The extremely perilous Covid-19 pandemic crisis has sent shivers down the spine across the globe. It has had a telling effect on the economies too apart from the health crisis and issues arising from the rising number of cases. Especially, the small and medium enterprises will have to bear the brunt in the near future as there are not many investors willing to risk their capital on them. This in turn grapples their businesses by leaps and bounds as the demand chain comes to a screeching halt. Every business owner is ruminating how to turn the tables once again quickly and rise from the ashes in order to prosper like they did a few months back. It is so important for them to quickly recover and regain the market using some effective techniques.
So, how will they exactly win their customers back and commence the revival of their enterprises? This is an interesting topic to delve deeper into. While there is a global recession, probably worse than the 2009 crisis right now, the business owners must have a look at some of the out-of-the-box techniques to counter the invisible enemy.
One of the most effective ways to tackle with such a crisis is the use of location-based marketing. Today, we are going to discuss in detail how enterprises can benefit by using this much-effective strategy in order to prosper again, in little time.
The crunch of the story
The Covid-19 pandemic has forced small and medium enterprises to alter their business strategies, action plans, supply chains and also their modus operandi. There are several sectors which would prefer working offline and have people lined up outside their shops waiting for their turn in order to buy their essential goods. However, with the advent of this pandemic, the consumers have shifted towards online markets, contactless deliveries and preferring omnichannel means in order to buy these goods. This means that all of these business owners have had little time shifting their strategies and completely overhauling the network of their enterprises. Unfortunately, the consumer demand has dipped by a whopping margin as well.
Even the staunchest firms that adhered to offline working have switched to remote operations in order to maintain the health of their employees while ensuring that the supply chain and overall working of these firms do not take a toll too much. However, every business sector has had to bear the brunt due to this pandemic. And, these firms do not have much time to waste due to the market competition. Their revenues have dipped by leaps and bounds and need to stand up quickly before their enterprises have to pull the shutters.
This is why something like location-based marketing can save the day for business owners like you. It provides such tech-savvy solutions designed specifically for a particular enterprise that they can ensure that the demand is less affected by the crisis. There are so many features of this technique which will amaze you as you read further. Let us have a look at how location-based marketing can aid these businesses in making a quick and fresh recovery after the crisis passes by.
Location-based marketing after the Covid-19 crisis
Location-based marketing uses geo-targeting, geo-fencing and geo-conquesting technologies with the help of customer data to aid your businesses during these rough times. These technologies promote more customer-owner interaction, identifies potential customers and initiates interaction with them in order to understand and cater to their demands. These are a few points which tell you how these tools can aid you after the crisis.
Location-driven analytics can aid you immensely in analysing your customer demands, potential customers and managing your supply chain effectively. After the crisis, you do not want to invest more in places or a group of customers where you expect minimal rate of return. These analytics will help you avoid such perils by analysing all these parameters according to a particular location.
With the help of location-marketing, identify areas in clusters where your potential customers are or where the demand for a particular product that you sell is extremely high and the current shops in the proximity are unable to serve them on time. You can then hire digital influencers who will market your product in a particular area. If you already have an old and trustworthy customer in the vicinity, you can use them as brand promoters in that area too.
Big Data Analysis using location-based marketing:
With the help of Big Data Analysis and Location-Based Marketing, you can plan and separate the pace at which you invest in a particular product in a specific area or region, plan the outputs and rate of returns for a particular channel and also keep a real-time tracking system available in order to receive a feedback and a catalyst for further planning.
Strategic Omnichannel Planning:
Even after this pandemic will pass, there will be thousands of customers who would not want to switch back to the traditional method of buying the goods. Instead, they will want their favourite products to be delivered contactless so that there won’t be any diseases spreading to them. You can identify potential clusters of customers who would prefer this by surveying and then accordingly plan to set up an omnichannel so that your investment does not go wasted and you get the maximum output and efficiency.
Supply Chain Management:
Using the location in order to market will allow your business to cut down on unnecessary costs while effectively managing the supply chain. You can plan your business by segregating your suppliers in terms of location and demand. For example- If a particular supplier is in an area where the demand is lower for a specific time, you can plan your investment and business commitments accordingly. This will save you a lot of money which you can invest in some other areas.
Managing sudden demand outbursts:
If you use the geographical technologies available for your business marketing, you can have real-time tracking of areas where there is a sudden outburst of demand and then instantly try to cater to their demands as soon as possible. The enhanced interaction between the consumer and supplier or producer ensures that you effectively manage such situations and are ready for it always. This is particularly true in the case of industries such as travel, tourism and food. If the need arises for a huge number of products in demand in a short span, you can always be prepared in order to act swiftly and never remain behind the eight-ball.
Effective resources allocation:
Geo-surveying and location-based marketing strategies can help you allocate all your resources effectively so that you can bring down the overall costs which is a major concern after such an outbreak. For example, if a particular product’s marketing yields minimal results in an area, you can gauge the customer sentiments and plan your product selling accordingly.
Develop better consumer trends:
By using location data, you can manage knowing the consumer trends in a specific location better. This will help the correct product reach out to the target sector at the right time and you can avoid stocking bulk products that tend to remain in your warehouse after the supply subsides. As a repercussion, you will have to sell those products at a discounted-price incurring loss that you cannot afford after such a crisis.
The tracking of a particular commodity’s demand in a specific location will help you manage your inventory better. This will increase your firm’s financial stability, efficiency and cash management abilities. If you have adequate stock in your warehouse that will not exceed the projected demand of all the sectors combined, you can avoid the wastage of your products while ensuring that you tap the customer’s demands.
Consumer Growth Strategies:
With the aid of location-based marketing, you can easily manage your strategies and action plans that will be most effective for your firm. The action plans can be made more specific with the proper analysis of each demand area’s analysis. This includes the supply chain management, consumer demand, expected consumer growth, products in demand in that area and the strategies needed to cater to these consumers. The more specific your location-based planning, the better results it will yield. As a one-time investment, you can also plan specific loyalty programs or online events specific for a location that will ensure repetitive buying from the customers. This will ensure that they have faith in your company and intend to buy your products even more while recommending them to their peers. You can even ask for feedbacks from them and analyse them according to a specific area.
Hence, location-based marketing keeps a track of all your customers, or potential ones and maximises your resources so that you can recover quickly from the pandemic crisis. This way you can cut down on the costs too.
Don’t know how location-based marketing can help your business, then here’s what you should do : take an appointment with the date that better fits you, and BZoomed team will assist you RIGHT AWAY.