When a pandemic strikes a region, it’s natural to experience an influx of customers. With so many people coming to the same place, businesses usually see a spike in their sales. However, this spike might not be beneficial for your company. You see, not every sale is profitable. And, when you see a sudden surge in your expenses, you tend to cut costs in areas that don’t bring in revenue. That’s why it’s imperative that you look at the ways to help your business absorb the influx of customers during a pandemic. Here are 8 tips that will help you PENETRATE the influx of customers during a pandemic, so that you don’t lose money.
Build a Sense of Urgency
Studies show that people are more likely to purchase products when they feel a sense of urgency. No one wants to be unprepared for a pandemic, and if they feel like you’ll run out of the product they want, they’ll be more inclined to buy it. One way you can create this sense of urgency is by promoting your products as limited edition. You could also offer discounts so that customers know they’re getting a deal.
Keep Your Promises
One of the first things to keep in mind is that you need to keep your promises. Your customers are already overwhelmed with the stress of their surroundings and you don’t want to add on more by not fulfilling their expectations. Consider how your company has handled a time when you were running low on inventory before and use that as a guideline for what to do when there’s an influx of customers during a pandemic.
Don’t Stop Serving
It’s a common misconception that pandemics cause people to stop spending money. This is not the case. In fact, in some regions, business owners experience an increase in sales during a pandemic. That being said, it’s important to make sure you continue providing your products or services during this time. A sudden increase in customers might mean you run out of stock if you don’t have the capacity for an increased customer base. It’s also important to keep up with deliveries because a pandemic doesn’t only affect the customers in your area; it also affects those who live far away and might have stopped traveling to your region due to fear or other reasons.
and Adaptable One of the biggest mistakes that many business owners make during a pandemic is to be inflexible and unadaptable. They refuse to change their prices or create new products, because they enjoy the higher profit margins. While this might work in the short term, it won’t necessarily work in the long term. For example, if you charge $9 for a product and your expenses have increased by $5, you will start seeing a net loss instead of a net profit. Instead of trying to raise your prices, which can lower demand and make customers go elsewhere, find ways to reduce your costs without sacrificing quality of service.
One of the best ways to help your business stay strong during a pandemic is by being optimistic. You don’t want to get caught up in the mass hysteria that’s sure to come with the influx of customers. Staying positive is important because you want to show your employees, partners, and customers that you’re confident about the future. You want them to feel confident too. You don’t want people thinking that your business won’t survive. If they think that, they'll be less likely to buy anything from you. When people are scared, they're more likely to grab items now than later on when they might have no other options available. Staying positive will also make your employees happier, which will make them more productive and engaged in their work. Stressful situations can lead your team members to make rash decisions or do things they wouldn't normally do - like stealing money or sabotaging projects. Stay positive and keep a close eye on the company's finances and inventory so that you can be ahead of any problems before they start costing you money.
Explain the Benefits
- Customers are more likely to buy when they feel a sense of urgency.
- You can increase the price and make it an emergency sale or limited time event.
- You can decrease your prices to make it an affordable alternative to other businesses who are priced higher than you.
- You can advertise this discount or sale on social media, so that people will see the offer and be compelled to purchase from you instead of someone else who is offering similar products at a higher price point.
- Offer free shipping if customers spend over a certain dollar amount with you in one transaction, so that they don’t have to pay for shipping costs and will feel like their purchase is better because of this perk (if applicable).
- Offer in-store pickup so that customers won't have to wait for their order to come in the mail and will be more inclined to purchase from your store rather than another company if comparable items are available at both locations for a lower price point (if applicable).
- Offer discounts or bundle packages together so that customers might spend more money on other items while they’re making a larger purchase with you (if applicable).
- Use your store’s Facebook page as a way to promote this sale or discount so that people who aren’t aware of the promotion will see it through Facebook (if applicable).
There is no one-size-fits-all solution to a pandemic, but following these eight steps will help you and your company survive.
- Build a sense of urgency
- Keep your promises
- Don’t stop serving
- Be flexible
- Stay positive
- Explain the benefits