Maintaining Value & Adapting Your Business to Changing Markets
You often hear pundits and experts talk about being flexible and adaptable as a business. Right now, being adaptable is essential for companies across the world. The hard part is finding successful ways to adjust to the changing situation.
Around the world, people are stuck at home because of the coronavirus. Even in places like Germany and South Korea where people can return to daily life, normal activities like eating at a restaurant or going to a bar have been completely changed. If you are marketing your company in this environment, you have to become incredibly creative to gain customers.
Learning to Adapt Like NY Martial Arts Academy
One example of this is NY Martial Arts Academy, a martial arts school with four locations around New York. Normally, the academy operates like a martial arts boutique with individuals coming in for lessons and training. But as the nation began responding to the pandemic, this approach obviously had to change.
Instead of offering one-on-one training sessions in person, NYMAA started streaming everything online. And because the instructors were teaching from home, the classes had to be taught using a simple iPhone set up instead of being in-person or using the high-quality camera equipment normally provided by Top Notch Cinema.
While this transition was unexpected and challenging at times, it has worked for NY Martial Arts Academy and its students. This is thanks to a focus on changing their approach and a determination to always keep their customers, prospects, and employees happy.
Communicating with these different groups to get feedback and insight is key if you want to keep everyone satisfied and engaged.
Constantly Communicate With Your Stakeholders
During normal circumstances, communication is an important business goal to consider for your success. But when your business is dealing with a global crisis while still maintaining the same high level of service, being able to communicate your message is vital. By communicating with employees and customers, you can build positive relationships and improve your brand image.
When you focus on bringing in opinions and ideas from others, you can:
- Improve communication with remote workers
- Boost brand awareness
- Prevent important information from getting lost
- Increase your sales
- Reduce your employee turnover rate
- Increase your employee engagement
- Enhance your marketing efforts
- Boost employee productivity
- Improve customer retention rates
- Increase customer satisfaction
Because of the pandemic, people are naturally worried. The business landscape has changed, but these changes have only made communication more important. Your customers need to know how you have adjusted to the pandemic, how they can still work with your business, and where your brand is going next.
No one expected 2020 to be spent dealing with a pandemic, so there aren’t any businesses with a ready-made pandemic marketing plan. Instead, you simply have to pivot as well as you can. Look at where your company is today, and adjust your current strategy for the present circumstances.
Customers need to be reassured now more than ever before, so communicate any changes or new offerings you have available. Let your customers know the steps you are taking to protect their safety or how you will be opening back up.
While it can be difficult, you should also sit down and plan a new marketing campaign. Until this crisis is resolved, businesses will have to operate under new safety measures in a drastically different environment. If you want your business to grow, you’ll need to create a new strategy you can use during the pandemic and perhaps even with future instances like this one.
To be successful right now, your company must:
- Pivot from your old strategies to adjust to the new landscape.
- Communicate constantly with your employees, customers, and other stakeholders.
- Plan a new marketing campaign.
Remember to Always Add Value for Your Clients
Whether you run a martial arts studio or manufacture clothes, you need to provide value for your customers. For a marketing campaign or transaction to be profitable in the long run, it has to add worth for both parties. If you can supply your customers with a strong value proposition, then they will keep coming back regardless of the economy.
Recessions happen about every 10 years, and the current situation may last for anywhere between 6 and 18 months (or more). If you need help with video editing and production services, our team can help you find the solutions you need. Call (332) 255-2456 or contact Top Notch Cinema online today to find out more.