Do something radically different. Make a lemon pie, lemon cookies or marmalade!
Everyone has been shaken by the Covid-19 virus. It has had a devastating impact on our mortality, financial markets, emotional well being, and security.
No one can predict the future, but the new reality is – life is and will be different! We will never go back to the OLD normal.
Managers and business owners need to change how they run their companies. Finding new ways of doing things that might include revamping their current product line, expanding their mode of services offered or finding a new niche market – will be the NEW normal.
Just as restaurants were facing closure and bankruptcy, some started offering take-outs and Ubereats services, as part of their new business model to stay afloat. For some, this may work, for others, sadly, it will not.
Smart leaders will need to think outside the box and be more daring and adventurous. This is the opportune time to review your existing marketing strategy, explore new business models, and integrate them into the new reality.
Tips to reduce costs and increase profits:
- Review pricing strategies: bundle packages at a more affordable price by offering promotional discounts, coupons, etc..
- Explore new operational procedures: allowing staff to work from home, introduce flex hours, flex days. These measures can ultimately cut down on workspace and overhead costs.
- Implement new distribution channels: via the corporate website, social media platforms, and online shopping (i.e. Amazon, etc.)
- Create and test new markets using online advertising strategies on social media, Google AdWords, etc.
- And much more.
A well designed 6-12 month marketing strategy with clear objectives, products, and services, responsibilities, communication strategies, contingency plans would be prudent at this time.
If you are interested in working with someone with over 25 years of experience in sales and marketing, please contact me at 514-839-0505 or email@example.com. It will be my pleasure to assist you in the next leg of your journey.
March 15, 2020