As the world begins to get used to no longer living a normal routine-like life, every business has to change how they operate. If you read Forbes or Fortune 500, you will have seen quite a few articles, spelling out the new business world that we are in now. The spread of Covid-19 and the subsequent lockdowns around the world, has shifted how we work, how we think about business and consumerism, and most importantly, who our customers really are. Local SEO has become the highest priority of all, as supply chains and logistics have been massively disrupted and in some cases, halted altogether. Market share and thus positioning has become paramount, as those that fall by the wayside, leave openings to be filled. But just how do you regain lost ground or perhaps, capitalize on a hole in the market?
Stay relevant through blogging
Business blogs are the main way brands stay relevant in today’s fast-paced social media environment. Your content strategy is perhaps the single-most-important part of your market-hold or market-expansion campaign. Writing engaging content doesn’t come naturally to some, and thus business leaders should seriously consider outsourcing in this regard. Working with a trusted digital marketing agency that has a successful content marketing service makes perfect sense. They have a number of options in terms of a content type. They will create good blog posts that have sound SEO techniques, such as in-bound links, off-site links, authoritative linking, keyword and key phrase research and implementation, etc. They will also use expressive imagery, infographics, statistical reports, and educational videos.
Mixing up the content and giving viewers something new every time they click on your posts or links, keeps consumers coming back. They do so for a number of reasons.
- They see your brand as an educational outlet. They learn something new about the products they like when reading your blog posts.
- They feel part of something moving, happening and being part of the scene.
- The visuals are entertaining, and they help them understand your brand.
Dog eat dog
Sadly many companies won’t have made it through 2020 and although this is unfortunate, it’s an opportunity for you. It’s a dog eat dog world, and those that survive do so because they are efficiently ruthless in their acquisition of other companies. Snapping up competitors is highly advised if you can afford it. Sometimes the best way to slay the competition is to simply buy them out and merge them into your brand or perhaps, make them a sister company. Capitalizing on today’s economic uncertainty and utter disarray is going to help you to stabilize your own business’s position in the market.
- List your competitors and see who is failing.
- Once you have this list, go through and select which of those companies, you would like to buy the most.
- Do a little research and find out, which of your rivals are near insolvency and collapse.
- Make a list of those that are and begin to contact them with the proposition to buying them out.
- If they agree to talks, start the ball rolling by setting up an initial feel-out meeting.
Be more flexible
One way to regain your position in the market, is to just out-work the competition. Be more flexible in your working hours and allow employees to work longer hours while offering them more wriggle room in the pattern of hours they work. If some employees can work longer hours but they prefer to work at 12am to 9pm, instead of 9 to 5, they should be accommodated for.
It’s most likely, your workforce is largely operating from home anyway. So remote working should be recognized for the benefits it provides.
- Do tasks need to be completed in unison? In other words, since employees no longer have to rely on colleagues to complete tasks at the same exact time, as you would in the office, could teams work at different times? Maybe your marketing team could work 9 to 5, but your sales team could operate from 5 to 12pm?
- Could you offer employees time to work on the weekend instead of the weekdays? Maybe one team could work Tuesday to Sunday and another team, the usual 5 working days.
By working longer hours, working on the weekends, you will effectively have a business that doesn’t stop. Normally, the world of work begins on Monday and ends on Friday. Since you have a more flexible approach, there is constant progression of tasks and projects are continually being pushed forward, 7 days a week.
When you need to penetrate into a new market or perhaps maximize your market position, making a new product is always a strong idea. It’s important to contemplate creating a brand new product instead of making a new iteration of an existing product because you want to show your customers and indeed the industry that you are innovating. Innovating companies always stand more chance of retaining loyal customers because they are offering something new. Customers who are loyal, want their favorite brands to make new products in the same sort of style they have become accustomed to.
- It’s best to shoot for a short timeline to capitalize on a gap in the market. Or, you could release a marketing blitz campaign about your new product. Companies like Samsung do this because they want to wet the appetite of the markets well ahead of time. They release a trailer for a new phone that will take another 12-14 months to release.
- Allow customers to get in on the product’s nature. Run a social media campaign, giving them multiple choice questions in the form of polls. They’ll feel directly involved in your business and thus, they will encourage the expansion. This confidence will filter out into the markets, and benefits such as increased investor appeal, may be your reward.
The pandemic has brought many companies to their knees and some have ultimately collapsed. Market share and position is thus, the number one urgency for brands around the world. These ideas have been proven to be successful in similar circumstances in the past, so you should consider the benefits they could bring for your business.
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