For most, it is to preserve the current assets. To hold back, in order to ensure survival. To lay low. You get the point. But is this the best course of action? While laying low may be the case for some, many of such companies have taken a ‘temporary closure’, which then has a trend of becoming ‘permanent’ in nature, unfortunately. Based on the data by FORTUNE in Oct 2020, the number of businesses that have slipped from the ‘temporary closed’ sector to the ‘permanently closed’ category has increased at an alarming rate. And it may get worse. How then, should businesses plan for the new normal? We suggest three consumer perspectives to ponder upon.
Consumer Purchasing Momentum – According to a paper by McKinsey, 55% of consumers reported turning to brands they trusted during the lockdown. This means that consumers will continue to stay with brands that have proven their strength during the pandemic as they are perceived as reliable and committed in providing value for their customers. How then, is this trust achieved?
Brand Response During the Pandemic – One of the ways in which businesses are ‘tested’ is in the way they respond to the pandemic. The softer side of the business - will businesses continue to create value for their customers? Or will they monopolize their prices amidst the lack of competition? Do they continue to provide the same quality of services? Do they sympathize with and support the community? In the same research by McKinsey, it was found that consumers gravitate towards businesses that stay true to their cause. Consumers will continue to support and trust businesses that have responded well amidst the chaos.
Capitalizing on Local Markets– Cross-border travel has seen better days. As a result, businesses will have to reap profits by ‘localising’ their markets. And by localising, we are referring to the business presence in their respective neighbourhoods, the online space, or even other countries in which the company has a strong foothold in. And this is a critical form of diversifying business risk - to explore potentially untapped markets despite the pandemic. By looking into other markets, businesses stand a chance to navigate themselves away from the ‘temporary closed’ or dormant state towards realizing their potential overseas. We understand that setting up an office may be cost prohibitive during these times.
To ensure success alternative solutions that serve to minimise cost and eliminate risk need to be adopted. An innovative solution that achieves both these objectives is the flexible country sales representative solutions provided by Repserve.
Repserve leases professional sales and business development representatives to your company at a fraction of the cost of a salary, negating the need for company set-up, office rentals or other legal regulatory approvals. Your Repserve Rep will be trained by you, answer to you, represent you in every way, operating out of Repserve's offices with the nurturing and guidance of the Repserve management to ensure your business plan is being implemented and your representative is supported on the ground.
You can choose to employ your representative from just 1 or 2 weeks a month giving you even greater flexibility as you develop your new market. Part-time contracts come with a guarantee and full disclosure that the representative will not be working for competing brands. Your representative will be a full-time employee of Repserve contracted to you for an agreed number of weeks per month, on an annual basis.
The future is shared resources and Repserve offers the highest quality of sales representatives on a shared basis enabling you to service your clients, develop sales and distribution channels, promote your brand and develop your business at a significantly reduced cost.
References
2. https://fortune.com/2020/09/28/covid-buisnesses-shut-down-closed/
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