How smart businesses grew in 2020 despite COVID-19
The disruption of life around the world caused by the Covid-19 virus was something none of us saw coming. Unprecedented events, like the economic shutdown and stay at home mandate, have changed the norms of how business is conducted, including a huge increase in the proportion of online commerce.
The Covid-19 economy caused a shift among professional employees from occupying commercial office space to working from home, and most formal education was switched to a remote learning platform. The end result being that both working professionals and school aged children are spending most of their time in the family home.
Smart business owners studied the altered market conditions and updated their 2020 marketing plans to reflect them. The old adage regarding lemons and lemonade applied as staying profitable meant finding business opportunities uniquely suited to the new way of life.
Rethinking the approach
The emergence of the Covid-19 vaccine is a positive sign, but the reality is it will take an indeterminate amount of time to put the pandemic behind us. And some parts of the way we do business will likely continue beyond this point as consumers have discovered the convenience of virtual solutions.
As a business owner, it will benefit you to rethink your marketing strategy to reflect the changes. For example, people are feeling disconnected from their friends and family and their normal routine. Creating a sense of community through social media is a good way to improve your brand. It also is a good time to reassess your audience and think about whether it’s wiser to narrow or widen the net.
Companies that are part of the estate planning industry, retirement investing services and insurance brokers, have found marketing successes in widening their target audience. Whereas these types of businesses might traditionally target an older demographic, the sobering reality of a deadly pandemic means that younger folks are making planning for the future of their family a higher priority.
Come out stronger
Pivoting your strategy to meet the current market conditions is critical to surviving the Covid economy. Smart solutions that make life easier for consumers, give them a sense of community, and meet unique needs created by the pandemic can grow your business at a time when some are struggling to stay afloat.