As the twilight of the global pandemic descends upon us, the International Monetary Fund says this is the worst global economic downturn since the Great Depression. What does that mean to young entrepreneurs? It means post-pandemic business strategies will become a necessity.
And it means opportunity. The gaps left by fallen companies will open up golden business opportunities for young CEOs all over the world.
Jeremy Biberdorf, the owner of Modest Money, explains, “The wreckage of the COVID-19 pandemic is guaranteed to create opportunity across all industries. Entrepreneurs who move quickly will be able to take full advantage of the economic pain felt across the world.”
So, how exactly can entrepreneurs take advantage of the opportunities present in the post-pandemic world?
1. New kind of content is king
Companies have traditionally fought on product quality, price, and value. The pandemic has altered the way consumers shop. Thus, post-pandemic business strategies must be applied.
One study revealed 64% of customers are more likely to shop with brands that protected their employees during the pandemic. One in five said they have stopped spending with companies due to poor pandemic response.
The rise of Black Lives Matter and other social justice issues coming into the limelight has also shown that the average consumer has a different set of priorities.
Content is still king in business, but your brand now has to appeal to a completely different set of values in its content marketing strategies.
Think about how you can appeal to your customers’ hearts in the post-pandemic world, rather than just their wallets.
2. Mobile commerce requires new e-commerce solutions
Staying home as much as possible has bred new habits. It’s sped up the growth of m-commerce. It’s estimated that right now m-commerce accounts for more than 45% of the total U.S. e-commerce market.
A year of staying home has led people to shop online from their phones more. We can see this in the success of retailers like Amazon throughout the pandemic.
It’s unlikely this trend is going to reverse post-pandemic. As a business, you need to focus on better, more advanced e-commerce solutions.
You must cater to these new shopping habits or your business is going to be left in the dust.
3. Focus on your finances
Every entrepreneur knows that money is tight in the early years of any business. By far the most common reason startups fail is the business’s money runs out. A lack of financial management on the backend can cripple even the most viable of businesses.
That’s why entrepreneurs not only need to manage their business’s finances but also their own finances. This is one of the most important post-pandemic business strategies.
Here are some of the ways you can do that:
- Pay yourself first. Never pay any client or bill before you pay yourself. You’re the driving force behind the brand.
- Create a budget. Separate your personal affairs from your business.
- Invest in the future. Low-cost investment platforms like Betterment, M1 Finance, and Stash are just some of the options available. You might also want to sign up to Stock Advisor for Motley Fool’s stock recommendations.
- Make a financial plan. Where do you want to be three years from now?
4. Improve your SEO to beat out the competition
Self-employment tends to grow during major crises. The U.S. logged an 82% year-on-year increase in the number of business formations during the first three months of the pandemic.
Entrepreneurs need to understand competition has grown exponentially. Your focus needs to shift to SEO.
Despite how important channels like social media are, classic content marketing remains your most powerful tool for getting the visibility you need.
Here are some tips for improving your SEO post-pandemic:
- Create and update evergreen content.
- Get backlinks on popular industry websites.
- Build authority by being active in the same communities as your customers.
- Focus on different types of content across multiple channels.
- Build a website that meets the needs of your target market and fits with your overall online marketing plan.
5. Make changes to your short-term messaging
The pandemic has upended the lives of the global population. The expectations of your customer base will have changed during the pandemic.
It’s essential to cater to these new expectations as we leave the pandemic behind. Do remember that there will be a long tail to the pandemic even after lockdown measures are lifted and life returns to normal.
Making it clear that you’re still committed to COVID-19 safety in your office and opening up delivery services for the most vulnerable are just some of the actions you can take to improve your brand image.
Adjusting your message to the post-pandemic world in the first 12-18 months will be critical to your image and reputation.
Post-Pandemic Business Strategies: Conclusion
Whatever type of business you happen to run, the pandemic has changed the playing field. The strategies of the pre-pandemic world are now outdated.
You must adjust your messaging and your approach because your customers have changed with the pandemic.
Adapt quickly and you’re guaranteed a competitive edge over your competition.
What are you doing to prepare your business for the post-pandemic reality?
