4 ways networking can save your business during Covid-19

Clara is the successful CEO of one of the biggest auditing firms in Nigeria. Her peers will describe her as very brilliant and hardworking, however, she has always attributed her success in business to her expansive network of business professionals and corporate leaders built over the years. She has multiple certifications in networking and negotiation and has always been proud of her ability to connect with other business partners. Life was a bed of roses, until… the Covid-19 pandemic started and restrictions on movements were imposed. For the first time, it seems Clara has no idea on how to tackle this problem for her organization.

Like Clara, many businesses and business professionals have had their surefire operational strategies upturned by the pandemic and have had to adapt swiftly or die out. In a sobering statistic from the Financial Times, the International Monetary Fund has forecast that the Nigerian economy will contract by 4.3 per cent this year, which would be the largest contraction in nearly 40 years. Over 50% of Nigerians are unemployed or underemployed and several businesses have had to close its doors. This makes glaring the impact the pandemic has on the business landscape.

Business networking involves making connections not only with potential customers but also with other business professionals towards the ultimate goal of growing your business. Not so long ago, networking was always an in-person affair and meeting face-to-face was considered the most effective way of forging new professional relationships. However, the coronavirus outbreak has rendered traditional forms of networking obsolete for the time being.

Here are some innovative methods for your business to network during this pandemic

• Leverage Technology

Technology has never been more vital to human communications than now. This is because as people are advised to stay at home and large gatherings are discouraged, popular platforms such as Zoom and Skype enable people to meet, strategize and work all from the comforts of their home. An added benefit of this is that as companies are putting more focus on their digital space, they are able to reach a larger audience, and meet potential customers that have been neglected.

• Be Empathic

As the statistics show, most economies and industries on the planet are going through a recession, and several people around the world are finding it harder to survive. This, therefore, means, most of your customers and business partners are going through some difficulties. Organizations and individuals should use this opportunity to communicate with people on a human level and show empathy for their unique situations, fostering customer loyalty.

All businesses are about people. The simple act of reaching out to customers and business partners just to check up on them can have a strong impact in the long term.

• Offer Value

Most people are warier of their spending habits during this period. Products and services that the customer have always seen as vital are now being scrutinized closely, and those that show no apparent value will be the first to be discarded. Companies must learn to present the inherent value of their products as clearly as possible to the customer, and also find unique ways to distinguish its products and services from that of its competitors.

While every action of an organization is geared towards profit, organizations must be willing to give more than they receive, offering value to the public for free. This can be in form of information ie webinars, e-books, free trials etc. This establishes the organization as an authority on the topic and builds trust in the brand. All these eventually lead to more sales and goodwill for the company.

• Be Flexible and Open to Suggestions

The internet, particularly social media has opened up a unique opportunity for businesses and customers to communicate with each other. In times preceding this decade, before a customer could communicate, advice or effect changes within an organization, a lengthy letter would have to write, posted and take several weeks to reach the appropriate quarters. Now, all one needs to do is to send a message to the company email or social media handles and in a few minutes, the solution is proffered.

As this is a totally unique time in history, businesses are still trying to understand how the pandemic has affected buyer decision. It would be beneficial to use information proffered by customers on social media and adapt processes and products to fit the customers’ needs at this point in time.

Despite the temporary sacrifices we’re all having to make, quality networking opportunities don’t necessarily have to be yet another casualty of the coronavirus. The pandemic has definitely changed the way we do business forever, only organizations that quickly and effectively make use of the peculiar opportunities it brings will flourish in this new age. As is popularly said, when life gives you lemons, make lemonade.

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