Indian Current Lockdown Situation: How Businesses Should React To Restore, Continue and Increase Sale
Corona Virus has wreaked havoc across the globe. Billions of Dollars have vanished from the market both domestic and internationally. Businesses being shut, finding it very difficult to know how to react to such a critical condition. At this juncture, they only have one option just to stay at home and be safe.
Even the veterans in the industry have come to a standstill as all communication mediums have stopped. What type of problems do business do face today and what should be the effective solutions at this juncture:
In this blog, we will discuss how businesses should use this time effectively so that they can leverage the benefits of the same once the lockdown situation is over.
Current Scenario of Businesses:
Phase One Impact:As China was reeling under the onslaught of Covid-19, some businesses started to get impacted as they were totally dependent on the imports from the country. Specifically, automotive and pharmaceutical industries have to bear the brunt.
Phase Two Impact:India started getting more Covid-19 cases in some days. Partial lockdown announcement brought the country to a standstill and its impact was very negative to the economy.
Phase Three Impact:Post the 21-day lockdown announcement by the honorable PM of India, the entire economy started to fall down. Stock markets recorded heaviest losses. People could not understand what to do as the only option is to sit at home.
Where Does India Stand Among Such a Critical Scenario?● According to Barclays estimation, the lockdown may cost India 120 Billion Dollars.
● Morgan Stanley has reduced India’s earnings for the third time. BSE growth rate stands at 10% down by 20%.from Mid-February
● According to PhillipCapital, Individuals, small, mid and big businesses should expect a loss in revenue due to the current lockdown situation. Indian Government should come forward to alleviate the current condition.
Post Lockdown Impact & Solutions:
No New Business:Every businessman knows that a business needs to get a continuous influx of new customers or businesses for an organization to run the show.
Giving Tips or Helping Hand To Clients:We understand that this is a situation where no one can do anything but wait for the right time to come. However, we need to do our homework like reaching out to the client. If possible you can try to give any type of help in terms of tips or through digital media which can help them in their business.
Improving Your Digital Presence:Though it seems to be a deadend, there are multiple ways you can help your clientele by using your social media channels.
Leveraging Groups:As you have free time, consider joining relevant groups and interacting with the industry specialists or influencers.
If you are a leader in the industry and have complete know-how of your business, you can offer guidance to the new businesses and offer help how they can act using this free time.
Online Seminars:As everyone must be free this time and looking for the relevant information on how to tackle such situations or utilizing this time for their benefit, you can be of great help. You can invite such people using any online platforms and take a session.
Even if you are a small business, you can get help from the influencers by joining the seminars. Not only will you get proper guidance, but also get to know how you can benefit from the current situation.
Create an Online Bundle of Products or Services:During the current scenario, though it seems very difficult to market your product or services, you can always plan for an online bundle. There may be multiple online products in the market, however, you should prepare one for your brand.
USPs of your Online Brand Should Have:● Cost Effective
● Should come with lots of freebies in terms of online subscriptions, entry into your elite groups, etc.
● Value for Money
Paid Ads:Most of the people will be staying at home and must be very active on social media channels as well as searching on google. Hence, as a business you should leverage the same by preparing a product that looks very lucrative to them.
The lucrative and informative your product or services, the better will be the response. Try not to directly use this time to earn money. Try to pass on the right and relevant information in the form of guidance and help.
This will earn you the reputation of a good businessman and earn you lots of goodwill that will translate into business in the later days.
Use the Power Of Blogs:As you know blogs will be a powerful medium to pass on the relevant business information with minute details. Many businesses follow the blogs of all authoritative sites that pass on the updated and trending information.
Engaging Customers on Social Media:This is the correct time to get your followers engaged with the right content. It can be a video, it can be a content piece full of information or anything that clients should get something out of it.
Using Whatsapp:Almost all businesses have a Whatsapp account these days. As people are free and majorly scan through their mobiles frequently. You can engage them with relevant and useful information. As repeatedly mentioned here, any information that is helpful for the clients is the need of the hour.
At a time when your client is confused and looking for a way out to deal with the current stress as well as future worries, you need to help them with the right guidance.
Utilising YouTube Channel; If you are a business and have never thought of using video as a medium to promote your brand, you can seriously give a thought to it. According to an analysis, video performs more than any form of content.
If you create how-to, why and top ten reasons for something like videos using the current scenario in mind and offering right solutions to your clients, it can be of immense value for your clientele.
To sum up, it is highly essential that you should win the trust of your customer either by offering guidance, information or by helping them in overcoming such a scenario by adding value to their business.
This will not translate into a business right now, but it will definitely improve the trust of your business. If you become a mentor, your clients will be your followers. If you become an influencer, your clients will be following your footsteps and guidance without any questions, if you become their business guide, they will come to you for all their business worries.
If you can do this you can win over your clients, you can win their trust. This is the right time. Hence, do not delay. Either you follow and become a follower to the right one. Rest will be an amazing success story.