Adapt, keep costs low and go digital to persevere.
January 29, 2021 4 min read
Opinions expressed by Entrepreneur contributors are their own.
Millions of businesses around the world had to learn how to adapt and reinvent themselves during the coronavirus pandemic. Those that readjusted to the rules of this new economy have thrived and seen exponential growth in the face of global adversity. Those who didn’t got left behind.
Despite the unforeseen events of 2020, it was the year that businesses had to make a choice. The economic shift caused by the pandemic pushed companies to adapt or die. For many businesses, this was the year of innovation and prosperity — if you embraced social media and e-commerce, that is.
But now it’s time for your business not merely to survive in the market, but thrive. The choice is yours. Here are three strategies to reinvent your business into a prosperous one in 2021.
Adapt to market needs
The pandemic brought about the disruption of the normal demand and supply pattern. The new demand and supply pattern involves identifying and responding to market needs.
Many conglomerates, including Amazon and Uber Eats, recorded their highest sales in 2020. This is because they adapted to their customers’ needs during the pandemic. They delivered their products to customers’ doorsteps. Not only did large businesses recorded high sales, but also small businesses that adjusted to suit the needs of their consumers.
The businesses that succeeded in 2020 were able to adapt to the new economy’s demands. To adapt means to listen to customer needs and deliver services in a model that corresponds to those needs. The first step to growing your business in 2021 is to adapt to the market needs. The best listeners were the greatest winners and will continue winning.
Businesses now know better than ever that if you’re not online, you do not exist. Going digital doesn’t mean that you need to have a million followers to make a difference. Even with 100 followers who are your customers and can reach out to you, you still have an online footprint. Interacting with your customers online goes a long way to grow your brand and business.
You can achieve more in the digital world than you can in the real world. For example, if you host an in-person conference for 100 people, it will fill up. But you can host a live event on Zoom and have thousands of people attending. These limitless opportunities are presented by going digital.
The point here is to connect and communicate with your customers online. When you take advantage of digitizing your business, you’re sure to have a thriving business. You could start by posting your menu on your Instagram page if you’re in the hotel industry. You can also post business consultancy video content to get clients online. Go digital with your business and you’ll never go wrong.
Another winning strategy is to be conscious of your pricing strategy. Your price strategy should have changed in 2020.
Being cost-conscious means serving your customers at both high price points and low price points. One way to achieve this is by increasing the number of products such that you have high-price products and low-priced ones.
Of course, everyone would imagine that lower prices wouldn’t be worth considering. But lowering the costs of some of your products doesn’t mean you’d run out of business tomorrow. When you offer so much value at a lower tier, it gives you the chance of customer acquisition. The motivation cost will make the customer not feel the pinch when they upgrade to a higher price tier.
Offer starting products at a lower price to make them accessible to everyone. Then increase its value to attract a higher price. That is the essence of staying cost-conscious.
If the pandemic has taken a toll on your business and you’re only surviving, it’s time to act. You’ll need to adapt to the needs of your customers to stay on top of your competitors. Digitizing your business is a must, or you’ll run out of business. Online is the future of business. Do more than survive, thrive!
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