8 Innovative Ways To Improve The Revenue Cycle Management During COVID-19
There’s no doubt that COVID-19 has affected the business world negatively. People are home, feeling anxious about the future, and holding onto their money more than usual.
On the other hand, there are still plenty of customers responding well to offers put forth by forward-thinking businesses. If you put your thinking cap on, then you can find ways to connect with and even see a quality number of sales come in. Let’s explore how to obtain more customers after COVID-19.
Improve The Revenue Cycle Management – Connect With Past Customers
Reach out to your customer database with a comforting message. Identify with the pain you know they’re feeling. This is the time to establish yourself more as a human being than a business owner.
Show your customers that you understand their fears and consider simply telling them to respond if they need to talk to someone. Some business owners are reluctant to do this because they wonder if they’ll be inundated with requests. They fear being turned into a therapist.
It’s unlikely that you’ll see a large percentage of your customers reply to an email. The ones that do open up direct conversations that help provide you with key customer input. Use this information to help you adjust your messaging and speak authentically to your audience.
Look For Opportunities To Help The Revenue Cycle Management
Ask yourself how you might make life easier for customers while making a profit. For example, can you give a free offer on something you’d normally charge money for? Then, sell into a related product on the backend of the giveaway.
How about adjusting your pricing? Consider providing a discount in order to increase your overall conversion rate. Establish new customers by making it easier for them to say “yes” during these trying times. They’ll remember what you did and are likely to remain, loyal customers after society goes back to normal. You can use payment plans in the same way.
Overhaul Your Marketing Plan
Paid ad costs have gone down since the Coronavirus hit. Many businesses got scared and pulled all their advertising. You might find that you can establish a new paid ad campaign for far less than you ever imagined. Put together a simple funnel and do some testing in this area immediately.
Take time now to reconsider your content marketing strategy. What can you put into place now that will reap SEO benefits once we start seeing society opening up again? Think about what people will search for or how their search needs will shift as they come back into normal life again. Get those articles posted and ranked now.
This isn’t the time to reign in on your business. This is an opportunity to invest more in your employees. This is the time to consider hiring that person you’ve talked about adding to the team for years now.
Why is this smart? It’s intelligent because many of your competitors are shrinking back on operations. Do everything you can to expand operations and take over the customers your competitors are leaving behind.
The key is to shift your messaging and do everything from a standpoint of compassion and empathy. Relating well to prospects during trying times like the lockdown situation will reap many benefits going forward.
Create a New Offer to Improve The Revenue Cycle Management
Is there something you can add into your product line that solves a COVID-related problem? For example, some businesses have shifted operations and started manufacturing masks for all the people who couldn’t find them easily.
Or, can you take a service or higher-priced product and adjust it down into a mini-course? It needs to be something you can create quickly and get out to your audience immediately.
An example might be a homeschooling math tutor who quickly creates a homeschool mini-course and sells it to parents overwhelmed with multiple children at home. That is a need those parents will see as something to invest in right now. The math tutor gains new customers immediately and can return to tutoring those children once we return to a normal lifestyle.
Study Your Competitors
If you’re having trouble coming up with ideas for how to pivot during this Coronavirus situation, then take time out to study your competitors.
- Are any of them operating in a forward-thinking manner?
- Which competitors seem to be thriving?
- What ideas can you take from them?
Don’t copy what you see. That doesn’t work well because the market notices it. Ask yourself what you can do that’s similar, but put your own unique spin on it.
Now is a perfect time to reach out to potential partners because those other business owners are looking for ways to improve their own situations. Find shoulder niches where your product compliment’s a partner’s product.
For instance, a restaurant forced to shut down might partner with an open grocery store and offer food the grocery store is having trouble stocking.
Seek a Business Loan
There are loan opportunities available to help you through the pandemic, as well. Take the time to get your financial paperwork together and explore which grants or loans your business qualifies for. That money may be just what’s needed to invest in an additional employee or that new paid ad campaign.
COVID-19 has created unique business challenges. Follow these tips and you can actually thrive during these next few months.