As we’ve all witnessed, businesses are having a more difficult time than ever connecting with her customers due to the consequences of the COVID-19 pandemic.
This is especially true for businesses that offer ‘wants’ (such as entertainment) instead of ‘needs,’ as it’s difficult for many people to justify making unnecessary purchases in the middle of an economic downturn. But, the core of the issue may lie in your business’s capability to resonate with its audience.
Fortunately, developing an innovative business strategy isn’t as difficult as it seems. Not sure where to begin? Don’t worry, we’ve got everything you need to know.
Let’s take a look at what you should keep in mind.
Establish Care-Based Company Values
One of the most effective ways to build a long-lasting relationship with your target audience is to convey that your company has care-based values. This is particularly true during times of economic distress— people tend to feel relief when they are aware that others are going through the same struggle they are.
For example, someone who recently lost their job isn’t likely to be interested in a brand that’s moving along as if nothing out of the ordinary is happening in the world. So, it’s crucial for your business to acknowledge the complications at hand while illustrating that it genuinely cares for its audience.
Fortunately, you have a lot of flexibility when it comes to how you choose to carry out this obligation.
One of the most common and straightforward is to integrate your company’s care-based values in its marketing. This is something that many of the world’s larger brands, such as Nike, Coca-Cola, etc., have utilized throughout the pandemic.
Similarly, your company could make a contribution to charities or organizations that are dedicated to helping those in need. As long as the message that you deliver is genuine, you’ll likely have little difficulty in showing your audience that you stand alongside them.
Offer Financial Accommodation
Regardless of the values that you convey, chances are that you’ll need to be a bit flexible when it comes to your payment options. It wouldn’t make much sense for a business to preach care-based values and then be unwilling to accommodate those who are in financial distress.
Many entrepreneurs tend to be uncomfortable when considering this option because they immediately equate accommodation with drastically lower prices. The truth is, though, that you may not even have to lower your prices at all.
For instance, you could allow your customers to make payments on certain items that you normally wouldn’t. Similarly, you could lower the interest rates on financing options that you already implement.
The exact method you use will heavily depend on your industry. But, showing that you’re willing to work with those who need your help can go a long way in connecting with your audience.
Safety regulations are tighter than they’ve ever been due to how virulent COVID-19 has been proven to be. But, that shouldn’t be a temporary practice that disappears when the negative effects of the pandemic began to dissipate.
It’s imperative that your company revamps its entire safety policy as soon as possible with the intention of keeping these newly established rules in the future. This is particularly true concerning sanitization, which has been an essential practice all throughout the pandemic.
One of the most efficient adjustments you can make to your safety regulations is how frequently you inspect your workplace conditions.
Currently, most facilities are inspected daily or weekly to ensure that they adhere to government-mandated safety standards regarding COVID-19. But, by maintaining this level of vigilance in the future, you’ll be able to provide a safe environment for both your employees and customers.
When your audience sees how seriously you prioritize their safety, it’s highly likely that they will hold your brand in much higher esteem.
Consider Making Aspects of Your Online Shift Permanent
People across the world will have become notably familiar and comfortable with certain types of online interactions.
For example, hundreds of thousands of people now have their groceries delivered to their doorstep. Since this saves such a large amount of time, they may continue to do so even after the health risks associated with COVID-19 are no longer prevalent.
So, you’ll need to keep this in mind when it comes to your business and the online shifts that you have made. If you now offer digital services, interactions, etc., it will be worth it to maintain these as time goes on.
Aim to Connect With Your Audience
If you want to connect with your audience efficiently, you’ll need to speak to them from person-to-person instead of as a brand.
While it’s important to maintain the voice that you’ve established for your brand, the message you deliver should be personal and intimate. Additionally, you should remain as accessible as possible to your target demographic.
This often comes in the form of increased customer service efforts or 24/7 support. In the future, you can maintain this level of customer care to show your audience how important their experience with your brand is.
Coming up With an Innovative Business Strategy Can Seem Intimidating
But it’s not as complicated as you may first believe.
With the above information in mind about how to create an innovative business strategy, you’ll be able to resonate with your audience like never before— no matter the state of the economy.
Want to learn more about how we can help? Feel free to get in touch with us today to see what we can do.