The COVID-19 crisis has fundamentally changed the way the world works in just a few months. Nothing since the 2008 financial crash and the Great Depression of 1929 has had such a massive impact on this enormous scale. Although there’s no telling what comes next, we can work towards cushioning the blow of uncertainty on our businesses by staying one step ahead of the curve. Here are 8 effective strategies on adapting your Online Consultation Marketplace Business.
Every crisis brings with it an opportunity to rise above it. The Coronavirus hasn’t just changed the way businesses work, but also how people spend their time. More people find themselves online for a longer time and this means more services are moving online. COVID-19 presents an unparalleled challenge to business owners around the globe.
Unprecedented Times Call for Immediate Action
A new world calls for a new approach. Unprecedented times call for big, bold, and immediate action. The businesses and people who adapt creatively and strategically will rise to the top.
As unemployment rates shoot through the roof, there’s no better time than today to be your own boss. Now is the time to get your own dream business up and running.
If you have ever wanted to start your own business, here is your chance to create a value-added business and adapt to the crisis with newer, innovative ideas for your business right here. Here are some creative ways to adapt your business and keep it afloat during the lockdown:
1. Launching Essential Products with an Online Consultation Marketplace
Amidst the coronavirus crisis, many businesses have gone to lengths to boost revenue generation. The e-commerce sector has seen a doubling of retail transactions and is quickly gaining ground as one of the most popular businesses to start at the moment.
A great way to ensure minimum disruption is by encouraging e-commerce across the country. The need of the hour is to provide services to customers remotely and an online consulting app creator like Panther allows you to create your own online consultation marketplace to help people across the globe.
2. Reassessing Long-term Plans
As a business owner, the COVID-19 crisis means you might have to re-evaluate your long-term goals to focus on staying afloat. This is the time for you to minutely track your current financial metrics and assess the impact on sales and cash flow.
You will also need to be mindful of your runway. Make sure you prepare to serve tomorrow’s customer, not yesterday’s. Try and devise multiple scenarios to maximise your cash runway.
3. Digitize Your Supply Chain
Use emerging technologies to soften the blow of disruption. With the recent shutdowns in local transportation across the country, business owners will need to focus on digitizing their entire supply chain to ease the workflow process.
You will need to invest some time in supplier analysis to create a resilient supply chain. This crisis-friendly approach also makes it easier to keep customers happy.
4. Connecting Over Video Calls
The world is gearing up towards working remotely. As the world practices social distancing, it has become more important than ever to not lose contact with the outside world. Virtual gatherings and working from home help enable a sense of normalcy during these times.
As video calling apps like Zoom and Fugu gain popularity, there will also be an uptick in remote learning and telehealth services.
With Panther, you can create your own online consultancy and set it up in just a few minutes. An online consulting app like panther lets you offer educational-based training as well as telemedical services that are the need of the hour at this time.
5. Data is the New Oil
The Coronavirus outrage has seen a surge in the use of data as a tool to limit the spread of the virus. As data becomes more valuable, data misuse and abuse also will become more rampant.
With the pervasive implementation of contact tracing tools, data can help combat the disease and fight misinformation. IT security will also become much more vital for every business as privacy and data breaches become more common. You will need to ramp up your company’s IT security services.
6. Focus on Sensitive Marketing
In times like these, the littlest changes can have a huge impact on your revenues. Try to focus on rehauling your marketing strategy in an incremental manner. You can start off by refreshing the content across your website, not just the landing pages.
Companies may need to redeploy resources to facilitate a strategy of survival over the next 18 months, rather than one of growth or profitability. But as with economic adversities of the past, new industries will emerge bringing with it renewed hope of recovery.
7. Reach Out to High-Value Customers
Technological advancements have ensured that we have the essentials needed to make it through the pandemic. Businesses need to demonstrate resilience and agility to see through this period. The world has finally recognized the worth of online consultation marketplaces. Panther offers a smooth transition of your consultation business to the digital space.
When you’re in the middle of a crisis, it’s easy to overestimate the short-term impact while overlooking the potential long-term outcome. Experts have noted that every previous assumption made must be upended. Be flexible with your prospects and partners, and reactive to the situations developing around.
8. Revolutionize Conventions in Your Business
Now is the time to be part of the conversational marketplace and revolutionize the conventional ways of your practice.
Considering the market is changing every week, keep in mind that consumers in the future may be very different from the customers today.
As the global crisis leads to the creation of new industries, success will come to those that capitalize on these new behaviors by shifting their business models and creating consumer-focused programs. If you are considering creating an online consultation marketplace via Panther to serve your business needs amid this COVID-19 crisis, contact us today!