As much as experts want to predict how the coronavirus situation will pan out, the truth is that no one really knows what's going to happen. The good news is that there are several things business owners can do to reduce their uncertainty.
1. Act on the outcomes you can realistically anticipate.
Businesses based on in-person interaction already know that customers won’t be coming in for a while. If you don’t yet have a digital means to offer your product or service, consider which products and services are most appropriate to sell online, and then add e-commerce to your website. There are a number of e-commerce solutions such as Shopify, BigCommerce and Squarespace.
While you may want to delegate this to a tech-savvy staff member, both of you should make note of the ways in which online business differs from brick and mortars. With the reduction in frequent in-person connection points, you'll need to go out of your way to engage with your customers via social media and email outreach. Try working with your marketing team to create a content calendar—either an old-school spreadsheet or a tech-based solution like Later or HubSpot—that tracks analytics around your social engagement so you can see what resonates with your customers.
2. Brainstorm with other business owners.
Another way you can deal with uncertainty is to identify other business owners in your sphere who are facing the same challenges you are, and come together to devise solutions to keep the collective group afloat. In particular, experts recommend launching online engagements that preserve the heartbeat and character of a community.
Midnight Market, a Jersey City, New Jersey-based indoor festival that curates 20 food vendors to recreate an open air, international market, did just that. Understanding that they can’t open for the foreseeable future, Midnight Market’s owners rallied their partners to host a "Take-Out Flash Mob," that is, encouraging followers to order takeout from eight participating restaurants.
"It gives them a burst of cash to pay employees, keep the lights on and helps them continue normal operations so they can continue making delicious food for us!" the company wrote on its website.
To create a social distancing appropriate recreation of their event, Midnight Market promoted cocktail recipes that were easy to create at home, live streamed of DJ sets, and shared drinking games. And they're planning another one with a different selection of restaurants.
For the rest of my tips, check out the full article on the AMEX Business website.
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