SINGAPORE - Media
OutReach - 30 March 2020 - Amidst the COVID-19 pandemic, many business owners might be worried on
how to tide through this period.

After
Deputy Prime Minister Heng Swee Keat announced the COVID-19 resilience package
on the 26^th of March, most businesses would be glad to know that the
government will be placing wage subsidies between 25 to 75 percent for all
local workers.

That
said, how is a business supposed to generate more sales and revenue during this
difficult period?

Best SEO Marketing Pte Ltd shares 3 ways on how
businesses could better market themselves amidst the COVID-19 pandemic.

Tip 1: Understanding the important numbers of your
business

The
first tip is that every business owner needs to be aware of two important
metrics.

Most
businesses should take this time of slow growth during the COVID-19 outbreak to
really sit down and understand these numbers in their business.

The
cost of acquiring a customer, and how much is a customer worth to them.

Once
they understand these two metrics, it would be easier for them to scale.

You
often see in the popular TV Show Shark Tank where Kevin O'Leary will ask
business owners on these two numbers.

Most
business owners squirm and they don't have the answer to this question.

That's
why they struggle to scale their business.

The
cost of acquiring a customer is usually determined by the number of customers
that convert given your marketing spend.

For
instance, if your business were to spend $1,000 in advertising, and that brings
you a customer that pays you $5,000 (less cost of goods sold) , your cost of
acquiring a customer is $1,000 and that customer is worth $5,000 to you.

Once
you have these two numbers, it's easy for you to set aside a budget for you to
market your products and services.

Most
businesses must understand these two numbers as they are the key to allocating
how much is required for every marketing dollar to make sense.

Tip 2:
Tweaking your marketing message to reach a larger group of people

The
second tip would be for businesses to start using what is known as the Larger
Market Formula.

The
idea is to tweak your marketing message so that you don't just target potential
customers to buy your goods and services immediately.

If
you look at most businesses, they are mostly screaming offers, discounts and
sales for customers to buy now.

Such
a strategy does not have much longevity to it as you're mostly competing on
price.

Also,
it's not very sustainable as the business offering the lowest price will win
the hearts of the customers.

If
you live by price, you will die by price.

Furthermore,
when you directly make an offer to your customer, you are only reaching out to
3% of the market who wants to take up the offer immediately.

However,
you are not reaching out to the other 97% of the market who might be problem aware
but are not actively looking for a solution.

That
is where tweaking your marketing message will help improve sales by leads and
bounds.

Imagine
a scenario where a guy meets a girl at a bar.

He
doesn't just straight out go to the girl and ask her to marry him.

He
must get her phone number first, date her a few times, before eventually asking
for her hand in marriage.

The
same goes for marketing your products and services.

So,
to put that into perspective, if you were selling an accounting software, you should
not directly make an offer of a 10% discount in your marketing message.

That
would only attract customers who are looking for a solution and want to
purchase an accounting software immediately.

On
the other hand, if you were to tweak your marketing message to say something
like "You Never Have to Hire an Accountant Again After Reading This", it would dramatically
attract more people enquiring about your accounting software.

That
way, it widens the potential market reach with a simple tweak in your marketing
message.

Tip 3: Focus
on existing customers, and let referrals do the work

Due
to the COVID-19 outbreak, most businesses will face a drop in new customers as
investors' sentiments are at an all-time low.

In
order to ensure the longevity of your business, it's important to work on
existing customers to create a phenomenal experience for them.

That
way, you could start generating more word-of-mouth business. 

The
best kind of lead or sale that every business will receive is a referral.

Referrals
are also highly likely to convert to a customer.

By
providing the best possible solution and service for your own existing
customers, it will create a lot of goodwill and trust between your existing
customers.

Ideally,
existing customers will continuously refer your products and services to the
people around them.

Providing
an amazing experience for customers is the best way for a business to survive.

So,
there you have it, 3 business tips to keep your business going amidst the
COVID-19 Pandemic.

If
you would like to find out more about Best SEO Marketing Pte Ltd and what the
digital marketing agency does, you could check out their signature SEO services here: https://www.bestseo.sg/services/seo/