Because of the coronavirus pandemic, the economy has suffered devastating blows that will likely leave lasting impacts. The resulting lockdowns and quarantines continue to pose serious challenges to most businesses. If you’re a business owner, you’re probably wondering what you can do to make sure your enterprise survives and even thrives in this trying landscape.
Since people are either unable or unwilling to risk making their usual purchases, sales have significantly dropped across the board. But trade has not completely halted. For these reasons, people have become even more conscious and careful with their few purchases. Adding value to your products and services is therefore one of the most effective ways to ensure sales continue.
There are certainly a lot of paths you can take to add value to your wares. To get the most out of these changes, a couple of areas have proven to be more rewarding than others.
An ineffective product won’t sell, regardless of the market circumstances. But effectiveness is not a pass or fail mark. It has degrees that you can use for evaluation and improvement. Unless you believe that your product or service has reached its peak effectiveness, there is still something you can do to raise it further.
Assess your goods honestly and pinpoint which qualities you can still develop. Resolve its weaknesses and boost its strengths. Compare and contrast it with the competition and see which areas they’re doing better. Hopefully, you’ll end up with a better and more updated version of your product or service. Consumers appreciate the effort you put in if the effects are positive and apparent.
Investment in design is just as important as other areas. Consumers expect your product to perform as it should. When this is true, design is one of the few competitive advantages you can maximize. In fact, according to the Harvard Business Review, design is one of the most important pillars of product leadership.
See what you can improve in your product’s design or in your service’s presentation. Look into everything – shape, color, ergonomics, etc. If you offer a service, check whether your uniform or company van is appealing and professional. These seem basic enough, but you’ll be surprised by how much a timely update to your design elements can bring in more attention and ultimately, more revenue.
There are many levels of marketing you have to take into account. But the more general areas to look into are your brand, messaging, and target audience.
Do your brand and messaging go together? Check whether they can both still compel the modern consumer. You should also evaluate whether they target your ideal audience.
Offline marketing tactics are not totally lost in this era of people staying home. Adding another layer of marketing to your delivered products can make a huge impact, particularly during quarantine. Personalize your wares by investing in a laser engraving machine – this will have the almost immediate effect of letting your clients feel special.
Of course, online marketing has become doubly important now. Improve your website and social media accounts. Outsource this task if you must. Search engine optimization is particularly useful now since most people will use the internet to find and get what they need.
These are not the only areas you can improve your products and services and add value to them. But these three are a good start. The adage ‘necessity is the mother of invention’ has always been true and the way you innovate now will determine your future.