How To Use Lockdown Period Effectively?
Many are predicting we are heading towards a recession period. As experts foretasted, the recession will appear in a cycle. We can expect one recession period in every decade.
Thus, we have to prepare our businesses to comply with the recession. Certainty, we can not control external factors effecting our businesses but, we can very well control or improve our internal factors.
A smart businessman always looks at opportunities when the market is down or volatile. We have listed out some of the areas where you can spend your time to improve your business rather killing your time during this lockdown period.
Explore New Market / Target Audience:
You may have started your business targeting some potential customers or markets and unfortunately, it didn’t work well. The reason could be many; pricing, quality, market competition or could be your product is not fit for the current market at all. To find out a new market, a new target audience where the completion is lesser.
Explore New Vendors:
In this competitive environment, people buy your product when you offer them some discounts. But your profit is already shrinking. The only solution is to sit with your existing vendor to work out better pricing or improve the quality of your product without increasing the price. You always have an option to find a better vendor to solve most of your problems.
Explore New Vendors:
You have already implemented the latest technology or process in your production process. There is always some room for improvement. Research on the internet, discuss in your industry forums to find a new way of getting things done effectively.
Being a business owner, you might be overloaded with your work. This is the best time to delegate some of the work which does not require your expertise, rather focus to bring new business. If you had a plan to recruit people. Well, this is the best time to hire and train them effectively.
Check Your Brand Position:
Most of us spend a lot of time to create a logo, brochure and website during the initial period of our business. When was the last time you have opened your website? It’s time to check all those fields which you have forgotten.
- Check the validity of your domain, hosting and e-mail packages
- Analysis your website pages and update with new content
- Create or update social media pages with fresh content and info graphics
- List your business in Google My Business page
- List your company in local business directories
- Implement on-page SEO for your website
New Ways Of Marketing:
As the world is changing drastically, you need to keep your eye and ears open to find new clients for your business. A successful business should always have a lot of clients in their sales funnel. To build good sales funnel you need to have various channels to generate leads. Online marketing would be the right place to fish out new customers from places where you would never have imagined.
Before getting into Digital Marketing space, you need to define your short-term and long-term goals.
Google Paid Ads: Expensive and most effective way of generating leads with 100% control on your target audience and budget spending.
Mass e-mail: Very effective, when the source of the e-mail database is genuine.
SMS Marketing: Effective only when you want to promote your offers to masses.
Paid Social Media: Cost-effective lead generation platform.
Search Engine Optimization: Best long term strategy to generate quality leads, But, the result will be available after 6 months
Social Media Marketing: If you want to engage your customers by means of promoting your brand and getting feedback to improve your products, Platforms like Facebook, Instagram and Linkedin are the ideal platforms you.
Google My Business: Over a while, we have observed quality leads are being generated by listing your business in Google My Business.
Directory Listing: There are a lot of business directories specific to your region. Some of the business directories generate good quality leads.