5 Ways to Increase Business Revenue During COVID-19

by Darwin on October 2, 2020

COVID-19 continues to hurt individuals, businesses, and nations around the world. It may take years for many of us to fully recover from the current pandemic. That said, you shouldn’t feel hopeless. Every crisis also presents an opportunity for business owners. So, if you’ve seen your revenue drop in recent weeks or months due to COVID-19, here are a few ways to increase your business revenue going forward:

Invest in New Signs

If your business operates completely online, you can probably skip this step. However, if you have a brick-and-mortar business or you use physical company signs to market your business, then this is a great way to make your business stand out. Fortunately, custom-made signs are not very expensive, so this is probably something you can do without going over your budget. If you do operate online, you might consider getting a professional logo design that could draw in more traffic.

Build Your Social Media Following

Did you know that you can promote your Facebook business page for as little as $1 per day? Twitter and LinkedIn offer similarly affordable ad plans, making it easy to help your target demographic find your business. Even if you don’t want to pay for ads, you can gain more followers by posting relevant content on your profile, reaching out to other businesses in your industry, and responding to people who engage with your posts.

Adjust Your Product

This may sound like a major change, but it doesn’t have to be. For example, a company that produces fabric for clothing could use its materials to create masks to aid in the fight against COVID-19. Adjusting your product (or adding products to your offerings) could help you gain new customers who may not have been interested in your business before. This way, you open your business up to entirely new market segments.

Take the Consumer’s Perspective

This is good business advice at any time, but it is especially useful during a pandemic like COVID-19. People are worried about their future, their income, and their ability to keep themselves and their loved ones safe and healthy. How can your business offer comfort to people during this stressful time? What could your business do to help them? Asking these questions could help you develop a marketing strategy that aligns more closely with consumers’ current priorities.

Get Involved In Your Community

Whether you operate a business with consumers all over the world or you cater to a specific region, you should do your best to get your business involved with charitable efforts. The need for solidarity has never been greater, so showing that you care about others can really help your business stand out. Consider getting involved in local events to help provide medical supplies and support to those affected by Coronavirus. Though it may take time and effort on your part, it could lead to a large boost in sales and provide a way for you to market your business while also giving back to the community.

 

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