The actions companies can take to recover and get revenue acceleration amid the Covid-19 crisis can also help accelerate their growth.
Consumers and customers have altered their buying patterns and shifted to digital channels, products, and services, opening up entirely new fronts in competition. It’s not enough for companies to reposition their brands. They can also benefit from rethinking their customer experiences, value propositions, marketing strategies, and operations to gain revenue acceleration.
Tools such as those used so far to track market share, competitive offerings, and margin trends are of little use when the customer, competitive products, and extent of competition are virtually unknown.
In a dynamic environment with an eye on revenue acceleration, strategy is seen as a means of choosing among the myriad options a firm has for a product, customer, and business partner development. The strategy provides perspective for making difficult decisions, but it does not create a compass that points in a single direction.
Suppose you are looking for your business to recover and increase profits in the face of this reopening of business after spending so much time in lockdown by COVID 19. In that case, we suggest adopting the following strategies:
The current crisis has created an impetus for companies to reimagine their business models and quickly adapt their offerings and operations to temporary conditions such as blockades, travel restrictions, and workplace closures where the home office is the great ally.
With the reopening, this does not have to change to go back to the old model; take advantage of the inertia, strengthen your digital presence and use it to your advantage to sell beyond your location. In addition, you can rethink your value propositions according to new customer priorities. As a leader, you must consider where new sources of growth can be found beyond your current offerings.
The imperative is to ignite demand for a new offering, not to beat your competitors, at least not at first. In the quest to convert prospects into buyers, competitors may become your ally. It can help educate customers, make them aware that they should seriously consider this new category, and reduce the perceived risks of creating a new type of purchase. Once you have established your position in the new market and generated the need that your product can satisfy, you can focus on leaving the competition behind.
Offer relevant content through automated campaigns
The potential customer must see that there is a better way to do what is being done or start something new. To achieve this, you will need to understand the different demands and stages of the buying process. Therefore, it is recommended that you do an exercise including marketing and sales to understand who you are used to selling to and what they are interested in hearing, reading, or receiving via email.
Granular growth and data analysis
For a company to resume its growth trajectory during and after the pandemic, it will require management to identify reliable markers of demand and quickly look for emerging opportunities. Therefore, it is necessary to develop a detailed understanding of customer-level insights.
If managers understand the market risks, they will either fail quickly and at little expense or learn enough to redirect their ventures to succeed.
Once managers have detected the key risks and uncertainties, they can focus on a market to use as a foothold for revenue acceleration. The purpose of the positioning is to provide a quick entry point as new offerings must be quickly adopted by early adopters.