A business crisis could arise in many ways, such as tough economic times, reputational damage, or a pandemic as the world is experiencing now. Therefore, companies need to have strategies in place to manage and survive such unforeseen events. Such measures require creativity, proactiveness, and effective marketing strategies to yield results. A US PR survey discovered that 62% of companies have crisis plans, but only a few update them. Have you had to deal with a crunch situation in your establishment and didn’t know what to do? Below are three strategies that several companies utilize to their advantage.
Planning ahead
The best way to position your business to deal with a business crisis is when you plan for it. Knowing what to do in advance gives you an edge over other companies that fail to plan. With this strategy comes focus, direction, and an action point blueprint. Because your business survival is of utmost importance, your ability to weather a setback will prove your experience and business sense.
Furthermore, having a plan in place will spare you and the entire crisis team from the emotional stress that comes with this kind of management. Everyone becomes sure about the following line of action to be taken without speculating what can work conveniently. It’s best to implement this blueprint as the business owner. That way, even in your absence, your employees will know what to do.
Managing all digital platforms efficiently
When a crisis strikes, the natural reaction is to steer all focus and resources to that particular issue. In the process, some companies lose sight of other essential parts of the business. In most cases, they lose command of their digital platforms, including the company website, social media, etc. However, now more than ever, you must actively involve all your digital platforms in dealing with whatever crisis arises.
Assuming your business is handling a reputation issue, it’s an opportune moment to stay active with your followers on social media as you don’t want to miss out on the chance to interact directly with the people who make you relevant. In times like this, companies need excellent social media management to stay afloat and win back customer loyalty.
Using pricing offers to stay innovative
When businesses deal with a crisis, there’s an increased chance of losing their customer base as that’s usually the first natural response. However, as a business, this shouldn’t deter you from becoming innovative. Price innovation can work pretty well as an effective strategy for any crisis. As such, you should review your current pricing offers to see how resourceful you can be. You can get started by making things affordable for your customers and boosting internal cash flow.
Lastly, even though every crisis is damaging, steer your strategies towards a positive outcome. If you choose to respond negatively, that can spell doom for your brand and future sales. Most importantly, select strategies which complement your business type and align with your goals.
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