Position Your Business At A Better Edge
As we keep fighting the common invincible enemy Covid-19, many businesses are unclear about what will happen in the next few days. Some are already pessimistic, workers are being laid off and the heat is been felt intensely already. I did share in my article yesterday, how businesses can restrategise at a devastating moment like this; and I am going to share another point today on what you can do as a business owner to keep your business alive and more productive. The truth is as more companies fizzle out as a result of this pandemic, some will create opportunities to make more profit. The option is yours to decide!
Improve your product
If there is any time to add more value to your product, then, this is the right time. What should be the goal of any thoughtful business at this point is customer retention. According to Maslow's hierarchy of needs, a certain amount of internal satisfaction must be met in order for an individual to complete the next level of hierarchy needs. Globally, to an average person, it seems that the safety and physiological needs are more important presently to any other needs and a business that will stay relevant at the moment must be conscious of this fact. You need to remind yourself that there is a psychological mindset behind every purchase a customer makes. So, how can you improve your product to appeal to your audience in such a highly competitive and uncertain business environment?
1. Wrap your product with love and care: This is the time to send personalized heartwarming messages of hopes and fearlessness to your clients. You need to let them know consistently that you care about them and that we are all in this together. When you do this, you are creating a friendly relationship with your audience and making them like and fall in love with you. Don’t forget people buy from those they like.
2. Solve more problems with your product: I believe you will agree with me that before people will be interested in a product, they must actually be in dire need of it. The more your products can provide solutions, the more people want to associate with it. This is the right time to enter into relationships and partnerships that will add more value to your products. You don’t necessarily need to build something new, you can partner with someone who can offer on-site or in-app benefits that will be mutual. These are values that will retain your customers by helping them to get the solution they may be looking for after or before using your products.