Disruption can happen to any small business or their industry. A supply chain disruption, increased competition, or a sudden shift in demand can interrupt your course. Many small businesses flounder during this time, but some have shown undeniable resilience. Here are some key attributes of those small businesses that leverage changing market trends and come out ahead.
Never Falter on Customer Service
One way to make your small business disruption-proof is to never lose sight of your customer. Maintain customer loyalty by providing attentive and personalized customer service. Companies that were open about delays caused by the COVID-19 pandemic and worked with customers to find solutions kept a greater percentage of customer loyalty during the e-commerce migration in 2020.
Taking care of your customers is the hallmark of a trustworthy brand. During disruptions, customers often need the reassurance that orders are being handled and that their experience matters to the company. Attentive customer services can be a mix of live and automated features that keep customers in-the-loop during a disruption in the market.
Face the Problems of Disruption Head-On
Small businesses that are just trying to weather the storm of a disruption might not make it through. It's often not enough to keep doing business as usual. Instead, business owners need to evaluate the cause and source of the disruption. Then, face it head on by adapting to the new market conditions.
Your business may need to adjust its business plan, marketing plans, and even basic products and services in order to thrive in the new conditions. Tackling the disruption will give you the tools to both survive and thrive through any setbacks.
Let's look at the pandemic as an example. Challenges included working remotely, providing service to customers remotely, and enduring severe supply chain limitations during that time. We saw hundreds of variations in how brands adapted to these universal challenges.
Restaurants became virtual kitchens. Millions of companies went online and those that were already online expanded. Many local shops partnered with the delivery services or retasked their service team for in-house delivery. Those who faced problems head on and adapted quickly and creatively came out on top.
Get Involved in Your Social Media Campaign
Social media shouldn't be a "set it and forget it" type of marketing campaign. It's your best way to stay engaged and connected with your customers during a disruption. Social media is your way of reaching out, sending messages, and surviving the market disruption alongside your customers — instead of as a distant corporate figure.
Build a more lively and engaging campaign plan as part of your marketing efforts. Encourage your marketing team to build interactive videos and answer questions from the crowd. Share behind-the-scenes information about the team. Humanize your efforts and talk about what you're doing to face the disruption challenges on behalf of your customers.
Give Back to the Community
Local and digital community involvement is another way to stay afloat in troubling times. Communities that feel connected to a brand are more likely to remain loyal customers when circumstances and market influences change. So get involved!
Use your venue to host local scout troupes and school performances. Cycle some of your revenue or cost savings to charitable local causes. Offer scholarships and internships to college students.
Choose a community center to partner with or a community event to sponsor. These efforts won't just get your business in the local news, they'll also create a good brand reputation. Plus, charity increases the morale of your team and the trust of your customer audience. Your company will become associated as a voice and support in the community.
Attend and Host Events
Events are another great way to weather the storm of a market disruption. Both hosting and being seen at events broaden your network and build stronger connections with business and the community.
Companies can build their audience or connect with new business partners by attending networking events. And the relationships you build at these events can be key when your regular revenue streams or logistics systems are down.
Hosting events, on the other hand, builds your reputation with those you invite. You can create a stronger connection with your audience by inviting them to share an experience created by the brand. You can strengthen your relationship with business partners and reach out to marketplace colleagues by hosting professional events.
Growing YOUR Small Business After a Major Disruption
Weathering a market disruption can be make or break for a small business. But you can survive and even thrive with the right approach to the challenge. Contact us for more insights on how to overcome market challenges and build a strong marketing strategy for any circumstance.