A Young Startup’s Survival Kit for the COVID-19 Storm

The unprecedented COVID-19 outbreak has rocked the economy severely and disrupted an innumerable number of businesses. For many business owners, their creativity has kicked in and they are doing all they can to stay afloat in the middle of this storm.

Whether it is keeping costs minimal, re-strategising and redeploying resources, or digitising core operations, the common formula for survival has been to take one’s business online. Young startups, who are generally leaner and more flexible in their set-up can take heed and follow suit to keep their businesses alive.

In this article, we share actionable tips on how to fortify your business on the digital front. Since the key to survival is to drive sales and revenue, here are some ways you can encourage sales during this period.

Strengthen Your Online Identity

With physical restrictions in place, there has never been a more crucial time to develop your brand’s online identity. Connect with your target audience through various platforms — company website, social media page or business chat accounts — these are essential tools for your business to survive.

If you feel you may not have the skills or time to develop your online marketing materials, you can always engage the help of freelancers Your brand’s webpage or social media page does not have to be overly fancy. It just needs to provide information and connect with your customers through an easy to use interface.

Alternatively, if you prefer a team of professionals to help you create an online marketing campaign, FirstCom’s digital marketing package could be what you need.

Stay Connected with Customers

Another tip for businesses is to stay connected with customers, especially when they are relying heavily on social networking platforms to consume news and other content.

Do this through regular, meaningful EDMs or social media postings, and keep the business brand at the top of your customer’s mind. Take the time to curate your content and formulate a digital marketing strategy for your business. For starters, consider using Mailchimp for email marketing — this is also available under the OCBC Start Digital Pack.

Other tactics include running promotions on social media pages or conducting Live sessions to “talk” to your customers.

Diversify Your Sales Channel

A website or social media page may serve as basic tools for an online presence, but it is definitely not enough to drive sales. You can do this by either creating an online shop of your own or going onto e-commerce marketplaces to capture consumer traffic there.

For OCBC business banking customers, you will be pleased to know that you will have access to special offers from e-commerce service providers such as Amazon and Butleric For small retail businesses, Shopify is an ideal platform to set up your own online shop. Try it out for free* with the OCBC Start Digital Pack. If you prefer a fully customized solution, you may consider FirstCom’s eCommerce package that is heavily supported by government grants.

Businesses that want to expand their customer base via an online marketplace can take advantage of Enterprise Singapore’s E-commerce Booster Package and register on Amazon. OCBC business banking customers are additionally given special account management support by Amazon.

Furthermore, OCBC’s recently launched special collaboration with Butleric helps F&B customers set up an end-to-end online takeaway and delivery platform at a special rate.

Ensure Hassle-Free & Contactless Payments

There are many ways to accept payments online. If you’re looking for a straightforward and effective digital solution, try Corporate Paynow. This allows customers to pay you easily by keying in your company’s UEN number or by scanning a QR code.

Simply generate your company QR code from the OCBC Business Banking App and embed it on your webpage or social media platforms. You can also share it via various messenger platforms to let your customers access it easily and conveniently. It is also completely free.

Redeem Lost Time, Turn Losses to Profits

During this time, ‘business as usual’ has taken on a new definition. Businesses will have to remain nimble in order to survive.

If you find that your business model does not make it feasible to take your business online, make use of this period to plan ahead. Look out for our next article in this series on staying productive and preparing your business for the future.

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