The pandemic disrupted the normal flow of things. Over four million people died because of Covid-19. UN Conference on Trade and Development (UNCTAD) reported that the global economy lost $4 trillion.
Small businesses and those in the tourism industry bear the brunt of this. Thankfully, the government sent financial assistance to these entities. But financial aid is only a part of the solution. As a business owner, you have to deal with other problems.
You might find this overwhelming. Where will you start? How will you use the funds? You probably have other questions.
You should not fret! We are here to help you rebuild your company. This article will equip you with the data needed to make an informed decision.
Product
The components of the Marketing Mix include product. Use this as part of your solution. It can even become your competitive edge.
To achieve this, you must develop something that will set you apart from other players in the industry. It might be your product. It can also be top-notch customer service. Essentially, it will help you create a niche for your company.
Your product – may it be a tangible object or service – should become your brand. It does not have to be a completely different product. You might own a patisserie. But you make the most luscious pastry in the entire city. That is enough to set you apart from your competitors.
Another example would be a salon. You can set your establishment apart from the rest by advising your clients on how they can fix their eyebrows within five minutes. But if you do such a thing, you must retain some knowledge that will compel them to come back.
To put it simply, you must go the extra mile to keep your customers happy. Doing this will imprint your brand in their minds. They become your patrons.
Equipment
It will be easier for you to develop a new product or service if you have the proper equipment. The question is whether you should purchase one or lease it.
Both options have benefits. But it all boils down to the frequency of use and your credit qualifications. Let us discuss these factors.
Do you know how frequently you will be using this equipment? If you are operating a coffee shop, you need to buy an espresso machine. But if you run an accounting solutions enterprise, you can contact a vending machine contractor.
In the coffee shop example, the espresso machine is a necessary piece of equipment. It will be considered an asset. You can recognize its depreciation as a legitimate deduction in your tax returns.
On the other hand, you cannot treat the vending machine as an asset. But you are not liable to maintain it. This arrangement also means that you can focus more on your business than on trivial things.
Let us consider another example. You are a restaurateur. Purchasing an industrial oven makes sense because you will be using it every day. Although you will be using a delivery van every day, it is prudent to lease it.
The first scenario makes sense because the equipment is the central machinery. The second situation is also a wise move because it is necessary. Your customers might have other means to get the food to get to them.
Marketing
After we have reestablished your company’s strengths, let us work on how to get customers inside your premises. You can achieve this in two phases.
You need top-notch SEO services and reliable word-of-mouth advertisements. Hand-in-hand, these two will help increase your online presence. You might wonder why the former is necessary. After all, you can create your website.
Unfortunately, such a step is not enough. You need to draw in a crowd to your website. A professional SEO company will help you do that. They will create blogs and use other techniques to increase your search engine visibility. Thus, their services will bring people to your website.
Several experts claim that a word-of-mouth marketing strategy is more efficient than a traditional advertisement. Whether this is true or not. It certainly is cheaper. It also gives a personal touch to your business’s social media account.
Ask your loved ones to visit your store and encourage them to share its page with their friends. Can you imagine the impact of this? Picture out the image of their friends reading the blogs that were created by the SEO company. It will draw them in.
With a lot of hard work, your business will survive the economic downfall brought upon by the pandemic. If you play your cards right, these techniques can help your company expand.