Proven Strategies For Small Businesses To Recover From The Losses Due To COVID

Category: Business

Covid19 has shaken the world economy. Businesses are facing huge losses, and small ones have been adversely affected. Some of them have even cleaned out completely as they failed to cope up with the current situation. If you own a small business and you could see it not running well, then you need help! The biggest challenge for businesses at this time is to retain its existing customers as building new customer line is nearly impossible in this risky situation. Study shows that the existing customers of your business tend to spend 33% more than the new customers. It is five times easier to retain an old customer than acquiring a new customer in terms of cost. So, it would not be wrong to mention that retaining existing customers will be helpful for reducing the COVID effect on your business. COVID has affected not only the businesses but also the consumers. They are finding difficulty in shopping, paying high costs and also compromising on certain aspects. So, COVID has created a middle ground for both buyers and sellers. It’s the right time for small business people to act wisely and do something get them as well as their consumers out of this COVID trouble. Let’s check out some suggestions or proven strategies to retain your existing customers and recover from this tough time.