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Even in a pandemic, if you discover and meet the needs of your customers, you will thrive.
5 minutes of reading
Opinions are described Entrepreneur their contributors.
As the unprecedented pandemic takes place around the world, businesses are preparing for the devastating economic consequences. The global health crisis has caused job losses and slashed consumer spending. Many experts predict coronavirus decline despite forecasts, these days tends to turn around quickly. Although the idea of recession and market uncertainty applies, there is also the possibility.
Although fears of a global recession are growing, history proves that companies can still find success in falling economy. Great Depression became one of the worst economic downturns our nation has faced. Amid economic chaos, Proctor and Gamble (P&G) flourished. P&G understands that consumers spend less, they still need to buy soap. They focus on promotional efforts to significantly promote soap products. Strategies included sponsors of radio theaters, which later became known as soap operas. The clever build-up of soap products saved the company from low sales.
In 2008, Americans faced a Great Recession as a result of subprime mortgages. The sharp decline in economic activity has stopped many entrepreneurs from the persecution of his entrepreneurial enterprises. However, there are many brave entrepreneurs who have not only started their business but also found tremendous success. WhatsApp was born in 2009 as an encrypted communication app for users around the world to communicate effectively with each other. Because the app ran on WiFi, the platform gained popularity, especially in countries where cellular services have always been strong. Facebook bought the app in 2014 for an astonishing $ 19 billion.
Another campaign that started and flourished during the Great Recession was Group. When businesses were hampered by sales, the Groupon website advertised the company, offering consumers offers on its products and services. They have provided innovative solutions to problems that have hampered both business and consumers. Today, the company is valued at $ 726 million.
Perce press pause
How did these companies prosper during such economic uncertainty? Because they identified the real needs of the market and launched significant products. Already monitoring the start or scale of the campaigns as a result COVID-19. Companies like The increase increases the limit on video calling for its free version to meet the increased demand for remote meetings.
In the home lab, EverlyWell launch testing worked tirelessly to create COVID-19 test kits. In a short period of time they developed home diagnostic coronavirus which is now available to hospitals and will eventually be offered to the mass market.
As challenging as these times are, there are a huge number of benefits to running a startup now. Current interest rates are lower than ever, indicating low start-up costs. Because so many businesses operate remotely, the cost of traditional office space will also decrease. In addition, businesses can gain greater access to better talent.
The creative mind survives
Now is the time to be as creative and fast as possible. This applies to everything from brand concept to name. A 2012, study it turned out that when faced with creative tasks, people worked more productively at home. How unemployment rates continue to rise, more and more people are using their creativity and leaning towards the concert economy. For example, the squadron since the beginning of the pandemic has doubled the number of daily creative records.
Both time and creative messages are sensitive. Bad blocks that have sound allow you to bounce back from an idea that will help you get a valuable perspective. One of the biggest benefits crowdsourcing from the resources of creative talents – cultivation and education of new ideas. Entrepreneurs are always trying to stand out in the crowd. What is best to do to then use the crowd. Crowdsourcing offers communities the opportunity to provide feedback to your brand or idea. The dialogue of the participants will lead to new concepts and fresh views. Try to avoid this negative branding and messaging during this time. It is an opportunity to create a brand that makes people feel safe, happy and comfortable in an ambiguous environment.
If you are the current business owner, stop yours marketing should be your last resort. Perhaps businesses should focus on more economical channels, but it is still important to reach the target customer. As P&G did, is there a podcast or show that your company can sponsor now that most Americans at home rely on the media for entertainment?
Challenges are caused by innovation
Difficult moments in history have always ruled ingenuity and innovation. This is no exception. Doing business is a comprehensive venture, however, when social distance and quarantine are at their peak, we may find ourselves over time. Remember that you may not observe the immediate thrust of your business, as not every industry is ready to grow during a recession. But if you use your vision to honestly respond to customer needs, at this time your business will be affected.