Corporate Branding
The coronavirus pandemic has impacted nearly every facet of our lives. As individuals, we’ve endured social distancing, working from home, and dealing with the uncertainty of the future. But as entrepreneurs, we’ve faced another unique challenge—operating a business when the economy has effectively shut down.
As an entrepreneur, my business is near and dear to my heart. I have a team of hardworking employees and a roster of amazing clients. When the pandemic started to affect the global economy, I knew that not only the biz dev strategy for our agency needed to change in order to keep the company thriving, but the biz dev strategy of my clients would need to adapt as well.
Making changes is never easy, especially if your business was running smoothly and performing well before the pandemic struck. But part of being an entrepreneur is learning to be agile. You need to be ready to make certain changes that will ultimately determine the future course of your company.
As we continue to navigate this uncertain business climate, here are some tactics you can use to optimize your biz dev process.
I’m including the most important tip first so it’s loud and clear. Right now, every business owner needs to take action. Closely review your biz dev strategy and make adjustments. It doesn’t matter what industry you’re in, or what you’re selling. Don’t wait for things to eventually course correct because it’s not certain when “business as usual” will resume.
During this time, it will be especially important to retain your best customers. But some of your most loyal clients may also be financially struggling right now. To keep their business, find ways to make your prices work within their budget. If you can, offer short-term pricing concessions and flexible payment options in exchange for longer-term commitments. This can help foster a sense of long-term stability for both you and your clients. Don’t forget to check in with clients regularly to make sure their needs are covered.
Your warm leads pipeline might be emptier than usual right now, especially if you’re a B2B company. However, you should still be reaching out to prospective customers. The key to actually connecting with people is to do your research before making contact. Understand how the pandemic has affected their business, what their pain points are, and how your product or service can help them. Talk to your potential clients about their needs now, in three months, six months, and beyond. Inquiring about the future can help your potential clients plan and invest accordingly.
It seems like every business is trying to be a hero right now. While they have the right intentions in mind, it doesn’t always translate well to their customers. Don’t be tempted to market your products or services as something people need “during these uncertain times” if it’s not essential. That’s going to damage your reputation and credibility later on when people are ready to buy. To get customers to purchase from your company right now, they need to see the value right away.
Providing free content is an effective way to generate leads. It works well for both B2B and B2C companies. Many people are spending less money right now, so freebies are more enticing than ever. For example, if you’re a tech company, consider offering a free trial period for your product. If you’re a consultant, offer a free first session. Free webinars and online learning sessions are also great ways to attract new customers to your brand.
The current business landscape is full of unknowns, but one thing we do know is that this won’t last forever. Entrepreneurs need to adapt right now, but you shouldn’t view this as a short-term problem. Instead, take this as an opportunity to adjust your business practices, digitize your operations, assess your finances, and create a back-up plan. That way, your business can withstand something like this in the future.
The coronavirus pandemic has forced businesses to become more agile. One of the biggest lessons I’ve learned is to always be prepared. The unknown is just around the corner. You’ve worked hard to build your business, so now you need to implement strategies to keep it running strong.
