With social distancing dictating our lives presently, it has been hard for business owners to deal with a meagre income. In fact, 24% of the small businesses have shut down temporarily, with the other 40% contemplating survival tactics if they close their shutter. Only companies like assignment help services, IT firms, etc., can continue their daily task as it can be carried out virtually.
As per management theorists, the need of the hour is 5 Ps: position, plan, perspective, projects and preparedness. 32% of the global leaders believe that their businesses have the necessary leadership talent and technical skills to bounce back once the pandemic is over, provided that they abide by a strategic model. So, let us delve into the 5Ps quickly.
A Quick Glance at the 5Ps
The 5Ps are discussed below:
First, a company needs to assess its present scenario. The experts need to look at the logistics, stocks, stakes, revenue generation, profits, human resources, etc.
Companies have to launch full-fledged operation (once the pandemic is over), based on a well-defined strategy. Thus, senior authorities need to make a plan.
Companies need to conduct extensive market analysis and take a look at the trends amid COVID-19 pandemic. They need to understand the perspective of the customers.
Businesses need to take a look at the projects that they can enforce to combat COVID-19 related issues. The measures should be precise and specific.
Organizations need to check out the resources they have at their disposal to execute the projects. They need to take initiatives right now if they want to continue the business.
Based on this, they should work out on the following tactics.
Sectors that Require Attention for Business Success in Post-Pandemic World
Keeping in mind the 5Ps, the important sectors that will ensure the success of the business once the pandemic gets over are:
- Inorganic Advertisement on Social Media Platforms
With business operations coming to an abrupt halt, you should spend time on promoting your products and services to grab everyone’s attention. It has been observed that brand awareness increases by 80% through Google paid ads. Thus, you should take advantage of the various avenues like Facebook and YouTube ads and Instagram promotions.
To ensure you get your money’s worth, focus on the content and the target audience. In this regard, LinkedIn offers the best targeting options. Moreover, you have to be aware of the ad formats on each platform. For instance, Facebook offers photos, videos, carousel ads, slideshow ads, etc.
- Direct and Indirect Competition Analysis
If you conduct competitor analysis, you will get to know the ins and outs of how your competitors work. You will be able to comprehend the market gaps, customer behavior and market trends, and develop new products and services. You should focus on your direct and indirect competitors, and try to compare the statistics and their marketing tactics.
Most importantly, try to analyze how they deal with their customers like customer redressal system, the share of voice, and engagements. This is where Big Data proves to be useful, from which you can gather tons of valuable insights and patterns. You can even use tools, such as Quick Search, Builtwith, Wappalyzer, WooRank, etc. If you understand this, you will be able to communicate with your customers effectively amid COVID-19.
- Website Development and Mobile-optimized Sites
Presentation of the website matters the most. When customers visit your website, they expect to find the results quickly through real-time recommendations. Furthermore, they look for information on a particular product or service. Thus, website designing, publishing, programming and database management is of the utmost essence. It enhances the prospect of generating more leads, especially during this tough time. Insights into user type, bounce rate, conversion rate, etc. can be found out using Google Analytics.
In addition to this, you need to hire experts to make your website more mobile-friendly. This is because 48% of the buyers rely on their smartphones to initiate their search. Moreover, the website needs to be updated regularly by incorporating links and new information. Site speed can be optimized using GTMetrix, PageSpeed, etc. On the other hand, page errors can be rectified using Botify and Screaming Frog.
- Search Engine Optimization for Higher Rankings
SEO is not a new concept. Butdue to the changes in the algorithm of Google, it has to be updated. Thus, standing in 2020, and faced with a tough situation, one needs to incorporate advanced measures to come back stronger. The meta title and meta description of the website should be refreshed, the number of landing pages should be increased, etc.
In addition to this, you have to research Quora, or other review platforms to understand what people want. Moreover, proper keywords need to be used based on authentic research. For this, you can use tools like Google Search Console, Soovle, Jaaxy, etc. Try to insert infographics in your web pages, as 65% of the people are visual learners. Also, incorporate deep linking to show the depth of your content to Google for better ranking.
- Social Media Optimization for Increased Engagements
If you want to create a community with your clients and wish for higher engagements amid quarantine, you should focus on the content. I’m talking about the pictures and the videos posted on Twitter, Instagram, YouTube, etc. Are you aware that 50% of the companies with unsuccessful SEO strategies do not integrate SMO?
Hence, you should insert an emotional element in your posts to make it more acceptable. You must incorporate UGC to assure the followers that you care about them. You can post stories on Instagram or YouTube based on the activities amid COVID-19. Moreover, use hashtags to enhance your reach. And last but not least, try to post more videos as it has been seen that videos fetch 1200% more shares as compared to images. And be consistent in posting content.
In addition to this, there are two more things that you can do by taking the help of deep learning and IoT. You should conduct sentiment analysis and predictive analysis for reading customer satisfaction and creating customer segmentation. To gather fruitful results, you can use tools like Lexalytics and Repustate. Basically, these steps will help you find qualified leads, and in the process, you can form strategies to attract new customers.
If you start implementing these steps now, you can rest assured that your company will be able to recover the loss it has incurred. It will act as a foundation for the steps you take next. Yes, it is a hurdle for many businesses as they are yet to cope with the unprecedented impact of Coronavirus. But, if you act today, you will be able to flourish once the lockdown is lifted.
Author Bio: Nionica Starc is a marketing expert associated with multiple organizations, helping them gain a sizeable customer base. Presently, she is the managing head at MyAssignmenthelp.com, where she supervises the marketing assignment help service offered by the experts.