So many people are looking for answers as we move through the unchartered territory of COVID-19 impact. Here at Bigwave, we have a unique opportunity to advise and support a huge number of businesses from leisure through to bio-tech companies to restaurants.
We thought we’d share some of our experiences and the good examples we’ve seen.
Be prepared to adapt
The issue in some ways is what can you do straight away?
Many businesses have seen their revenue streams stopped overnight – unprecedented compared to any other time.
However, what we have also seen are the number of businesses who have adapted their current offer to keep income streams coming in. Some restaurants have immediately changed their offer to take-away and/or delivery service.
This is known as ‘pivoting’. It is where the business adapts or changes to meet the needs of the customer by changing its service model.
Charles Darwin’s quote could never be more true: ‘It is not the most intellectual or the strongest of species that survives; but the species that survives is the one that is able to adapt to and adjust best to the changing environment in which it finds itself!’
So, the question is how can you adapt and fast?
Look at the ways you currently get revenue into the business and then think what are the needs of the customer that we can supply a solution.
At Bigwave, for example, we have helped our Leisure clients (we serve 550 leisure facilities across the UK) to adapt by creating a new portal called workout@Home. The take-up has been national with Community Leisure UK and UK Active all getting involved as it immediately looked at those thousands of customers sat at home that need a simple way to put a physical activity programme together and allows our Leisure clients to make a useful offer to their members.
Look at new opportunities to meet the needs of your customer
Your current model may have worked well in the past but now you need to ensure that there is more to offer your clients.
If you currently deliver one product or service to your customer, you really need to be looking closely at how you can offer another 2-3 services. What else does that same customer need and how can you help that customer with your product and service?
Many of our clients are already doing this and continue to have revenue streams flooding into their business but many are also looking at ways of pivoting and driving new streams of income. We know that new business is costly to get but offering more services to existing customers is so much cheaper to deliver, faster and now!
Selling to your existing customers has no acquisition cost, as they already know and (hopefully) love your service or product, so set yourself the task of what three extra services or products you can offer to your existing customers by the end of this week. This revenue will go straight to the bottom line.
Make me an offer!
There are lots of offers coming out at the moment, some are fantastic and hit the mark others are certainly not having the effect they want.
Looking at what you can do, needs to be considered in the following categories:
Sweets: The offer tastes good but it’s full of sugar and not much goodness
Vitamins: Nice to have but in tough times you can do without it.
Painkiller: When you need it and you take it; it works immediately and resolves your problem.
Doctor: The long-term offer which requires a lifestyle change over a long period of time.
There have been many “sweet” offers that look good, but they are not sustainable, often consisting of 50% reductions or free offers. They are amazing for lead generation to add into the database for the future, but you need to be careful with them if you want to build a long term relationship with your client and in this climate it is an expensive acquisition strategy.
“Vitamin” offers are similar in that they are nice to have but in tough times won’t necessarily hit the target to get a response.
In tough times, you need to find and create the “painkiller” offer, the one that your target market looks at and knows right away it’s going to massively solve their problem – BOOM!
A cheese producer who sold mainly to restaurants saw his business collapse overnight. So, he decided to offer hampers of his cheese for free to local people staying at home with a link to his online sales portal. He has now got a great business locally, and one that is sustainable for the future.
The “doctor” offer is the one we all know that works long term, it might have well been your bread and butter offer, for example selling cars – it normally always works but just not at the moment, so you need something that can kick in now.
Pivoting is a classic example of the ‘painkiller offer – changing your model to meet customer needs. This means looking at opportunities rather than just staring at the problem.
Find those painkiller solutions and take massive action to get that offer delivered. Your new and existing customers will thank you for it.
How to get the offer out?
Digital search is the window to your customer, especially in this climate with so many people isolated at home.
Take advantage now – as paid traffic has never been cheaper, the cost per click has made a dramatic fall! Now is the time to promote online. Digital marketing is the key to getting new clients.
But don’t forget your existing customers, particularly if they are not coming to your gym, store, or restaurant. They have been loyal to you and will be again, so look after them by keeping in touch.
Use Email marketing. Open rates have substantially increased because people are at home with more time in their day.
Your business should be putting out at least one email a week letting people know how they have changed and responded, or provide updates on progress and preparation to re-open. Use this as an opportunity to share ideas and help them get through these difficult times. Use it as an educational opportunity.
Don’t email saying, we are open as usual, find the painkiller message, enlighten and show compassion for your customers, find that irresistible offer and educate.
Do this well and they will remember you on the other side, even in a new world!
There is another approach which has always got good traction but currently in terms of conversion is turning into a bit of a winner. This is where the business offers support and help in terms of a downloadable document to give advice or provides valuable information to help them. All the prospect must do is give their name and email to receive this information. Once this is provided you start a digital journey/relationship with them, helping them to satisfy their needs.
Finally, what do we notice about those businesses that always seem to get ahead quickly? Yes, they are the first to respond and adapt to the situation. Is that because they are lucky?
It could be luck but generally, that runs out. For those whose luck never seems to run out we know its more than luck – it’s a winning mentality – a ‘can do’ mindset that does set them apart. The good news is anyone can have it if you are prepared to do things differently and adapt!
If you need a boost in your business give us a call today and we will share more insights.