As we all celebrated New Year's Eve and rang in the year, no one had any idea coronavirus was coming—or how it impact our businesses.
By April, most of the world was shut down and mass layoffs were the norm. Many startups and small businesses had only 2 weeks' worth of cash on hand as the pandemic raged on.
These statistics sound bleak, but what do they mean for your startup business? Should you scrap the idea altogether due to Coronavirus?
Not necessarily. In this post, we'll discuss some ways a new startup concept can adjust and succeed despite COVID-19. Read on to learn more about startup businesses succeeding in the age of the pandemic!
What's the Outlook for a New Startup Business?
From laser engraving and grocery delivery to selling homemade goods online, plenty of industries are still thriving during the pandemic.
Ecommerce stores that sell clothing have seen an uptick of 76.7%, while stores like Etsy have seen a 146% increase in sales. Other industries, such as travel and automotive, have understandably seen a drop in sales.
The key to success for an existing or a startup business (in any niche) is being adaptable to changing times. Here are 3 tips to ensure your startup company will be a success.
1. Stay on Top of the Latest Trends
Let's take the travel industry as an example. Most people are staying put right now, but 45% of Americans say they plan to book a trip and travel in the next year.
If you've got a startup concept for travel, why not leverage those sentiments and get people excited about traveling again when it's safe to do so?
Review your click-through-rates and analyze your traffic to better understand what your customers want right now. Then adjust the wording on your website, social media pages, and paid search ads to reflect those trends.
2. Keep Your Customers Informed
Communication is key during these ever-changing times, and it's easier than ever to stay in touch with your customer base.
Start by updating your hours and description on your Google My Business page. Let them know of any extra precautions you're taking to keep your business safe for them and your staff.
Stay active on social media and make regular updates to your website to keep your customers in the loop. If you're getting ready to reopen, send out coupons or other offers to entice your customers to return.
3. Adjust Your Marketing Strategy
If you're launching a startup business online, keep your ads up to date with your current stock. You may want to pause non-essential campaigns and focus ad spending on items that get the most organic traffic.
What works this month might not work next month, so you'll need to continually analyze trends and make adjustments when necessary.
Final Thoughts on the Coronavirus Effect on Business
None of us could have predicted the COVID-19 pandemic and the effect it would have on every aspect of our lives.
It might be a challenging economy right now, but there's no reason you can't launch a successful startup business. By keeping up with trends, communicating clearly, and adjusting your strategy, your startup idea will succeed despite the Coronavirus!
Did you find this article on the new normal for startup businesses helpful? Browse our other recent posts for more great information on launching and marketing a successful startup business.
