Growth Opportunities For Brands During The Pandemic

happy female entrepreneur

happy female entrepreneur

COVID-19 continues to shake things up for businesses around the globe. In the midst of all that significant change, however, lies an equal measure of opportunity for clever businesses looking to grow. There are tensions and challenges that will require creativity to solve; the best businesses will address these hurdles while implementing a few practical strategies to improve growth along the way. Here’s how.

Consider The Customer When Interacting

In addition to your normal customer value management practices, you should be looking for opportunities to put yourself in your customers’ shoes and meet them where they’re most likely to be during these times — online. Right now, social media is a perfect place to interact with customers and start engaging them about your brand. 

To make the most of your online channels, be sure to pay close attention to where your customers are congregating and what they’re talking about. If they have concerns or questions, think of ways to reach out, address things from their perspective, and be supportive to build the maximum amount of goodwill.

Capitalize On Built-Up Demands

The pandemic put a damper on quite a few business activities, which, in turn, has generated some pent-up demand for said activities. Businesses that are positioned in the spaces where the pandemic has put a halt on people congregating can learn how to seize upon these demands and stand to gain considerably. 

Examples include people still wanting to travel, still wanting to meet up and socialize, or even engage in some fun activities. For some of these, it might be possible to modify them to fit with guidelines and social distancing, assuage concerns about the virus, and still satisfy potential customers. Looking into such opportunities presents a clear avenue to growth for some businesses.

Identifying New Areas Of Demand

In addition to causing increased demand for activities that were once less restricted, the pandemic has also created new demands brought upon by new challenges that have been introduced to daily life coupled with consumers’ newfound risk aversion. 

Think about how the need to quarantine has restricted people to their homes, and the demand for ordering food, clothing, and other products went up.

Brands like Amazon, JustEats, and Postmates saw a clear increase in demands, and there were other brands, like Zoom, that skyrocketed because of a new demand for teleconferencing that was not there previously. There will be other such ripples the pandemic causes, so stay on the lookout for things that people now need that they might not have before.