Just when businesses in Malaysia have adapted to living with Covid-19, other threatening changes emerge.
There is the shortage of raw material such as chicken, increase in interest rate and inflation.
Doing business these days seems like an ongoing battle.
These 5 tips can help you to navigate the uncertain times:
1. Embrace the Change
You’ll be wasting valuable time and effort fighting against a situation you can’t change. It’s better to go with the flow instead. Brainstorming ways to navigate change is more productive. When you’re transparent about how you are going to handle the uncertainty, your employees will be less fearful. They feel more assured to step up to the challenge in marketing your business.
2. Focus on Things You Can Control
The best approach to manage change is to tackle the variables you can control. For example, customers tend to buy less in the face of inflation. Since you can’t control the price hikes, you can adjust your marketing KPI to a more realistic level. When your team can meet this adjusted goal, they will be more motivated to thrive even in uncertain market conditions.
3. Be Customer-Centric
Putting your existing customers first is more important during volatile times when people are less likely to try new things. Be the partner your customers can rely on in the face of change. Regular communication with your customers will help you reassure them and understand their real needs. Successful marketing in uncertain times addresses existing customers’ needs and feedback.
4. Innovate
Nurturing a culture of innovation can help you get ahead of your competitors in times of uncertainty. Thinking out of the box can help you find new ways to overcome the current market challenges. It will also give you an advantage to outdo your rivals when the marketplace settles down.
5. Change Your Message
In times of uncertainties, customers look to your brand for a sense of security. Highlight what your business is doing to help your customers ease the pressure of change. Tell them how your products and services can solve their current problems. This new brand message will help you gain new customers while retaining the old ones.
