Did the COVID-19 Crisis Bring New Business Opportunities?

Every crisis brings insecurity. Every forecast points to COVID-19 leaving а deep and lasting impact on the world economy.

Nevertheless, as in every crisis situation, it is necessary to approach it calmly and as reasonably as possible. The situation may seem frightening, but we need to make sober decisions and take immediate measures to minimize the impact on the global economy and local business.

It is hard to predict what exactly is about to happen during the next few months, but we are here to tell you a few steps you can take in а time of crisis:

1. Be Socially Responsible

Yes, no one is comfortable being locked up, even at home. Yes, the sales are likely to collapse at a rapid pace. But be responsible — close the office and go home! Use the home office time to read a new business book and catch up with all the new things across your business sphere that you usually don’t have time for in everyday busy life. No matter if you run the business or you are an employee.

Here are a few titles we recommend:

• The Four: The Hidden DNA of Amazon, Apple, Facebook and Google, by Scott Galloway
• How to Create an Idea If You Are Not Ogilvy: The Secret Weapons of Advertising, by Alexey Ivanov
• Never Split the Difference: Negotiating As If Your Life Depended On It, by Chris Voss
• The Storyteller’s Secret: How the World’s Most Inspiring Leaders Turn Their Passion Into Performance, by Carmine Gallo

2. Get Prepared

Get as ready as possible for the financial impact on the economy and your business. Management of the potential financial risk is a key factor in overcoming any business recession. Prepare an action plan for now and when the peak is over. It is important to be absolutely prepared for emergencies and take action on time. Start with securing your budget for the next 3 months and allocate it to specific pillars. Observe the riskiest areas to prepare for an even worse period. Consider your new plan with the available budget right now.

3. Hold a Strategic Meeting With Your Consultants and Marketing Team

Build a crisis marketing strategy if you don’t have one already. Don’t try to get everyone into their standard rhythm, it’s impossible — the whole country is in a state of emergency, right?

Yes, some businesses are more affected than others. If you are a company that offers its services and products online, now is the time to bet on a strong advertising campaign. Keep in mind that we all stay at home and spend a lot of time checking a diversity of online offers.

If your sales are organized only at physical stores, this is a good opportunity to take advantage of the time to build greater brand awareness. It is the most valuable asset of any company — it extends sales, retains its customers, achieves a higher value of products and works for you, even when you don’t. Reorganize and re-plan all your communication strategy.

Everything you have planned for the next few months needs a new vision and a new message to your customers.

To this end, Newtrend Agency has become involved with special crisis marketing packages to support small and medium-sized businesses (SMEs). Choosing one of the three options (Emergency, Brain Blockage, or Successful Year), businesses need to fund only 30% of their actual costs — the rest is the voluntary work that we donate to support local businesses.

4. Smile and Make Others Smile

At a time when everyone is scared for their lives, locked up at their homes and listening negative news most of the time — give them hope. Cheer their day up by sharing something positive. Support your employees, make a gesture for colleagues and customers. Be creative.

Here are some campaigns to get you inspired:

Bulgarian telecommunication companies are solitary with the country‘s situation and give their users one-month packages for free. A1 welcomes its subscribers to stay at home and for a more enjoyable stay, the company gives away 200 television channels for free regardless of their subscription plan.

VIVACOM also invites its users to spend more time at home with their loved ones. The campaign offers 10 000 MB of free internet, as well as free access to media services and additional TV channels.

Douglas & Beauty Zone, the cosmetics and perfume chain, calls on its customers to stay beautiful at home. The physical stores in the country have stopped working, but they offer customers a 20% discount on everything and free shipping.

A large number of companies offer different types of discounts and free shipping for online orders. They realize how much time people spend on social networks and online stores, especially now when they are at home all day long.

5. Communicate

People are an integral part of any successful business. It is important for them and for you to support, encourage and protect them. Communication between you is essential for this purpose. Work from home and organize regular meetings with one another. If you don’t know how to do it, there are various software such as:

• Zoom
• Microsoft Teams
• Skype
• · Viber

Allocate tasks to each other and write notes after every online meeting to be clear what everyone has to do. Put your tasks on your calendar — its effective planning will help you look at everyone’s work, even when you are not in the same room.

6. Strengthen the Relationship With Your Customers

Social networks allow us to stay connected even in times of crisis. Do not close or isolate your business right now. Use the moment and opportunity to talk to your customers more than usual. Ask them what they need. Encourage them to continue their ad campaigns despite the panic. Now is the time to show them that you really care about their business and stand behind it completely.

As we already mentioned, people spend most of their time online — take advantage of this and don’t miss the opportunity. Upgrade your brand strategy. It goes through a crisis and your adequate response and communication strategy can turn you into a brand that your customers love and become so-called lovemarks.

7. Build a Strong Brand

Marketing strategies, built around promotions and sales only, are a short-term solution. They will not make your brand spark among others right now because everyone relies on common campaigns. Invest time and effort to gain the love and hearts of your customers.

Consider offering new digital products. If you already have a well-running website, consider creating a mobile app. Think about increasing the Digital IQ of your business.

If you have not worked with influencers before and your brand is favourable for this type of marketing — think about the opportunity. You don’t need an enormous budget to invite a micro-influencer to present your business. In recent years, micro-influencers have increasingly become more valuable to various businesses because they not only create a loyal audience but build true micro-communities.

8. Complete the Projects That You Delayed

The list is long, we know — the website you’ve been working on for months, the feedback you need to give to the designers about your new brand identity, and so on. Clear your to-do list that you haven’t been able to complete for so long. It is up to you to create the opportunity for a new start and get to the next level.

9. Write

Content marketing is a strength and always will be. Photos, training videos, blog articles, new products and descriptions in the online store are things we tend to put off. The Home Office time will allow you to complete things you are putting off for a long time and create up-to-date engaging content for your website.

Tell people more about the company’s inner life. Tell them about your unique competitive advantage. Explain what makes you different and why you are one of the best in your field.

In times of crisis, it is important to remember that there are two sides to every coin. The question is not only what it takes, but what it gives us. Is your business ready for the new era, new consumer habits, and maybe the new world? Does it have what it takes to survive and become stronger?