The Coronavirus (or Covid-19) pandemic has impacted many industries, and alternate channel sales is no exception. Anyone who is watching the economy right now is probably worried about their job or their business. The total impact the Coronavirus will have is hard to judge at this point, but there will most likely be ripple effects through the economy.
Alternate channel sales is an interesting business for many reasons. A big one is that it often operates opposite to the economy. Why is this?
Alternate channel sales, often becomes more popular when the economy is on the rocks. People are looking for new ways to make money, and oftentimes for ways to save money. Alternate channel sales is a great way for people to get out of their bubbles and to introduce people to products that they want and need.
So, in our current environment, here are alternative options that the Coronavirus will most likely have an impact on alternate channel sales:
Existing customer base
Take advantage of our existing relationship with both commercial and residential consumers. We have an existing customer relationships who we have serviced or sold that have a need for YOUR PRODUCTS AND SERVICES.
People Won’t Want to Go Out (But will appreciate others coming to them in one form or another)
This may seem an obvious one in the early stages of the Coronavirus pandemic as we’re seeing whole countries locked down. Obviously people will not want (or may not want) to go out. However, this may be the beginning of a longer-term trend as well.
Depending on how the Coronavirus pandemic shakes out, it is very possible that people’s shopping habits may change long-term. Undoubtedly there will be a shift toward online shopping in the short-term, and the pandemic will help accelerate this macro trend that has already been going on. However, the convenience of online shopping only works when you know what the product is that you want. What about a complex technology transaction that you actually want or need a human to explain options to you?
If online shopping alone won’t be able to handle consumer transactions, then what will?
A secret that many alarm, telecommunications, and solar companies understand (among others), is that many customers want their products and services, but they typically won’t go online to buy them (at least without months of research first).
However, when a highly trained and educated salesperson is available and can answer all of the questions that have been at the back of their minds, they’re ready to buy.
At the end of the day, this all makes sense for the consumer.
New Found Need for Certain Services
There’s already been speculation that this Coronvirus will cause the economy to go into a recession. This isn’t something to be afraid of, but a natural part of the business cycle. Thankfully, recessions don’t typically last nearly as long as economic expansions, but during them, consumer needs and desires do adapt and change.
Consumers buying decisions are much more than just saving money. The uncertainty of a layoff or other financial setback keeps buyers’ radar on high alert for what they perceive as a deal. Even if the consumer is buying roughly the same amount of goods and services as before. This is a great opportunity for alternate channel sale for any company to really send their sales message home. If your product or service allows the customer to save money on something they’re purchasing anyway or offers better quality (ideally both), then you’re in an excellent position to get customers’ attention.
Alternate channel sales can thrive during the COVID-19 Pandemic by taking advantage of existing customer base to upgrade or add services that customers feel a higher need during the COVID-19 Pandemic. One easy example is internet services. Customers that are working from home and using more internet data then they were, will start seeing gaps in their service that maybe they didn’t recognize before. Here is an easy opportunity to sell them on a competitive internet provider that can work better for them or upgrade their existing services.
In a recessionary environment is the need customers have to feel secure. Example….. A consumer has a older alarm system in their home or one that’s no longer working? This situation shows us that the probability is high for opportunity in support of several products.
ROYAL MARKETING GROUP
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