There has not been a business affected by this invisible disease.
Many businesses will disappear, but those that survive, will have to adapt to the new normal - what worked before - may not work anymore.
Crisis - written in Chinese - also means danger and opportunity. Your business needs to be ready to change.
Consumer behaviour shifts will change and those that are in tune and can service those behaviours online and provide a seamless service will thrive and survive.
As my mentor Allen Pathmarajah says ,
“give people what they want and you will get what you want! “
So what can your business do to survive and thrive after it ends.
Jack Zhang, CEO and Co-founder of Airwallex shares three gems 💎
💎 E-commerce, online collaboration
Deliver your product through digital channels to meet the new demand
Businesses that traditionally have been reliant on physical locations and on-site staff can continue to keep their doors open by leveraging digital channels to deliver their products or services.
It is now easier than ever to take your business online through e-commerce platforms like Shopify or virtual meeting tools like Zoom.
Some companies have already proactively looked ahead and made significant changes to meet these shifts.
For example, Pokéd , an Australian restaurant with nine stores across Melbourne and Sydney selling healthy Hawaiian-inspired poké bowls, lost its business crowd in usually high-traffic CBD areas when companies started to work from home. To adapt to this new environment, they have since focused on building an online store to deliver ready-to-cook poké meals in packs of ten and at a discounted cost for the bulk purchase. They are already seeing the benefits of this shift through higher value transactions and lower fixed costs.
Gyms and fitness centres are also adjusting to increased digital consumption. A number of gyms are now creating online workout content or holding online coaching classes on Facebook Live or Zoom to keep their members engaged.
💎 2. Increase your customer base quickly by tapping into online communities and marketplaces
(Ivan’s comment) identify where your customers are on social media and “own that space” - be it Facebook, tiktok, LinkedIn or Insta
Participating in these marketplaces can also be a great way to super-charge your customer base during these times, as they can generate mass awareness and access to a large global customer base quickly.
Examples of these are food and beverage platforms. F&B outlets and restaurants are increasingly getting online into marketplaces such as UberEats and Deliveroo.
Although they may make a lower profit margin per order, the benefit is that they can access larger volumes of orders very quickly.
In a similar manner, physical retailers who no longer see in-store traffic can stay in business by setting up an online Amazon or eBay storefront, immediately making their goods available to customers all around the world.
Facebook communities are also a powerful way of communicating with targeted groups of customers. For example, a business selling musical instruments can look up musician communities on Facebook to sell directly to their target audience.
(Ivan’s comment ) LinkedIn is an exceptionally powerful platform to extend your reach and target your ideal customers and build your ideal community and expand your centre of influence.
Join a BBG forum focussed on your ideal customer base.
💎 3. Adapt your pricing model to access cash flow and ensure customer loyalty
Every business in this environment is struggling for cash. Creative ways to unlock cash flow will be critical for businesses during this period. One way to do this is by offering a discounted price for a long-term subscription to a service or product.
(Ivan’s comment) hotels, restaurants, ship liners - give vouchers that are eligible for 6 months after lockdown is lifted!
A great example of this is the Malaysian arm of low-cost carrier AirAsia. They have launched an Unlimited Pass that allows unlimited travel across certain countries for a year, at a price of RM$499 (approximately $190 AUD). A low-cost deal for unlimited travel will attract customers to purchase with AirAsia in a time when no one is travelling or buying flight tickets, helping them with their cash flow. It also means that customers will choose AirAsia when borders open up again, driving customer retention.
Whether your company is offline with limited ability to offer a service right now or a technology subscription service, think of ways to be creative with your pricing to unlock short-term cash flow while ensuring customer loyalty during COVID-19 recovery.
In Summary
For any offline businesses, look for ways to shift your business online wherever possible.
For those businesses that are already online, look for ways to scale even further by tapping into online communities and marketplaces.
Your business may be sailing through unchartered territory right now, however if you can navigate through this crisis, you will survive and thrive through the opportunity that will present in 2010 and beyond!
Inspired by Paul Bassat’s tweet
Words of wisdom from @awxjack @airwallex
🤳Deliver your product through digital channels
🧑🤝🧑Increase your customer base quickly by tapping into online communities and marketplaces
💕Adapt your pricing model to access cash flow and ensure customer loyalty