FIVE T’s THAT WILL AID MSME BUSINESS SUSTENANCE IN COVID 19 ERA.

What businesses can do to survive and thrive in a Covid 19 era can be summarized by Five Pieces of advice that each starts with a T!

Here goes….

Take it online – If you do not have an online presence for your business, you just might be facing extinction. And even if you are online, you have to be engaging and visible. If you want to get the best results for your business online, keep posting about your product and services in interesting ways and on relevant platforms where your target market can be reached.

Think out of the box – You have to be creative and innovative to survive these trying times.Pertinent questions that will need answers from you include; what problem is my product or service offering solution to? How can I repackage my offering to attract more customers? Are there other solutions I can include as complementary to my offering? Are there other people that can benefit from my solution or service? Where are they? How best can I reach them? Answers to these questions will lead you to accessing a pool of new customers for your business.

Treat your customers – This is the time to offer discounts to existing and prospective customers. Perceived value is always a motivation for purchase. This is a very important step to getting your target and existing customers attention and engagement. BGOF (Buy one and get one free or at half price), percentage discount, selected items sales, dozen discount, and end of month sales etc. It is important to make offers that will drive your business sales.

Troubleshoot – Usually the solution can be deduced from the problem. Ask your customer’s the difficulties they encounter accessing or utilizing your products or service and look for ways to solve these problems. You are sure to gain more business patronage and referrals. Problem solving is a trusted gateway to gaining customer confidence and satisfaction. Once you have satisfied customers, they become your advocates.

Talk to your customers – If there is any time your effective communication with customers is essential, it is now. Leverage customer relationship management and keep communication lines open. Everyone prefers to do business with people they know and are comfortable with. Your customers might give you important competitive information that will enhance your business model.

Practice all of these and you are sure to remain in business this period and beyond.

Yemisi Bamishile.