Unless you operate in an unusual industry, there’s a good chance your business has been disrupted by the coronavirus pandemic in a sudden and severe way. You may even be so focused on the arrival of one emergency after another that it can feel impossible to consider the strategic or longer-term implications.
Once you get past the panic, though, you find that crisis and opportunity are intertwined. While none of us would have wanted this kind of disruption to our lives, we can use the change in routine to get better.
Wondering how that might be possible? Let’s look at two Covid economy opportunities that are too good to pass up…
Opportunity #1: Use This Time to Increase Your Knowledge and Get Sharper
There are some businesses (like medical supply, for example, or pizza delivery) that are busier than ever right now. For most, though, the combination of a sudden recession and statewide stay-at-home orders has meant lots of time that used to be spent serving customers or dealing with day-to-day operations.
If you spend enough time online, you have undoubtedly seen that many are treating this unexpected law and business like a snow day. They are binge watching shows on their favorite streaming service, sleeping in, and hitting the junk food drawer harder than normal. These are all understandable emotional responses, but they aren’t going to help your business.
Why not use this time—whether it’s another week or another month—to read up on topics like SEO and social media marketing? Why couldn’t you spend today finishing a video course on PPC advertising? What’s stopping you from becoming a better content creator with the hours and resources you have in front of you?
The savviest business owners are using this occasion to get better. They know downtime doesn’t come often and won’t let it get away. We encourage you to follow their example.
Opportunity #2: To Eat the Competition While They’re Taking It Easy
The second opportunity is related to the first. The harder you work during the current crisis, the bigger edge you can open up over your competitors. That’s especially true if they aren’t developing their own skills or serving their customers effectively right now.
For example, maybe some of your colleagues are using work from home arrangements as an excuse for missing deadlines or reduced hours. If you can add value to your customers by giving them faster service, one-on-one attention, or better pricing, why wouldn’t they be open to that possibility?
An interesting thing happens in times of turmoil. When we start making one kind of change in our lives, we become open to other changes, too. What this means in a business context is that some of your best potential customers might be in a state of flux. If you can serve them at a time when your competitors can’t, you might be able to earn business from clients who wouldn’t normally look at changing vendors.
This is no time to ignore your business. If your competition isn’t laser-focused on serving your market, then you have an opportunity to pick up the slack.
What Does Your 2020 Marketing Strategy Look Like?
There are tens of thousands of business owners out there who came into 2020 with big plans but now are simply trying to survive day-to-day. That’s understandable, but it’s not the best way to move your company forward.
Even in an uncertain economy there are opportunities to expand or better serve your customers.