“In the middle of difficulty lies opportunity.” – Albert Einstein
Part 1 Recap
In Part 1 of our series on companies that have thrived during COVID-19, we visited 5 types of businesses that experienced growth during the lockdown and we shared why they were in the position to thrive. In Part 2, we’re exploring ways that these businesses and others like them could continue to thrive as things slowly return to our new normal.
We mentioned in our first article that creating a successful business is no easy task. It’s a massive challenge. It takes vision, planning, organization, and consistent, long-term execution in an ever-changing environment of customer trends and new technologies.
But, as Einstein so aptly stated, with every challenge comes opportunity. We are seeing long lists of businesses that putting their creative feet forward and charging into the darkness of this pandemic with bold, new ideas.
And as much as we herald and celebrate the maverick tech companies, it is the traditional companies that were positioned to assist people when this pandemic hit.
As we mentioned in our last article, businesses that help people retrieve their sense of normalcy while social distancing have seen massive growth. Traditional companies that let people enjoy comforts and necessities while staying home have proven to be a cornerstone for our economy.
So, how did these companies do it and how are they going to keep their edge as we move forward? How can other companies like them implement some of the same best business practices and strategies to help themselves thrive in the new normal? When it’s all said and done, there are really three aspects to their success that stand out as the most important.
Make Your Business Thrive
1 – Bold Decisions & The Double Down
Many traditional companies went into panic mode as soon as the lockdown occurred. They pulled their entire marketing budgets, laid off major portions of their workforce, and attempted to shore up as much money as possible in anticipation for the worst.
Then there were those who doubled down. And in the process of doubling down, most of these companies realized that they were able to cut their marketing budgets in half and still retain all of the media assets from their original marketing spends.
The reason? Because so many traditional and digital media companies were seeing their advertisers flee in panic, they were willing to make deals that had never been seen before. Media companies actually began to build COVID-19 Impact packages. And those businesses who took advantage of these offers from the beginning, found themselves at the top of mind, the top of search, and at the top of their market.
And most importantly, with half of their marketing budgets saved, these companies were able to keep their staff at work! Talk about a win-win situation!
2 – Embracing The Fundamentals
Another important factor that lead to success for many traditional companies, is that they revisited the fundamentals of good business in today’s world. They brought their teams together during the slow periods and re-visited their systems and processes. They listened to their teams. They paid attention to what their people were saying and what they were requesting to make their jobs more efficient and their outcomes more profitable.
These companies prioritized the fundamentals in their business and it paid off big. Customers were engaged by account managers. Sales teams reached out to existing and potential clients and let them know that their company was positioned to help in any way possible. The marketing departments really focused on “who” their target markets really consisted of and they made sure that their efforts were effective in reaching those audiences.
The smartest companies stayed with the fundamentals of good business and they thrived.
3 – Going Digital
The other brilliant move that these companies made was going digital. They expanded and dialed in their digital presence. And here’s the thing. The industry-leading companies we’re talking about had already been headed towards this step. Most of these teams were already running down this path.
So, for them, it was simply a natural next step. They optimized their websites. They made sure that their listing citations across the internet accurately reflected their business hours and how they were embracing the current situation. They made sure that their advertisements were dialed in to match what their target audience truly needed. They delivered ‘normalcy’ at every level of the customer journey.
So What? Right?
Ok. Great. There were some heroes that made it out of this pandemic unscathed and ahead of the game. But how does their approach help any business who wasn’t so fortunate?
Mergers & Assets
No matter what happened with your company during the pandemic, two facts still remain:
- Every company that was ‘in business’ had customers.
- Every traditional company ‘in business’ had equipment.
As the economy moves forward, the opportunities for business will only grow. Customers aren’t going anywhere. Yes, pun intended. And it’s time to take advantage of every opportunity available. This could mean seeking out companies in the same market space and approaching them with merger opportunities. It may be advantageous to cash in on equipment that you’ll no longer be using, or pieces that have taken up valuable space in your building for too long.
That’s where we can help. Auction Masters specializes in appraising business equipment and getting our customers the most value for it. We’ve worked with companies across a wide-array of industries and have assisted with mergers and equipment sales in nearly every business situation you could think of. Our long-time work in the appraisal and auction industries has given us the ability to create the most seamless process available for companies looking to make a transition. Read about our streamlined system below and feel free to call us anytime we’re in the office if you need our help!
The Auction Masters 2 Step Signature Process
Step 1 – The Appraisal
Our team of experts has over 40 years of industry experience with a deep knowledge of asset values and markets, allowing our team to successfully serve your business. Like we mentioned above, we’ve streamlined the appraisal. Let’s hop on a call and schedule a time to take a walk around your facility! You can book your appraisal below.
Step 2 – The Sales Process
We make the process of selling equipment easy, working with our customers to secure the prices that are best for them. Our auctions are fast and effective.
Simply contact us at the phone number listed below to learn how we can help you turn your equipment into cash. The team at Auction Masters takes great pride in working to pair every auction with targeted audiences, so sellers reach the right customers. Rest assured, we work to find the most valuable buyers available for the purchase of your equipment. Contact us today and get your used equipment auction started in Minneapolis and surrounding areas.