s vaccination rates increase and social distancing restrictions are eased across the nation, a greater number of businesses have reopened and are operating closer to pre-pandemic conditions. However, experts agree that the events of the past year will have a lasting impact. This means business owners will need to adapt to the “new normal”—but how can they ensure continued growth post-pandemic? Learn the key traits businesses need to thrive—and not just survive—as we begin to come out of the COVID-19 pandemic.
Stay agile in post-pandemic culture.
The pandemic forced businesses to change the way they operate, from enabling their employees to work from home to pivoting to a different business model (e.g., relying on e-commerce). As a result, many small businesses have discovered new revenue streams and gone through organizational restructuring. Being flexible and able to implement change quickly will remain a valuable asset.
Utilize social media marketing.
Consumers are not only spending more time on social media but also making more frequent purchases through paid advertising on Facebook and Instagram.[3] Overall, they have become more comfortable shopping online and more likely to make an impulse buy via social media because of convenience. Make sure you’re marketing to potential customers where they’re spending more time on social media.
Take advantage of digital technology.
From customer relationship management (CRM) systems to e-commerce platforms to accounting software, online business tools have become easier to find, use, and afford—even for a solopreneur. What’s more, the data they yield can help you track your marketing return on investment (ROI) and forecast sales and business growth.
Invest in the safety of your customers and employees.
As Coronavirus restrictions are gradually lifted, it’s important to maintain safety protocols that put the health of your customers and employees first—especially during face-to-face transactions. Be proactive in addressing your customers’ and employees’ concerns. Keep them informed of the precautions you’re taking to keep them safe and whether those precautions will become a permanent part of the way you do business.
Focus on post-pandemic customer values.
While consumer spending is predicted to increase due to recent legislation and future relief packages, the past year’s events will have a lasting effect on consumer behavior.[4] Shoppers not only seek value for the money they spend, they also prefer to spend it with businesses that reflect their personal values and beliefs—particularly when it comes to health and sustainability. Make sure your customers are aware of how your business’s values match their own. Looking for a bank that can give your business an edge? Get started with Novo Bank here.
