncertainties during the crisis. These changes have resulted in permanent closures for many corporations. In Malaysia, for instance, ESPRIT, G City Club Hotel, Ramada Plaza Melaka, BBDO Malaysia and many more have faced the pandemic’s wrath.
So now the question lies, how are we going to evolve and meet the new demands in the current market?
For that, let’s take a deep dive into the ‘Three Rs’.
Image via Agile CRM
The only thing that never changes is change itself. Consumer behaviour, for instance, has shifted in the wake of COVID-19.
To take advantage of this shift, businesses need to consider two crucial steps.
Firstly, to understand the new consumption behaviours of consumers. Secondly, to take the necessary measures to communicate with customers more effectively.
In this age of technology and advancement, Data Analytics is currently most businesses’ best friend. It is the new tool to process raw data and algorithms to increase a businesses’ overall efficiency.
Right now, businesses stand a better chance by having the insights for advanced decisions that can optimize their performances. This is how Data Analytics impacts businesses:
- It can help companies identify more efficient ways to understand customer’s needs and develop a suitable business model.
- It analyzes customer trends and satisfaction for better improvement in products and services.
- It offers an opportunity to deliver personalisation towards target customers through multi-channels.
To adapt to this new normal, the smartest thing to do is to know your consumers inside out with the power of Data Analytics, and use that information to reconstruct your company’s goals and vision.
Image via Access
Now that you know what needs to be changed, get the ball rolling! It’s time to reposition yourself to meet up to new demands.
Start asking yourselves - Do you have enough resources to get into this e-commerce world? How can you create a seamless experience with your customers? For example, people now long for more sustainable relationships in the virtual world.
They wish to feel connected even through the internet. So, this is a great opportunity to start tapping into the platform and get close and personal with your customers.
The more virtual the market evolves, the more people crave for a sense of authenticity. Your brand can’t “make it” without your genuineness, so be authentic and personalize your messages to be more relatable.
Take Air Asia for example, their recent promotion for flight and hotel combos was promoted as “Good Things Come in Pairs and We’re the Best One For You!” & “You Can’t Have One Without The Other”. The messages are relatable to their customers, hence increasing the value of the promotion.
Acknowledging change is one thing. Really taking action is what striving businesses will do. Stop thinking too much, set your goals and take action!
Image via KindPNG
Upon redirecting your business model, your content would naturally need revamping to engage effectively with your target customers.
The path towards generating new content is important to boost SEO rankings, earn traffic and attract attention - no business can escape from the demand of fresh ideas.
Content is arguably the most important part of digital marketing. Be fun and creative, but at the same time, don’t forget about the quality. Customers are expecting good content and consistency from their preferred brands, and this is a great way to become their favourite.
Tealive, for instance, had came up with the idea of selling DIY bubble tea kits for their consumers to make their favourite boba drinks at home.
Babe - Japas Fun Dining, a Japanese restaurant started by Michelin-starred Chef Jeff Ramsey had introduced a Father’s Day Meal Kit, which included the necessary ingredients and instructions on how to prepare it.
These ideas solved a few problems:
- Consumers would not need to physically go outdoors to enjoy the experience - which was impossible during the current pandemic.
- It makes the brand relevant and fun by adding a DIY factor in their product, a period where everyone is starting to experiment with cooking at home.
These are good examples of why recreating new contents and continuously readapting your products are crucial. They make your business fresh and relevant to the market.
In light of the business changes necessary for Post-COVID-19 era, we must take note that no matter what happens in the future, everyone must constantly Re-evaluate, RePosition and ReCreate to ensure your business is on the right track.
As Chris Macdonald, a Global President from McCann Worldgroup Advertising & Allied Agencies said, “Customers have gotten used to the quick pace of communication and will demand brands evolve at the same speed.”
So be reactive no more, be proactive!