Short term revenue and business strategies through COVID 19 and encouraging support for small businesses and creatives
The current state of affairs has brought light to some very harsh realities in full force, and our daily lives are massively altered in dramatic ways, not seen before in our lifetime. It’s been more than three months since COVID-19 emerged and all regular businesses have come to a halt.
While we believe that our diverse model that includes retail makes us more adaptable than other retailers, it wasn’t designed for such a pandemic that we face today. We have taken some really agonising decisions of having the team and management to go on major no-pay leave but in lieu of having them reinstated once we deem fit as a group when the crisis is over.
Here are some of the movements that we have taken in the short term to alleviate and maximise on our business model throughout this pandemic.
These could also be immediate solutions that retailers with brick and mortar stores can take to mitigate cash flow constraints, redeploy digital marketing spend and respond to the sharp decline in indirect revenue.
Having a solid database across our community allows us to fully engage with our customers. We implemented live streams of product presentations and created unique discount codes to draw attention.
The complexity of tech products allows us to build a more experiential video through our efforts, which allows consumers to be in the comforts of their homes, too. The call-to-action is much more apparent through these engagements and the commitment to make a purchase is higher.
Having built a strong relationship with crowdfunding creators worldwide, the live streams are often shared by creators to draw additional traffic to the live streams. It provides a sense of realness and emotional pull to consumers when creators are involved.
Promotion or gift cards
To further incentivise customers, provide discounts or work with complimentary local businesses that create co-marketing opportunities to acquire new customers. Digital gift cards have been something we have initiated a long time ago and this need becomes more apparent now more than ever.
Ultimately, it provides us with an immediate infusion of cash flow and the certainty of a returning customer. Include these incentives in your email campaigns, and foster a better long-term relationship with your customers.
Crowdfunding fireside chats
Due to the nature of our diverse business model, we establish ourselves as the thought leaders that take ideas to reality. Firechats allow a more intimate approach and focus mostly on building meaningful exchanges of information.
It allows the guest to feel casual and comfortable.
Potential creators or the public are mostly brand advocates that love their Kickstarter or Indiegogo brands.
These fireside chats are popular as we act as the platform for both creators and the public to build a bond through our network and audiences. Fireside chats draw traffic to our marketing and consultancy services that aid new or current creators build traction for their crowdfunding campaigns or if they are starting one.
Thought leadership posts
Most users are probably working from home and their time is very much spent online. We started writing more about different aspects of crowdfunding and practices within the industry, offering our expertise as thought leaders in our industry.
We address current issues for new creators and provide advice on topics they could only get from our experts within the company.
However, articles are not maximised if they are not tied in into email campaigns or social media, so always provide that opportunity to showcase visibility to your users at every opportunity too.
Extend payables with suppliers
We work with many suppliers in our retail arm and credit terms are always helpful in such a time like this. One way to hold onto working capital is to establish a long credit line with suppliers.
Of course, it depends on the relationship that you have with them and thankfully at WTP, we always had that since we started operations due to the unique nature of the business and our exceptional track record with sales and branding.
Most suppliers would want to work long term with you on the retail front as it would mean more sales too. It has to be mutually beneficial for both parties, with terms that preserve the integrity and longevity of supplier relationships.
Retailers do need the products for sales to pay off suppliers, and suppliers should work out a better credit term to retain long term sustainability.
Supporting small and local businesses
I speak on behalf of many independent businesses, entrepreneurs, creators, and individuals all around the world. This virus reminds us that we are all connected and equal, regardless of our religion, status, occupation and how famous we might be.
While we advise our customers to save and buy smarter, the truth is that the threat of our economy shutting down is real if people stop buying altogether. So we are still asking people to buy, not necessary from us; but from any independent or local businesses that you know.
Large corporations have vast financial resources to survive on, but the rest of us need your fullest support so that we can all have choices once this crisis is over.
It could be the bakery in your local neighbourhood, the clothing brand that your friend owns, your favourite food hawker a couple of miles away, or even the florist you got your yearly flowers from for your loved ones.
For our part, we will do whatever we can to have our team employed and work for our vision and creators. But without sales, that becomes totally impossible. It’s not business as usual here at WTP.
But we are counting on you to our large community of startups and brand owners. Community work is something we are all too familiar with, and that is crowdfunding.
The power of the masses should be in full exercise with social responsibility during these trying times. Obviously, I’m not saying that we should all buy mindlessly. But basic economic principles demand that we continue to support so that our friends and neighbours can continue to work.
It’s so important to maintain some form of normalcy in such tough times. Now is the time for togetherness, individual responsibility, and collective generosity.
It’s time to show we can do better when facing adversity. The world has been through a crisis before and we will emerge stronger together. Stay safe, stay strong and think of others now more than ever.