As the coronavirus forced people into self-isolation and businesses into shutdown, Australians have had to adjust everything to a new normal.
Entrepreneurs in every sector also were forced to look for new opportunities as their old businesses took a big hit, they even had to resort to taking a personal loan to stay afloat. Check out these four different companies adapting their business during the coronavirus pandemic.
From the source to the home
Single O is a cafe operator and coffee bean roaster based out of Sydney. An exodus of city office workers and a prohibition on dining took a hatchet to cafe businesses of all stripes, including their own.
With a sudden lack of demand for their roasted coffee beans from other cafes, owners Dion and Emma found themselves hit on both sides, effecting their cash flow. Knowing Australians were still going to need their fix, and wholesale customers weren’t buying, they started selling to individuals, knocking up a ‘Stimulus Blend’ in the space of 48 hours.
Their partners, like Three Blue Ducks and the Boathouse Crew, who helped them sell their roast, were able to earn 30% of sales in coffee credit to help them transition back to business, under a program they called ‘Kickback’.
Cafes, recognising there was a sudden surge in home cooking and need for essentials, began selling their own flour and cultured butter directly to their new customers.
“We’ve always looked to innovate but things tend to take time. When times are desperate like this, it’s really about having the right intent and showing that to your partners, having a crack and putting something out there,” head of marketing Miles Thomas said.
Adapt the product into what market needs
Newcastle’s Earp Distillery with slackened demand but the ability to make something just as essential: hand sanitiser. With plenty of ethanol on hand, it was a relatively easy transition to make.
“We didn’t imagine we’d be making hand sanitiser when we set up the distillery, but we’re happy to be helping the community,” owner and joint managing director Michael Earp said.
Shifting into online
As venues shut down, brewery Two Birds Brewing too had to look in an instant elsewhere to sell their craft beers.
When everyone is commanded to stay at home, they quickly transition into online to find customers they could no longer interact with in person. Unable to sell kegs to bars, they moved to sell the same beer straight to customers via their online store.
For those unable to wait, they set up a drive-thru fast within the first weekend of restrictions and sell food via Uber Eats. “We’re shifting what we offer as our customers’ behaviour shifts,” Allen said.
Recognize your new market
Just believe, if you never stop to try, there’re a lot of doors open.
Take Education Perfect, an online education platform suddenly found more demand than ever. As schools physically shut down and learning moved to the home, they understood there was a window to push into new markets.
The platform began offering free licenses for institutions in Asia at the beginning of the outbreak. Allowing schools to use it until the start of May, the business expanded the offer worldwide as the virus spread, signing up more than half a million users in over 100 countries.
“If you really embrace the challenge and everyone comes together, you can get a huge amount done in a short space of time,” CFO Simon Robinson said.
Remember, The crisis won’t stop you if you keep trying, analyze the new market, and last but not least see what currently people need.
See how we can help you, on our website spotmenow.com.au