The news has been focusing lately on covering the effects of coronavirus on big businesses. This New York Times Live Update, for example, discusses the recent stock market plunge to the oil market amid the COVID-19 outbreak. On the other hand, some businesses managed to achieve high profits. To illustrate, Clorox shares rose 15% this year, and it’s no secret why!  But what about small businesses and the challenges they are facing? If you’re one of them, then you probably ask yourself how can you keep your business alive, your customers happy, and your team employed. This article will discuss effective strategies you can follow to survive any economic crisis. We will tell you how to address your customers, expand audience & opportunities, and stay aware of the “business runway”. 

How to address your customers in sensitive times?

In general, successful businesses do not only depend on “sealing the deal”, rather they follow strategies to make their customers fall in love with them. And that is exactly what you should be doing during these hard times.

Communicate With Your Audience

Begin with improving your communication and try to stay connected with your customers. Such times require you to over connect and over-communicate. You can do so through:

• sending emails twice a week
• or going live on your Facebook group
• or sending a reminder about some of your products. 

Show Empathy and understanding

Empathy and understanding others are also important when trying to build a strong relationship between you and your clients. Try to acknowledge the hard situation in your marketing messages and just connect with people’s hearts. You can say, for example, “our company understands the impacts of coronavirus on the community and that is why we decided to offer our product for 50% discount”. Try to make your marketing strategy “client-centered” and solidify your relationship with your buyers. 

 How to expand your audience? 

Even though this pandemic took over the world, you can still attract new clients for your business by expanding your audience. No matter what your business is about, you must be present on social media and other platforms. And to make it work, you must make sure that your marketing strategies are based on reality. Try to offer free content, post engaging videos, write about your products, send emails consistently, etc. Stop focusing on revenue, but instead work hard on being heard and seen. 

There’s no doubt that most of your past and future clients are in lockdown, therefore, some of them are working from home while others lost their jobs. Try to acknowledge this hard situation by offering huge discounts or even giving some of your best products for free (i.e. online courses, ebooks, etc). 

Expanding your opportunities

There’s no doubt that businesses are collapsing during this economic crisis. Benefit from the situation and try to collaborate with those who are most relevant to your niche. To illustrate, you can offer a company to design a mutual product that would meet the needs of your customers and benefit both parties. 

Another effective strategy includes influencer marketing which is considered to be one of the most effective ways of promoting your brand and spreading awareness. All sorts of companies are trying to collaborate with influencers to reach out to a wider audience, drive traffic, build trust and strong relationships with clients, and generate leads.

What is a “cash runway” and why is it important?

Cash runway means the amount of time your business has before it runs out of cash. For your business to survive you must have enough cash at all times. In such cases, you might want to consider bank loans, credit card loans, or seek financing from another company. You never know how long this crisis will last, that is why you must be prepared at all times. 

To be on the safe side financially, you need to change your monthly expenses and set a specific budget. Start with outlining your cash flow and try to eliminate unnecessary expenses.  Begin with identifying the amount of money that is coming in, then track your spendings, set your financial goals, design an effective plan, and adjust your company’s financial habits.

Conclusion

There’s a lot that’s unknown in this economic situation. Small business owners are forced to make tough decisions and some of them are consumed with fear and panic. Focus on training and preparation, and try to unleash your creativity and innovation.