Since the Covid-19 pandemic almost crushed the entire world economy and particularly the retail stores due to prolonged lockdown and restrictions on people’s movement, online and digital avenues became more practical and popular as a survival strategy.
While the effect of this recession is likely to continue for some years, it is time to evaluate the ways we can stay clear of such a drastic impact. Here are some of the most effective ways businesses can use mobile apps for dealing with the recession and come victorious.
Opt for An MVP
You have less budget to turn your business towards a sustainable mobile presence. Well, opting for a Minimum Viable Project (MVP) app can be highly effective. You can build a basic business app with elementary features and develop it further with value additions based on user feedback.
MVP requires much less time to develop, making it doubly beneficial for small businesses and startups with fund constraints. Taking less development time and keeping the development cost lower helps you kickstart your app-based endeavor with ease. To get maximum cost advantage for new app projects, hire app developers in India, a country with an unmatched talent pool in software development.
Utilize your Principal Competencies
Every business has some core competencies or some areas where they are experts. This can be the core product or service or value-added features that others lack. Even at a time of recession, you can easily sell these core competencies and drive your audience’s attention.
This is why businesses should focus on products and services they have a reputation for. Instead of spending their budget on less popular products or services, they should prioritize offerings that can make them sail the problematic sea of the recession better.
Continue Your Marketing Campaigns
It is not the time to stop marketing or reduce marketing activities because your sales are on the decline. Quite the contrary is the truth. According to Juned Ghanchi, the CEO of Indian App Developers, “When a recession is going on, it is more crucial for businesses to do everything to become more visible and reachable for the customers. To keep your business brand stay in the mind of customers, keep shooting your marketing guns like earlier.”
Even during a recession, businesses should invest funds for marketing and do everything to stay focused to gain market traction. Some innovative marketing ideas that may help gain traction in such times include the following.
- Male sure you send regular, relevant, and useful content-based emails to your customers.
- Work hard to generate leads and find prospects through all channels.
- Retarget past customers who remained inactive for a while and try to win back those customers with lucrative offers.
- Publish online ads for past retargeting customers.
- Make posts regularly on social media and push marketing through contests and virtual events.
Outsourcing Development and Marketing
When you cannot run a business with employees like before, you can just delegate tasks to reliable outsourcing companies and get things done without investing a fortune on in-house specialists and experts. During a recession period, outsourcing development and other tasks can be highly effective for the following reasons.
- A business can streamline various processes by getting things done by remote teams.
- By outsourcing various tasks, a company can facilitate more ease and flexibility for the employees while reducing costs.
- Through outsourcing, uncertainties regarding project completion can be avoided, and optimum productivity can be maintained.
Providing Healthcare Through Apps
Since Covid-19 contagion reached an alarming stage, and most healthcare facilities were reserved for Covid patients, availing general healthcare and treatment became a significant challenge. This is where a new breed of online healthcare apps and medical tools can play a significant role.
Healthcare apps at present are saving people’s lives through online health assistance, diagnostics, and prescriptions. Thanks to these apps, people can easily cope with the situation while still getting affordable healthcare without stepping out of their house.
Doorstep Delivery Apps
Are you a grocery business, or are you a food chain waiting for the government nod to reopen and do business as usual? Well, instead of waiting, you can restart your business through an online delivery app. Customers will book their essential items, and you will deliver the items in their doorstep while maintaining hygienic contactless delivery.
Too many traditional businesses selling essential items and foodstuff have survived this testing time and helped people do away the scare of the Covid through these delivery apps. Just figure out building a basic delivery app with a geolocation feature and easy shopping features and start getting orders.
Optimize the Cash Flow
Recessions irrevocably eat away the profits and make things challenging for the businesses to make ends meet. Naturally, businesses drastically do cost-cutting by shutting down a few stores and stopping their marketing campaigns. But these drastic steps in the name of cost-cutting methods put their brands into long term trouble. Instead, they can maintain cash flow through other measures while keeping their stores open and running their marketing campaigns as usual. Here below, we provide some tips.
- Cut all the unnecessary spendings and for this, evaluate all the current expenditures first and figure out where cost-cutting can be done without hampering the core business outcomes.
- Try to save some costs by striking more favorable vendor agreements that can create enough room to maintain cash flow.
- Lastly, arrange funds through small credits, vendor leadings, etc.
All these tips that we mentioned so far have been successfully tried by several businesses who fought out the Covid recession relatively well. With these practices, you can always stay operational and keep growing while a pandemic of such disastrous proportion is still on.