Business Development during Coronavirus
We can all agree that 2020 certainly did not have a great start. Almost all businesses are facing challenges and the impact of coronavirus is starting to bite the West. Companies are creating new policies, restructuring their businesses, and probably discussing continuity plans.
During the past pandemics, the economic downturn happened due to supply chain challenges, market uncertainty and an overall decrease in production and efficiency of businesses. The coronavirus is no different. Although we are still unsure about the long-term effects of the current crisis, the world is not going to stop and companies should start preparing for what is likely to happen after, which is a rebound in demand in certain industries. With China undergoing a speedy recovery, companies that export goods should put the focus on managing imminent high productions to avoid orders piling up.
This quiet period of time can also be used to look at new ways to nurture business relationships. At Texere Advisors, we are used to traveling very often. Building relationships across Asia is at the core of our activities and face to face meetings are still crucial to establish trust in this side of the world. Of course, in current times we had to cut down on the travels and re-think our strategy. Below are a few things we have done and thought would be useful to share.
Review and evaluate
The first thing we did is review each and every partner in our region and map new opportunities. We reviewed the product portfolios of each dealer, looked at past performance as well as sales projections.
This has helped us to better understand the changes in each market we operate in, as well as outline areas of improvement.
Gather market feedback
Another activity we think was very useful, is to speak to every dealer and ask their feedback. How do they like our brands? What is selling more? Why? What we can improve? What are competitors doing better than us?
This helped us to understand where we are standing, where we need to improve and where we see opportunities.
Strengthen relationships
Brand presentations and sales training are key to push new foreign brands in Asia. We have learned through the years, that frequent trips to dealers help to create a commitment and attachment to a brand, which in turn pushes sales.
Due to travel bans, we decided to start a series of online training. As mentioned before, face to face as still key in Asia but in times of crisis, everyone had to adapt.
We are now introducing the latest collections of our brands via Skype to our main partners and instructing them on the new sales tools, almost on a daily basis. Although, a bit challenging at first, after a few audio tuns and video tests, we mastered our skills and are having great sessions!
Additionally, we helped our partner LaCividina to film a short video dedicated to their Chinese dealer, showing support from Italy. The Chinese dealer was delighted and mentioned their appreciation by posting the video in their weekly WeChat post.
Of course, nothing can beat in-person presentations, but we are positive that things will improve very soon, and we will get back to travel and keep on expanding our brands.
Take a look at our past activities!