4 Strategies to Turn the Sinking Market into Your Favour

Making a contribution during such times can help create a positive impact on the consumers, thereby, increasing customer loyalty and overall sales
  • BY Jaspreet Kaur

    Feature Writer, BusinessEx

  • |
  • Jun 12,2020
  • |
  • 12 Mins Read

The contagion has affected almost shakened entire nation. Businesses, transport, communication, and food supply were abruptly halted and factors of modern lives were standstill or wiped off. Presently, traditional markets have slowly reopened but are not operating regularly. State governments are allowing small businesses to run on odd-even format or some relevant strategy. 

While companies are permitted to work with a small group of employees by adhering to the safety measures. On the other hand, stocks are falling in the bourse market, thereby, signifying the sinking Indian economy. Amidst this disorder, small business units and corporations should not avert their sales and marketing. 

Don't Increase the Pricing 

During the lockdown, there is an unending struggle to supply as well as procure essential items.Some companies are exploiting consumers by overcharging the products. This does not help achieve a humongous amount of revenue but instead makes the situation worse.  

The entrepreneurs should not indulge in such practices but help in this cause and lessen prices of the products. Making a contribution during such times can help create a positive impact on the consumers, thereby, increasing customer loyalty and overall sales. 

Keep Promoting Despite Low Traffic 

During the pandemic, people are only focusing on buying essential items. As a result, companies dealing in opulent items are grappling to sell their products. Furthermore, the online presence of such companies has also diminished across the country. Seeing low traffic on the website, a company should not get demotivated. It should begin promoting itself on social media and talk about how it is offering products and services to the customers considering safety measures. 

The company should also showcase how it is making a change in the society by taking necessary measures. It can adopt environment-friendly products and manufacturing processes so that there is little or no wastage of natural resources. 

On religious grounds, pandemic is considered to be a counteraction of human actions by nature. As a result, many people started buying cruelty free products and environment-friendly commodities. By manufacturing such products, the companies can in turn attract new customers.

Handle the Situation Optimistically 

When an unprecedented event like this hits the economy, companies are not prepared to deal with it and thus, become weaker until they actually close down. Hence, competition in the market becomes less intense and it becomes easy to move ahead of competitors. 

For instance, a local soap manufacturer faces cut-throat competition from other businesses in the same segment. In this crisis, the local manufacturer can utilise this time for expanding his business and buying the right equipment. He can also acquire other companies to increase expertise. During this time, businesses know that market recession is not far and survival or give up are only options available. 

Thus, the manufacturer can purchase talent and other companies at economical price.

Take Business to Online Realm 

An entrepreneur mainly sees competition in offline as well as virtual online world. As a result, he defers venturing into the Internet and making efforts to create his space. However, the present situation demands the businesses to come online and begin sharing their products, services and knowledge with the customers.

Besides initiating online business, an entrepreneur can start delivering products to the customers. If postal and courier services are not working in a particular region, then the entrepreneur can go an extra mile and deliver products on his own. Furthermore, he employs an army of delivery staff as per the demands. 

Please add your Comment

More from Jaspreet Kaur

Our Group Companies

Get Industry First Insights

Sign up for our exclusive Newsletter

  • Follow BusinessEx
Stay tuned & get updated