The world is witnessing an unforeseen situation these days because of the Corona pandemic. In just a few months, this pandemic has affected the whole world and the worst affected segments are businesses. The negative effects of lockdown and worldwide panic caused by this pandemic resulted in huge revenue losses for millions of businesses across the globe.
According to the Department of Labor, nearly 39 million people lost their jobs due to the shutdown, and 2.4 million people filed for unemployment. Since March 2020, 47% of small business owners have let go of employees in some capacity.
It’s not the end of the world. The situation will change, businesses will rise again and the economy will be restored to its original glory. During the aftermath of COVID-19, several business owners must be thinking, what if there was a solution to pandemic proof my business?
YES THERE IS A WAY TO PANDEMIC PROOF YOUR BUSINESS
Yes, as a business owner you can pandemic proof your business by adopting Blue Ocean Marketing Strategy. Using this strategy you can find a market where there is little or no competition. In simple words, you need to adopt evergreen marketing principles to target a virgin territory and need to think ahead of your competitors.
What if you do not adopt new ways of marketing your business?
No business is immune to the uncertainty of the buyer’s behavior, change in market condition, and ever-shifting customer needs. Let’s look at some of the ironies of not changing according to the market:
Kodak vs. Instagram
Kodak, a 124 years old company that reinvented the photography industry filed for bankruptcy in Jan 2012. In the same year, Instagram (an 18 months old app with basic photo editing and sharing service) was acquired by Facebook for the $1 Billion
Kodak failed because the company denied riding on the digital photography wave. Even after inventing the first digital camera back in 1975, they didn’t market it when they had the opportunity for the fear of losing its film business.
Nokia vs. Xiaomi/ Oppo
According to a study by Counterpoint Research, Nokia (once a premier phone maker with 33% market share in 2010), is no longer in the list of top 10 phone makers. Whereas, new brands like Xiaomi and Oppo cover more than 8% market share each.
When the Smartphone industry was reshaping itself with Android with lots of useful Apps and Games, Nokia denied adopting this new OS and trusted its own Symbian operating system. On the other end, their primary competitor Samsung adopted Android and started manufacturing smartphones with Android OS. With every passing quarter sales of Nokia, handsets started plummeting and they could never restore their old glory. The company later partnered with Microsoft to produce Lumia Phones and later on they also started manufacturing Android phones. But the damage once done could never be repaired.
JCPenney vs Amazon
JCPenny, the department store chain with a presence in 846 locations, recently filed for Bankruptcy and they are closing their stores in 242 locations (nearly 29% stores). It was the 4th national retailer to file for Bankruptcy in the month of May (after J.Crew, Neiman Marcus, and Stage Stores). In the same month, Jeff Bezos (the founder and CEO) of Amazon is predicted to become the first trillionaire by 2026. According to the sources, Amazon is also in the talks for the acquisition of JCPenney.
The brand JCPenny, once known for its innovative marketing campaigns, went behind in the race due to the decreasing footfalls in the malls, competitive pricing by fellow online retailers, and not improving its online strategy to stay in the competition.
HOW TO ADOPT BLUE OCEAN STRATEGY TO PANDEMIC PROOF YOUR BUSINESS
Blue Ocean Strategy of marketing helps you in finding customers easily by developing a new uncontested customer territory coupled with new and innovative ways of creating customer-focused products and services.
Go Online And Come Closer To The Customer
During the lockdown caused by the Corona pandemic, businesses had to close down and customers were not allowed to go outside for any kind of shopping. In such scenarios, businesses that didn’t have a digital presence lost a major chunk of their business.
Adopt Inbound Marketing Practice And Be Found Easily
Today when people head to Google or their digital assistants (Google Assistant, Siri, or Cortana) for all their queries, you have to be there when your customers are trying to find you. If you are selling your products and services and want yourself to be accessible to your customers round the clock, you will have to adopt inbound marketing tactics.
Stay In Touch With Your Customers Round The Clock
Using digital ways of communication, you can stay in touch with your customers round the clock. It will help you in educating them about your new product or services, and will also help in developing brand loyalty. You might also get referral business from your existing customers.
Think Beyond Age-Old SEO
Having a business website and hiring someone to do low-cost SEO won’t help you stay alive in today’s world. If you really want to pandemic proof your business, you will have to think out of the box. How to choose the best digital marketing agency for marketing your business, is a different topic and we will help you do that in another blog post.
As an agency engaged in providing full-service digital marketing services, we are getting several queries from small business owners asking for solutions to counter this pandemic situation. We are helping them pandemic proof their business. If you are also one of the businesses affected by COVID 19 lockdown and want to come out of it by going digital, get in touch with us.