Back in Lockdown, now what?
Now that the initial panic has worn off, take a deep breath. It’s time to pick yourself back up and start forging a plan of action because it’s all a case of perspective. In this blog post, we’ll be taking a look at what ran businesses into the ground first time around, what made them a roaring success, and some ideas on how to make the most of what’s been working for you during this strange time. Who knows, we might just give you the answer you’ve been looking for!
Mindset is key
It’s safe to say that companies that stick to their old ways are more likely to go bust. In times of great change, those that don’t change too, or go in search of alternatives, at least, are more likely to fail. But you know that. That’s why you’re here – because you’re one of the ones looking to adapt. You’ve heard the stories of companies that did something new and innovative, and not only stayed afloat but gave their earnings a major boost.
So, what’s the secret?
We live in the digital age - no, that’s not the secret - but the pandemic accelerated our dependence on all things digital in a way we could have never imagined as little as a year ago. In the last 12 months, local businesses closed their physical doors (whether due to lockdown or for good) and those that adapted, taking their sales online, started reaching more people than they had ever dreamed of reaching before – you know what they say: when one door closes, another one opens! (Even if it is a virtual one)
In short, the pandemic was the perfect push some companies may have needed to take the plunge and go digital – and lots of them won’t be looking back once this is over. And that goes for working remotely too. Now that companies have seen the benefits to their employees working from home (and realised that they could be trusted to get on with their jobs after all), how many huge enterprises out there have announced they’ll be changing their practices in the future? More than we can count.
So how can you maximise on all these changes?
Recording your Zoom meetings? Have you considered having them transcribed and summarised so that you can a) keep a record and b) so that the key points aren’t lost, and people don’t have to watch over the entire recording to recall something that was said halfway though? Not to mention the disk space taken up by those heavy files…
Already set up your online shop? You’ve already taken the big step online, so why not maximise your platform by breaking into a whole new market that may well be very interested in your products/services? There are around 10 million us in Portugal, but have you ever considered reaching 50, 100 million people in your wildest dreams? It’s not even that inconceivable if you consider that the global population is 7.8 billion. Now let’s break down the numbers in Europe alone, focussing on the top 6:
1. English: 260,000,000 speakers
2. German: 170,000,000 speakers
3. Russian: 160,000,000 speakers
4. French: 135,000,000 speakers
5. Italian: 82,000,000 speakers
6. Spanish: 76,000,000 speakers*
That’s 893,000,000 people (plus the 10 million Portuguese speakers) – you’ve just about got your billion right there.
How are your social networks looking? A tool capable of moving the masses (to a scary degree, just think Cambridge Analytica) and taking products to the next level, good marketing campaigns targeted directly at your target audience, not to mention your interaction with them, can enhance your products and increase your reputation. A steady stream of posts, whether it’s one a day or one a week, showcasing exactly what you do, and the value you bring to every client, is invaluable. Now, is your business best suited to Instagram, Facebook or LinkedIn?
But shouldn’t you pull back during a recession?
The pandemic. Recession. Uncertainty. It all stops managers from investing in their companies for fear of bankruptcy. Understandably. But let’s let history do the talking on this one; the 2008 financial crisis specifically. Companies that benefitted from investments into their marketing and found easier ways to reach people were significantly more likely to succeed than those that didn’t. Ringing a bell?
And it wasn’t just big companies forging this new path. Did you know that many of the huge, successful businesses we use daily in 2021 - Airbnb, Spotify, Uber - were born in 2008, mid-crisis? Doesn’t that give you some hope for the future, proving that an investment doesn’t have to cost you thousands, but if it’s well-thought-through and well-directed, it could just be the key to your business’ growth this year and for the next 13 (and more!).