After the COVID-19 pandemic, business startups may have to restructure their business plans to remain viable in the market. While doing so, it is important to note that the pandemic has left the economy in a bad state and majority of people, including your customers, are facing tough economic times and may therefore not be able to afford your services or products at the previous prices.
Though lowering the prices would work, it could be difficult for you to just slash the market price of your products/services because you will still need to cover your production cost. To achieve a balance, you may have to restructure your business model to include ways of reducing your production cost that will enable you to avail quality products and services at a price that your customers can afford.
Some of the technics may include automation of the production processes to reduce the cost of labour. In addition to the Internet of Things (IoT) and Artificial Intelligence (AI), blockchain technology could also come in handy.
Being unique and giving your customers a unique selling proposition would certainly place you at the hearts of your customers.
You should concentrate more on your customers’ experience. You could achieve this by getting the right e-Commerce platform to position your startup firmly in the marketplace.
Reconsider the target audience
Probably, before the pandemic struck, you had targeted a wide audience. However, with the current situation, there could be reduced feedback from your audience, which may require you to narrow down your target audience. That way, you shall also be able to make your services/products more innovative and unique for the specific target audience.
For blockchain-based fintech startups, crowdfunding could help.
However, this will require a balanced approach. Conducting an ICO, STO or IEO could be a great way to raise funds, but it may not be as successful as before the pandemic struck especially with the current economic conditions.
Nonetheless, if your startup shows great prospects of growth, investors may still be interested in investing in it. However, to avoid frustrations you might consider lowering the target while ensuring that the raised amount is sufficient to fund the development of your startup’s project.