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Impact of Covid 19 on Small Businesses and ways to Generate Revenue

The Covid-19 pandemic continues to have a huge impact on small businesses. To prevent the spread of the highly contagious disease, many brick-and-mortar businesses have either had to shut their doors due to curfews and social distancing requirements or government mandated closures.  Small businesses will need to act quickly by looking for innovative ways to generate revenue despite the mandated closures. 

This past Sunday, I was fortunate to participate in an Instagram live stream discussion with Kah Elisebet @empress_kahliz about the impact of Covid-19 on small businesses and how these businesses can continue to generate revenue despite the current restrictions. Here are few suggestions on ways to continue to generate revenue.

1- Communicate Effectively

The best way to preserve the relationship with customers is to communicate effectively.  For instance, in cases where activities need to be postponed, small businesses should send emails or WhatsApp messages on reschedule events. Small businesses should also update their business hours on their website or social media pages to let people know when they can be contacted. Small businesses can also update their business description to provide more details about any additional precautions or changes in services. 

2- Heighten Online Presence

Most brick-and-mortar businesses can only operate and generate revenue if their doors are open; this model is ineffective when businesses have to shut down. As a result, small businesses must increase their online presence and offer curbside pickup along with local delivery, where possible, as a means of generating revenue. Small businesses providing services can benefit from creating digital products. For instance people can create, online cooking classes, online dance class, online training and online coaching. Iwing Marketplace is one of the fastest growing platform which small businesses cam use in order increase the online presence.

3- Increase Customer Engagement 

Customer engagement is the means by which a company creates a relationship with its customer base to foster brand loyalty and awareness. This can be accomplished via different methods of marketing campaigns such as, new content creation, outreach via social media and wearable devices among other methods. Highly engaged customers buy more, promote more, and demonstrate more loyalty. Providing a high-quality customer experience is an important component in your customer engagement strategy. Small businesses must use this strategy to spark customer engagement and generate revenue during a difficult time.

Hopefully, with these tips, you’ve found ways to spark customer engagement and generate revenue during a difficult time. Small business owners can increase their visibility by advertising with Iwing Marketplace. 

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