Strategies For Pivoting Your Business During Lockdown

June 2, 2021 9:39 am Published by Leave your thoughts

Government announcement to impose a total lockdown on the whole nation for the second time since 2020 will impact all businesses in Malaysia. According to the Department of Statistics of Malaysia, about 68% of companies in the nation failed to have any sales or revenue in the first lockdown in 2020.

As many businesses suffered either significant losses or worse – to close their businesses for good due to the pandemic that started last year, this year’s total lockdown will cause more challenges to business owners. Despite the COVID-19 pandemic lasting longer than expected, there is a silver lining for businesses to survive this unforeseen stumbling block.

For those who are still relying on businesses with a traditional approach – expecting customers to drop by at your physical store and buy your products, this mindset needs to change.

Let us share some strategies for you to pivot your business during this lockdown.

GO ONLINE/DIGITAL

Going online or digital is one of the best strategies for your business to pivot during the lockdown. From building a website to offer your services to utilising social media to market your products, there are many ways your business could utilise technology to make it succeed.

34% of respondents from the survey conducted by Rakuten Insight stated that they made online purchases at least several times a month during the COVID-19 pandemic in Malaysia in 2020. A similar trend is expected to occur in this year’s lockdown. Leverage this finding by pivoting your business online right away.

ADAPT TO THE RESTRICTIONS

Photo by Tim Mossholder on Unsplash

Pivoting your business during lockdown does not necessarily mean offering an entirely new product or service. Think about what products and skills you already have and the services you currently provide, and how they can be made relevant in the current situation.

When karaoke outlets were forced to close during the first lockdown, many pivoted by opening as restaurants – which were considered essential and allowed to remain open. They took advantage of their existing relationships with quality food suppliers by offering affordable and delicious meals – perfect for people looking for a little extra luxury to brighten up their lockdown meals at home.

LISTEN TO YOUR CUSTOMERS AND FULFIL THEIR NEEDS

Photo by Fiqri Aziz Octavian on Unsplash

You have no business without customers. You need to listen to their requirements and act accordingly, as it is vital for the survival of your business. Here are some examples:

  • Make use of customer feedback. They can give you invaluable insights about your business and products, which you may have overlook or not been able to notice yourself.
  • Analyse your data, including what you know about your customers, your sales, and your marketing. Learn what initiatives worked and what didn’t, and create a profile of your best customers.
  • Seek out customer reviews and testimonials that you can share on your social media to grow trust, audience, and engagement.
  • Offer a new service or product predicted to peak in demand, such as niche products gone viral.

Many businesses face only two choices — close or change. Unfortunately, most of these changes may turn out to be more than just temporary. It is crucial that you evolve so that your business remains relevant in the market.

AVANA can help you digitalise your business in various marketing efforts from your website to popular social media channels such as Facebook, Instagram and WhatsApp. Try AVANA’s premium features for FREE by clicking the button below.

To know more, check out our website at www.avana.asia today!

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