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Adaptability and creativity play an important role in the pandemic life of companies. Inflexible responses to lockdown and slowdown are responded to with slow or no sales. While the effects of the pandemic are wreaking havoc around the world, some companies have found a way to make the current circumstances work. Some even thrive.
Here are three tips on how to grow and scale your business during the pandemic:
1. Conversion to new business models
According to the Harvard Business Review, it's all about the linchpin. Organizations that focus on a business model that meets immediate pandemic needs can leverage the temporary new normal while developing a long-term growth strategy.
For example, Spotify was in the best position to benefit from a lockdown if customers could listen to songs all day without many options – unless Spotify relied on advertising dollars from companies that ultimately cut their budget. You had to turn to stay relevant. Spotify acted quickly and signed exclusive podcast deals with celebrities. Now that they are offering original content, the platform has turned into profitable copyright owners. This is exactly how they could get their contract with Joe Rogan.
Related: Planning a Strategic Pivot
2. Working with influencers and brands
Pivoting is another way of saying "meet your customers where they are" on their phones. In response to the increased use of social media, Social Media & Marketing suggests that companies work with other brands and influencers for mutual benefit to grow during the pandemic.
Whether a company is hiring an influencer to post on their feed or to join a giveaway, they should invite influencers with at least 10,000 followers to work with them. Celebrity giveaways are huge right now. For example, HighKey Clout, which was founded by brothers Jordan and Luke Lintz (their third company), makes great giveaways for celebrities. They work with the likes of Snoop Dogg, Kevin Hart, Rick Ross, Dababy, TrippieRedd, and Bella Thorne to give money away to random people on Instagram while they work with brands to promote their business and gain followers. The team gave away over $ 100,000 during the pandemic and plans to give away over $ 1 million over the next two years.
3. Provide protection and security for your customers
If a company wants to conduct personal transactions, it can first of all make its products and services available as safely as possible, thus protecting people's health. As noted by CNBC, companies have implemented contactless transactions and to-go windows to address public safety concerns. By opening outdoor patios with socially distant tables, service-sector companies can continue their business operations, with the health of their customers still a top priority. And even during the quarantine, e-commerce has obviously increased massively.
Healthy products that ensure safety don't just have to be up-to-date precautionary measures. For example, Skyler Stein heads Gladskin, a biotechnology-driven skin care brand whose products define a new category of eczema treatment. After launching Gladskins Eczema Cream with Micreobalance in January 2020 in the US, Stein and the Gladskin team focused on delivering their products via an advanced DTC approach that is disruptive to the industry and a huge benefit during COVID represents for the customer base. While physical drugstores are the main distribution channel for OTC eczema treatments, Gladskin is making online shopping more convenient, service-oriented, and safe in this era of social distancing.
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As a precautionary measure against contracting COVID, medical experts also recommend washing your hands frequently. However, a person suffering from eczema will experience more rashes, red itchy skin, and breakouts from frequent hand washing, which is a barrier that is unique to that particular consumer. Gladskin has seen the opportunity to improve its product and support its customer base by leveraging its patented global endolysin technology and using its products to improve inflammatory skin conditions by rebalancing the skin microbiome (including frequent hand washing), which an important characteristic is their customers during COVID. Even with intensive hand washing, the consumer's skin remains balanced and hydrated. After helping hundreds of thousands of people across Europe, Stein and Gladskin are on track to do the same in the US – even amid a global pandemic.
The lesson here is to actively seek ways to pandemic proof your product and business by improving healthy options and alternatives. If you're a protein brand, you're introducing a new line that offers an immunity booster and allows people to order online. If you're a software company, create an online community to promote the positive mental health of your customer base. In the midst of this pandemic, your business will benefit from finding ways to improve people's health and wellbeing. Today's consumers want brands that show they care about their needs and their health. These consumers stay loyal to your brand.
Regardless of whether companies are adopting new ecomm platforms, using social media or automating systems that were previously processed by employees, the technology can save companies time and money while also helping companies to scale. The pandemic may force companies to use new tactics that may be more labor-intensive or expensive upfront. However, in the long run, these tactics can help them grow after the pandemic. This pandemic is an unprecedented area for everyone, but with the right focus, tools, and vision, you can grow and scale faster than before.