As the COVID-19 pandemic spreads, its effects are felt by all. The economic ripple effects of the closures begin to trickle down to not only the local stores, restaurants, hotels, and retail shops but the millions of workers that are the lifeblood of our U.S. economy. As our daily life adjusts to a new routine, business owners everywhere are trying to find new ways to help their companies not only survive this challenging time but continue to thrive through it. And with the help of data analytics, they may just be able to.
Use Data to Focus On Your Customers
With the stay-at-home orders now in place across the country, business closures have resulted in companies moving their transactions online. Yet, even though deal creation volumes may be down, companies have found that buyers are still looking to engage. In fact, buyers everywhere have been interacting more with businesses today than in the past few years. Which is great news for companies, as long as they are willing to use data analytics to adjust their sale strategies and use this opportunity to engage and attract interested customers
Use Your Website To Get New Business
Now more than ever, customers are not only interacting more with businesses online but also have been doing more work and research online as well. Even though this economic uncertainty has led many companies to reexamine their business strategies and their financial health, as the volume of new business deals continues to decrease, businesses have also discovered that the only way they can get through this period is to incorporate effective prospecting. And a great way to start is through a company’s website. Statistics have shown that the average monthly website traffic has steadily increased by 13% in March. Which has taught business owners that even though sale volumes are down, consumers are still there. However, to maximize this data, companies need to adjust their technology approach in order to get the attention of existing customers, as well as new customers, which in turn can yield promising results.
Use Data to Tweak Your Marketing
Even though many companies think that ramping up emails to their clients is the key to longevity, it seems to be having the opposite effect. During a crisis, it is essential to remember that instead of pumping up the promotion of your services and goods, which can result in an insensitive marketing approach, try to focus on nurturing those long-term relationships. Using data analytics to figure out what your customers want, how to get them what they need, and not asking for anything in return can be the key to maintaining your business. And the first place to start is figuring out how to tweak your marketing strategies. Some ideas to consider:
- Incorporate Chatting: Right now, people want interaction. They want to ask questions, get answers, and continue to do business. Conversational marketing can be essential in achieving this goal by providing your customers with a real-time way to serve them even when your employees are not in the office.
- Change the Sales Forecast: Even though your company may be experiencing a dip in profits, it is critical to figure out a way for it not to impact your long term goals. The way to ensure this is for you to adjust sales projections regularly. This will not only allow you to maintain accurate information but create a clear picture of what your profits will look like over time, which will be helpful in preventing further losses by allowing you to make smart changes quickly when downturns occur.
Times are changing, and to get through this turbulent time, our businesses have to learn how to adapt and grow. Reliance on data analysis can be the answer we need to get us through this challenging time; however, in order to succeed in this objective, businesses need to be able to understand their data and how it can assist them. That is why our team at Helios is here for you! Our knowledgeable professionals want to help your business develop, create, and fine-tune effective strategies that can help your daily operations and assist you with your big-picture growth, even during these uncertain times. If you would like more information about our services, contact us today!