The economy has improved over a year after the pandemic started. But businesses still find it challenging to increase their revenue amid the stiff competition in the market. The influx of new businesses during the pandemic added to the woes of many businesses as they had to deal with established and new competitors in the marketplace.
But they still have some opportunities to connect with their customers and increase their revenue. These opportunities require businesses to take steps to encourage customers to visit their physical and online stores. Here are the things that businesses should do to increase revenues during a pandemic.
Implement Health Safety Measures
The pandemic is not yet over, and new variants of the virus have emerged. The delta variant became the dominant variant and has fueled the current surge that the country is experiencing. The situation made some consumers wary about buying in physical locations of retail shops.
With this, businesses should implement health safety measures to ease the concerns of customers about the virus. These measures should include regular cleaning and disinfection of the store. Businesses should also require their employees to get vaccinated and wear a mask while at work.
Aside from implementing these measures, businesses should also communicate the steps to keep their customers safe when they buy from their stores. These businesses have several options in delivering their health and safety information, including their website and social media accounts. Businesses also can send an email to their customers showing the steps they are taking to keep them safe when they visit the store.
Connect with Existing Customers
Before the pandemic started, it was already challenging for businesses to expand their market. The pandemic increased the challenge for businesses, especially after many new businesses opened in the middle of the health crisis. Due to this, businesses find it harder to connect with new customers in the market.
In this situation, businesses should focus on their existing customers and connect with them. While acquiring new customers allow businesses to expand, maintaining a loyal customer base allows them to stay afloat. Businesses should focus their efforts on these customers and promote any new products or services to them. Businesses should also upsell products to existing customers to increase their revenue during the pandemic.
Increase Online Presence
The pandemic forced consumers to shift to online shopping to avoid getting infected by the virus. To increase their revenue, businesses should follow the customers and increase their presence online. They should set up a website and create accounts on major social media platforms.
But a website and social media presence are not enough to increase the online presence of a business. They should also implement a search engine optimization (SEO) strategy to increase their ranking on the search engine results page (SERP) of Google.
At this point, businesses will understand why hiring a digital marketing agency is a good idea. These agencies help businesses to increase their online presence using different SEO strategies. They also implement other strategies to help businesses to connect with their customers. So, businesses should connect with these agencies to allow them to increase their presence online.
Educate the Audience
Educating the market about the benefits offered by their products and services is a good way for businesses to connect with their market. When the customers understand these benefits, it increases the chances of selling the products and services that businesses offer.
So, businesses should include educational materials in their marketing collateral. These educational materials include product brochures and buyer guides. They do not need to specify the brand, but the materials should allow customers to connect with the products these businesses are offering.
Additionally, businesses should post this information on their website and social media account. They should also send the information to the emails of customers who signified their interest in the product.
Use Different Sales Channels
Businesses should use different sales channels if they want to increase their revenue. Aside from their website and physical store, businesses should also sell their products and services on other sales channels. Their options include social media, online marketplaces, and email.
Using different sales channels increases the opportunities for businesses to make a sale. It also allows them to connect with new customers in the market. Connecting with new customers shows that the business is expanding, which is a good sign for small businesses struggling to increase their customer base.
The pandemic saw businesses experiencing low revenues after people stayed home to avoid the virus. Find out how businesses can increase their revenue during a health crisis.