News from EO Minnesota

Top 5 Tips to Accelerate Your Business During Covid-19

Apr 27, 2020 10:57:02 AM / by Brent W. Peterson

The spread of coronavirus has the potential to cause thousands of industries and businesses to close their doors for good, but this global pandemic also holds an opportunity for those who are quick enough to adapt to the changing market needs. For instance, many restaurants remain open for curbside pickup and free delivery to continue earning revenue. Other small businesses have updated their websites to make buying their beloved products easier than ever.

Although the situation may appear to be daunting, it is possible to keep your business open, and even promote its growth, during the spread of Covid-19. According to Insperity, one of the nation’s top HR service providers, employers must be well-prepared and know how to:

  • Help protect employees and customers.
  • Continue business operations.
  • Find information from official, reliable sources.
  • Effectively manage and mitigate organizational risks.
  • Navigate any potential legal issues that might arise.

With access to the right resources and support, business leaders can wisely accelerate their brands, even during this uncertain and unpredictable time. As you prepare to meet your business goals, keep these 5 essential tips in mind for the highest chance of success:

5. Embrace Video Marketing Strategies

On-site meetings, trade shows, marketing events, and other lead-generating activities have been cancelled due to the coronavirus, but that doesn’t mean your preparation for these events should go to waste! For example, you can transform a live presentation into a virtual web presentation that you can share on your website, send to prospective clients, and post on social media. This is the time to really let your creativity shine and have fun with creating original video content, or by putting your own spin on one of these popular suggestions:

  • Do a virtual tour or a “behind-the-scenes” video about your company’s operations.
  • Posting in-depth product demo that shows potential clients how the item works and how it can help them in their own lives.
  • Use Facetime or Facebook Live to field questions from your audience in real time.

4. Consider Partner-Based Marketing

Partner-based marketing is a clever way for both B2B and B2C companies to attract new leads, increase sales, and build brand awareness. Partners can take full advantage of all of their resources to implement unique co-branded materials and special offers that cater to a much wider audience than either brand could achieve on their own. Partnering up with a complementing brand can also lead to the following benefits:

  • Reduced advertising costs.
  • Increased customer loyalty.
  • Shared resources and responsibilities.
  • Diversification of company talents and strengths.

3. Consider Offering Payment Plans

Conversion rates are down for all types of businesses, but marketing expert Neil Patel found that implementing one simple payment solution on his website boosted conversions by an average of 12%. Patel utilized services such as Affirm and Partial.ly, which allow customers to pay for their purchases over time. Offering a monthly installment plan can reduce some of the financial stress that millions of consumers are facing today, and it can help people obtain the products they need, even if they’re trying to reduce their spending habits in the short-term.

2. Prioritize Remote Communication Methods

With the exception of services deemed as “essential,” the majority of your staff will likely be working from home at some point during the outbreak. It’s important to establish clear-cut communication methods and guidelines sooner rather than later to prevent confusion and hold each employee accountable for their work.

Instead of relying on phone calls or text messages to keep up with each staff member, utilize online platforms for key business functions like sharing files, holding team meetings, tracking time, and managing scheduling details. Some popular remote communication tools include:

  • Google Docs for creating collaborative documents and sharing files.
  • Slack for seamless, organized communication channels.
  • Zoom for video conferences and webinars.

1. Revamp Your eCommerce Site

If your area is currently in lock-down, you may be looking for ways to fill up the extra time in your day. Try to address any areas in your website that need to be updated, redesigned, or optimized in any way. Consider your blog, your SEO, mobile conversion rates, and your overall web design to help your site stand above the competition. “This is a perfect time for self-improvement,” says Thrive SEO strategist Matt Garrett. “Use your newfound spare time to work on your SEO presence, like cleaning the house on a snow day.”

For additional information about maintaining a successful business during Covid-19, check out the resources and benefits offered by the Entrepreneurs’ Organization in your local area!

Topics: Business Growth, Motivation, Business Strategies

Brent W. Peterson

Written by Brent W. Peterson