Business owners, both big and small struggle to capture their market. At the height of the corona virus pandemic, everything is starting to crash, including the market, and as well as the economy. It may be bad news for some, but there are successful entrepreneurs in this time of need. There are various ways to earn in this trying times. If you’d know the right strategies, you’ll be surprised to see the increase in sales, and even notice multiple investments from different clients. It’s always the rule of supply and demand. Being able to understand the cycle, can keep your business afloat, or even thriving.
Listed below are some points for you to get a few tips on how to capture today’s market:
Understand the General Public’s Needs
It all boils down to supply and demand. Despite the struggle of some businesses, would you believe that some are also struggling but on a positive light. With a business that is booming, some companies cannot keep up with the public’s demands. Imagine having an extra amount, but you’d have nowhere to spend it on? Everything is closed. Retail industries are taking a huge hit, and fast fashion is no longer an option. But some CEOs from the same industry shifted their marketing schemes and made investments in a different approach.
Although they’re still on retail, what they focused their efforts towards is making PPEs, masks, and other materials that can be used in this pandemic.
Versatility and Adaptability
Keep in mind that in order to keep your business going, you’d have to be ready in making and adapting to changes. It may be a tough climb at the start, but once you’d hit the right business formula, there’s no turning back. For example, you own a restaurant chain, given that most businesses are closed due to the lockdown. Why not shift to a takeout or food delivery service via credit cards?
In this time, versatility and adaptability towards the situation are major components towards change. Rather than calling for full defeat, business owners are stepping up their game when it comes to coming up with new business models.
Consider Urgency
Time matters! Everything is already fast-paced when it comes to supply and demand. Think of it as a super sale all the time once you’d hit the right market. On the same note, you might go with the trend, yet something better emerged within the next week. It matters to introduce a product or a service that gets the job done. Part of this tip is to come up with something that caters to the needs of the public to make life easier and more convenient for them. There may be services and products that were not able to attract a good market in the past, but as the pandemic hit, it boomed as well.
Also, consider the supply source. For example, when it comes to cleaning materials and protective gear, stocks easily run out. Once you’re able to find a good source, go ahead and put in some investments to provide for your customers’ needs. Although you may be able to provide the need, make sure to maintain the price range and not take advantage of the situation.
Look for an Opportunity
Keep a close eye on every opportunity that you can get when it comes to capturing the right market. Make sure you’d be able to fully assess the opportunity first with the given situation. Some may seem enticing, but it might lead to potential bankruptcy. As a rule of thumb, it was mentioned that when the bigger problem arises, the need for a certain product or service would also increase. With the latter bring said, customers would often settle for an okay solution, which simply means that if you offer them your best shot, they’ll go for it without complaints as it is an urgent need.
Focus on the Target
A lot of things may be keeping you pre-occupied from your main goal, but make it a point that you have a target audience. Keep in mind that you can’t always cater to everyone, may it be big, or small, as long as it will keep your investments going, then grab the opportunity and go for it. Make sure to figure out who your ideal buyers are, once you do, focus on how to improve your service, for you to be able to cater to their needs.
Target the Scalable
Don’t run after things that do not scale, especially if you can’t gauge the return of investment. Keep in mind that proper financial planning is crucial when it comes to a time-sensitive business.
Based on Materials from Forbes
Photo Creidts:
Anastasiia Chepinska/ Unspalsh