Insights:Consider diversifying your business offerings
The talk of potential COVID-19 vaccines hitting the market soon is certainly welcome news. But even if they start distributing the vaccines at the end of December, it will still be a while until enough people can get one (Technically two, because the new vaccines will require two doses to be effective) to return our country and economy back to “normal.”
That means now is not the time to sit back and wait for “business as usual” to fill our coffers. One option for businesses is to consider what other products or services that fit their business model they could be providing to their customers.
With people limiting their brick and mortar shopping trips and getting tired of paying more and more shipping fees from online vendors, convenience and savings has become an even bigger consideration on where they’re spending their dollars.
If you do decide to expand your product or service offerings into new areas, it’s important to let people know. Use your marketing channels and social media outreach to drive demand and promote the increased convenience of doing business with your company.
Even though we may be seeing the light at the end of the tunnel, it’s still a bright idea to keep innovating how you do business.