Reconsidering current business models

Reconsidering current business models

Entrepreneurship

Yusoph Maute

Yusoph Maute

6 days ago — 5 min read

With the pandemic most customers to stay at home and stores to operate at a limited capacity, many retailers and establishments were forced to alter their business models to fit the current situation. Covid-19 especially hit small and medium enterprises, as their owners had to find new ways to attract customers. These adjustments propelled e-commerce and remote services reached new heights. This presents business owners with new opportunities to take advantage of.


The question is: How should a business reassess its current business model? What are the considerations?


Attracting customers in a volatile market

With e-commerce ultimately becoming a necessity for retailers, it allows small businesses to expand the reach of their brick-and-mortar establishments by conferring with customers from different parts of the country, or even the world. Although this presents an exciting opportunity, competition becomes a challenge, since the online market reduced the entry barrier.


Also read: Create your own online store on UnionBank GlobalLinker for free


How can an online business stand out? Introducing deals and discounts can set your business apart. Think about who will shoulder the costs of delivery. Would this be offered at no additional cost to the buyer? Partnerships with other businesses can also be considered, as being associated with a better-known brand, or “piggybacking” on its logistical muscle, can help boost the presence and reach of your products.


Also read: 5 proven strategies to boost your ecommerce sales


Social media can also be used to increase brand awareness and build trust between the brand and customer. This can be done by creating eye-catching content that is relatable to the brand’s target audience.


The need for digital transformation

In the new normal, focusing on the digital customer experience is now necessary for any business. Innovating the buying experience for customers can help a business gain a significant market share. Part of this innovation is redefining the client experience when he or she accesses your business through different portals. These questions can help business owners figure out the client experience: How will my target market know our products and services? And How can we improve our customers’ online experience?


As business owners go through this process, they need to keep in mind that digital transformation should not be made at the expense of the client experience. It should be a tool to support a business’ growth, which includes the client experience, and not just a tool to ensure a smoother transaction.

                                         

Maximizing on available technologies

There are many free tools and strategies out there to help professional service companies manage their customer relations. These include Zoom, Skype and Google Hangouts, which can be used to meet clients and keep in touch with them. Furthermore, presence on both traditional and online platforms should need to go hand-in-hand to ensure a wider audience reach.


Taking advantage of the situation

The pandemic has forced businesses to rethink and innovate the products and services they offer. This is the perfect opportunity to make necessary and overdue changes to create a new path moving forward. If you are a business owner, research well, consult with your business advisor and consider adding modern technologies to significantly stretch your current offerings and expand the distribution of your products or services.


Also read: 5 entrepreneurs share valuable lessons learned from COVID-19


To explore business opportunities, link with me by clicking on the 'Connect' button on my eBiz Card.


Article by: Anton Ng | As published on The Manila Times

 

Image source: Freepik

Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views, official policy or position of GlobalLinker.

Posted by

Yusoph Aquino Maute

Yusoph is a senior manager in the Audit & Assurance Division of P&A Grant Grant Thornton. He is concurrently designated as senior manager of the Firm’s Technical...

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