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How to cope with market competition post-covid

Hit by the Covid-19 slump followed by nationwide lockdowns, businesses in Zimbabwe are experiencing major impacts no matter how established they are and are having to re-look at how they manage and operate their business.

It has become challenging for most businesses to keep their financial wheels turning during and after the lockdown period due to less revenue and the general uncertainty in the global financial environment. Unfortunately, the impact on startups or small businesses can be way more brutal as they have scarcer cash reserves and a smaller margin for managing sudden slumps.

In the past months, companies in response to the COVID-19 crisis began implementing crisis management and resilience procedures and on how to cope with market competition. The COVID-19 outbreak wreaked financial havoc around the globe, leaving many businesses struggling in its wake. Most businesses on Zimbabwe have had to downsize staff, revised budget and manage their cash flow to cope with decreased demand or temporary closures that were induced by the lockdowns.

With the economy reopening and given all the disruption caused by the pandemic, business owners now need to re-evaluate their business strategies in this new post Covid-19 context and how to cope to the competition. After missing out on business because of lockdown, a light is emerging at the end of the tunnel for today’s businesses as the economy is gradually opening up again. Sales and marketing managers need to operate hand in hand in three aspects during the post covid-19 era, manoeuvring the crisis now, planning for recovery and leading the next normal.

M&J Media has the expertise and knowledge on how businesses can strengthen their sales strategies to get more sales leads and subsequently convert them into purchasing a certain good or service.

Below are some of the insights on how to cope with market competition post-covid

A one size fits all approach sales and marketing strategy is potentially disastrous. Each and every business has its own specific needs hence it is worthwhile for new business owners to tailor make their strategies. So it is vital that new business owners consider tailoring their sales strategies to suit the area of business they are in so as to realise return on investment.

Know your clients’ needs and your competitive advantage

Demand of various goods and services were heavily affected by the covid-19 crisis. This disruption could have a long term impact on other business organisations. The needs of the market have since changed hence it is therefore wise that organisations know the needs of their clients. It is consequently important to take stock of both your offer and market needs. In revising your business plan, companies need to ask these four big questions; What has changed in my markets? What are the new needs of my clients or potential clients? Is my offer still as relevant? Do the office products I offer meet needs for remote work? Are my competitive advantages still as relevant?

By being watchful and perceptive to the market and ready to react, organisations should be able to seize opportunities and carefully and regularly update their offer. Therefore, knowing your clients’ needs and your competitive advantage is a strategy to cope with market competition post-covid.

Invest in Sales Training

Turn your sales team into an effective sales machine through sales training sessions. These are critical as sales people get to be acquainted with new trends in the market and on how they can refine their skills. Hence, investing in Sales Training is a strategy to cope with market competition post-covid.

Get to discover sales strategies that suit your business. M&J Media is here to hold your hand on your journey to success. M&J Media has the expertise and knowledge on how businesses can cope with market competition post-covid to get more sales leads and subsequently convert them into purchasing a certain good or service.

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