Getting Back on Track with Quick Wins
In our previous article about Business Recovery in the Time of Corona we wrote about how Covid-19 is forcing businesses to scramble for new ways of reaching and retaining their customers. We all have to dig ourselves out of this hole and start making money again.
“Scrambling” and “digging” are very real in the context of COVID-19. The urgency is huge and entrepreneurs have never had to labour harder than they are doing now.
You have probably noticed new services popping up every day. Entrepreneurs are a resourceful bunch – most of us can find a way to build new revenue streams with innovative thinking and swift, flexible action.
Many SMEs are implementing quick wins – short-term offers that work quickly to meet an immediate need. Quick wins are bridging tactics, your get out of jail card. They might not be big money spinners, but that’s okay, because the priority for now is to break even and pay salaries.
What can a quick win be for your business?
Ask yourself, what is the one thing that you can do to help your customers at this time to solve an urgent problem or give them relief or comfort? It needs to be a benefit for both of you – revenue for your business and a solution for the customer. It should be easy to implement, inexpensive and easy to switch off when the demand comes to an end.
Here are a few examples:
- Let’s say you run an electrical services company. It’s the coldest time of the winter and we are back in load shedding. Half the country is working at home, relying on PCs, laptops and WiFi to do their work. And needing to keep warm and boil their kettles. This would be an ideal time to run a special on installing back-up batteries for embattled households.
- Or what if you are a hairdresser? People need haircuts, and thank heavens hair salons can operate again. But it’s risky for your clients – they must spend an hour or more in an indoor space that others have frequented, even sitting in the same chair and getting their hair shampooed in the same basin! So you may not be getting many bookings. An alternative could be to offer the choice of home visits to your clients. They can control the safety precautions in their own environment, and you can arrive at their homes fully sterilised, masked and protected.
- Another great example, that we’re seeing a lot of, is the training workshop or webinar converted into a DIY training course. Now you don’t need to attend the workshop; instead you can sign up for the online course which consists of video recordings of the live event plus slides and/or other study material – and you get this all for a fraction of the cost of attending the original event. It’s a great win for the course originators as their original IP is converted to a product that can be sold in volumes to generate passive income.
In some scenarios developing a quick win offer may be the easiest part of the Corona Recovery Strategy. But what about marketing the quick win? After all, you’ll need to promote it rapidly to get it out there while the need is urgent. If most of your customers are shopping, socialising or working via the Internet, using digital marketing platforms is a no-brainer. However, you need to be smart about your digital strategy – now is not the time to resort to amateur attempts.
Always start with a strategy
When you set out to turn a new business idea into an offer to take to market, there are two primary considerations: first is establish exactly what to offer and whom to sell it to (drill down into your customer personas) and second is be strategic about your marketing efforts in order to achieve your goals. Even if you’re offering only one simple product or service, this principle is crucial.
Your strategy should take into account the best ways of reaching and engaging with your ideal customers online as well as the sales targets you want to achieve, and both need to be aligned with what your budget will allow. The execution does not need to be complex – it could be just using social platforms and email effectively, with a great landing page to drive conversions – nevertheless, every touchpoint must be part of a solid strategic plan.
There’s also the challenge of costs – marketing budgets have been hard hit by the tough financial setbacks over the past few months. It’s therefore crucial to have a strategy that ensures that your digital marketing efforts are cost effective. Plan very carefully to either minimise the spending or to ensure that you get the best ROI each step of the way. You can also look at where you can phase in the marketing activities, starting with the priorities and adding more layers of communication as you increase your revenue.
If you’re uncertain about your digital marketing strategy, getting advice from a digital marketing consultant will be invaluable at this stage.
If you need help with brainstorming a quick win and how to market it, contact us about our Corona Recovery Consults. We’re offering 50-minute online consultations at a discounted rate to help businesses get back on track.