WISESIGHT FOUNDER PROVIDES TIPS AND STRATEGIES FOR BUSINESSES TO ADAPT DURING THE COVID-19 PANDEMIC
Published by Lavinesh @ 10/04/2020
Shakthi DC, Founder of Wisesight & Regional Director of APAC
Businesses have stopped operations for about three weeks now as a result of the Movement Control Order (MCO). The pandemic caused by the COVID-19 has become a wake-up call for businesses in Malaysia to move forward into a - Digital-first, and forever world; SMEs that were stubborn in the past to change, are now forced to adapt to the current market and economic dynamics.
Wisesight’s Founder and regional director of APAC, Shakthi DC has shared several tips and strategies for traditional businesses to follow and adjust as they seem to be the worst impacted. A majority of corporations are facing severe cash flow issues and do not have sufficient resources to do something else right away. These businesses may consider a couple of methods that seem viable as listed below:
i) Pay now, redeem later packages, for businesses where cash flow is an issue:
- Craft packages of real value to customers (thin margins are the trade-off for cash flow and sustainability)
- Design proper package materials suitable to be published on various digital channels. This is important for that designs are not mobile-friendly and appealing to users, resulting in a huge loss in the number of audiences.
- Setup official payment channel methods online, crucial to add credibility. While businesses can request customers to transfer into their company account, it can cause hesitation before purchasing and the customer dropout rate will increase.
- Once the above has been prepared, proceed to make contact with customers, beginning with regulars and get help from as many people as possible, to spread the details of the package. (Be sure to provide your contact details)
ii) Book now, pay later, for businesses that do not have an immediate cash flow issue:
- In terms of steps, pretty much the same as the above.
- However, instead of initiating a payment form online, this method requires the customer to purely provide their details, select a package and book an appointment. They only pay for the package once they commence the services at your store on their first appointment.
- This method allows businesses to increase the customer database, estimate the volume of new customers and revenue opportunities by the booking slots selected.
- Most importantly this tactic will result in higher conversion and affinity among customers seeing as this method assures the customer that they are getting a value-added deal to be used in the future, support your business and at the same time they are not forced to give up their current cash flow, which they can use to survive the lockdown.
Shakthi DC said, “Even if a brand or business’s offering cannot overcome the physical barriers, it is crucial to stay top of mind by means of digital and social channels. The right communication, content and realistic promotions or packages can help you retain audience affinity and acquire new following in this crucial period. Physical isolation should not result in the isolation of your brand or customers.”