COVID-19 AND BUSINESS CONTINUITY

We cannot but pay attention to the hottest but dreadful news in town – COVID-19 (Corona virus) if truly we are in #business and its continuity is our priority. WHO has recently declared this highly contagious disease a #pandemic.

Globally, there have been over 182,000 confirmed cases (those who have tested positive) and about 7,100 deaths (Just in 4 months!). Corona has forced countries to close borders against one another, no matter the level of political affinity or international alignment. Hence, EU+UK would not be able to travel to the US in the next one month. Even, within the EU, Germany, France, Spain, etc. are declaring lockdowns and closing borders against entry for non-citizens! Schools and markets have been closed and people are working from home.

African countries are not left out and recently, Nigeria bans entry for travelers from thirteen countries because of five confirmed cases of corona virus. The restriction will apply to travelers from countries with more than 1,000 cases. They include China, Italy, Iran, South Korea, Spain, Japan, France, Germany, the United States, Norway, UK, Netherlands and Switzerland; this takes effect from March 20.

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THE THIN LINE BETWEEN MARKETING & SELLING

At the start of any business, one of the major concerns of every business owner is to place his brand where it matters. You want to ensure that; the entire world notices what you are selling. Marketing becomes the next concern of business owners after business launch.

To overcome this concern, you will have to design flyers, write brochures, pay for bill boards, and if you would like to be seen on the digital map, you will have to leverage on all social media platforms for the sole reason of getting noticed.

All of these efforts put together do not necessarily mean you will achieve the goal of your business why? Many business owners pay attention to marketing and give less thoughtfulness to selling.

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POWER OF HIGH PRICING POLICY

There is a general belief that; if it costs more, it sure must be better – do you agree with this too? High pricing policy doesn’t guarantee great sales; but it sure gives your brand a presence that attracts high class personalities; which guarantees improved profitability.

If a business charges 40 percent more than his nearest competitor, it must have near preternatural powers to invigorate its clients. Cold stone creamery sells ice cream at a price higher than what you will get in Shoprite yet people patronizes this brand and it makes sales like no man’s business.

Price and quality are inextricably linked in the minds of most customers. Price yourself low and customers worry that you cannot be any good. Price yourself high and you may become more exclusive, more experts, more of a draw.

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