The world has changed due to the pandemic, include these 3 elements in your business to tap into new opportunities
You might have noticed that the world has changed due to the pandemic. People now are used to work from home. People are now more favourable in meeting virtually for business compared to last few years. People now are also getting more business opportunities globally through the online world.
If you notice the trend, some elements need to be changed in your business model to tap into the new opportunities:-
- Changing from selling products to selling solutions: with the advancement of the connectivity and increased information over the internet, customers now are fed with too much information about products. Not only that, it becomes easier to start a business online. The customers can easily compare products to products. More and more competitors will emerge. If your business is still focusing on selling products, it will get harder and harder with intense price competition. However, if your products and services are solution centric, it will draw more attention from the customers. The customers will tend to choose the solutions rather than the products. It will be harder to compare the price as the services being given will be different.
- Evolving from offline to online world: over the past 18 months, physical businesses were suffering a lot due to lock down. With the new variant of the virus being detected, no one can predict what will happen or whether or not a new lock down will be implemented. Hence, the businesses need to have the online element. After the lock down, many restaurants have started to tap into delivery service apps which is proven to sustain the food & beverage businesses. Some of them have even considered close down a few physical chain restaurants to maintain the main few restaurants to produce delivery food. This can also reduce the rental costs, labour costs, etc. If the business is venturing into online model, new cross border business opportunities emerge too. In the past, the physical businesses have difficulty to do business oversea. Now, when businesses are online, the customers are not only limited to Malaysians, they can also be Singaporeans, Americans, etc. Some examples are tuition centres and enrichment centres. Currently, many Malaysian parents are subscribing to English, Japanese and art programme from oversea.
- Leads nurturing via community: leads are the life blood of a business. To grow a business, leads must be captured effectively. With internet and social media help, leads are now able to be captured easily through online advertisement. However, these leads captured need to be nurtured properly for converting them into sales. Businesses now are nurturing leads through building a community among the leads. Constant information about solutions is being given to this community to add value to the community. Slowly, these leads will be converted into business done deals. Compared to the traditional business, all leads are being approached directly. If the conversion rate is 20%, the business will let go 80% of the people who do not buy eventually. If the business is nurturing the leads in the community form, the effort spent is lesser. The business does not necessarily let go the 80% of the people who do not buy, it will continue nurturing them with more information as there is cost involved in getting these leads anyway.
Consider including these 3 elements in your business and hopefully you can grow your business better with lesser cost in the new era!
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