January 5, 2021 6 min read
Opinions expressed by Entrepreneur contributors are their own.
The COVID-19 pandemic and the resulting lockdown affected businesses in many ways. There were problems from manufacturing to distribution. Many brick and mortar stores saw sales decline. According to Yelp , about 98,000 businesses closed permanently.
This development brought many entrepreneurs back to the planning table to find better ways to serve their customers. Many B2B ( Business to Business ) companies have adopted the D2C ( Direct to customers ) model to reach their customers directly. At the same time, it seemed that some companies received the memorandum and did something different beforehand, allowing them to prosper in the crisis.
And it seemed that e-commerce brands were some of the biggest winners of the whole situation, along with remote interaction, online entertainment, e-learning, and health and fitness . So naturally, companies shifted their focus to better satisfy their customers and, of course, prosper. Studies show that during the height of the pandemic in May 2020, total online spending across the globalized world reached $ 82.5 billion, an increase of 77% year-over-year.
Here are three companies that managed to succeed during the economic crisis and how they did it.
Serving an overlooked market
Image: Because
Because is a health and wellness brand that seemed to have seen the pandemic coming and created its service accordingly to thrive in times like these. The company, co-founded by Luca Gualco and Alexi Suvacioglu, focuses on older adults. It helps them purchase their personal care products and deliver them discreetly to their homes. Their product line includes incontinence, skin care, urinary health, skin care, oral care, supplements, and hemp-based products.
Not all seniors can take advantage of “senior hours” store offerings, so getting your products outweighs in-store purchases. Given its D2C model, it did not have to change its operation due to the pandemic.
What everyone would probably like to know is how they came up with that idea, since the average youngster doesn’t think about it.
“We are very proud to offer a better way for older adults to obtain essential personal care products, a need that has been clearly validated during the last few months of requests to stay at home during the coronavirus pandemic,” said Alexi Suvacioglu , CEO and co-founder. “Because the often-overlooked senior market and often-overlooked topics associated with this age group. Baby boomers spend more than twice as much as millennials online, but they are targeted by only 5-10 percent of marketing. We think there is great potential here. “
Changing business models
Image: Maven Clinic
Healthcare startup Maven Clinic focuses on pregnancy and women’s health, and in an interview with Adexchanger , Julie Binder, Vice President of Marketing for Maven, explained, “We started the first trimester with a focus on how we cope with HR shoppers and how they Think of women’s health as part of your healthcare and overall benefits. So instead of focusing on our traditional B2B, the pandemic has led us to say, “What can we do? What to do in response? “So now we are expanding consumer marketing and offering free dating through our platform.”
Today, Maven is pioneering a situation where the checkup, diagnosis and medical consultation can be done from home. With the global health crisis, the demand for telehealth has increased. According to the American Hospital Association , 76% of hospitals in the United States connect with patients through video.
Design a thoughtful approach
Image: Bloom & Wild
The online florist company Bloom & Wild is another company that appears to have obtained clues about the coronavirus and created solutions to better serve its customers.
Their “thoughtful marketing move” made them stand out during the pandemic. The initiative was launched last year and focuses on putting customers first. The way it works is that brands come together to allow customers to opt out of receiving sensitive marketing messages. And they already have more than 100 brands that have shown interest in the movement and are engaged.
What started in 2019 for customers who consider Mother’s Day delicate, probably because they lost their mother, has now become a useful marketing strategy in this crisis because brands are doing everything they can to support their customers. Bloom & Wild’s thoughtful marketing move is a weapon in your arsenal that will deliver that personal touch, show you care, and strengthen customer relationships.
“With the current COVID-19 crisis underway, there is uncertainty across industries, but what we can be sure of is the fact that customers yearn for brands to be ‘human’ and thoughtful in their communications,” said the Brand Director Marisa Thomas in an Essential Retail article. “We look forward to seeing more and more brands join the movement and commit to putting customers first by using technology that enables them to do this.”