Survival of the Grittiest
This pandemic has really tested all parts of the world, whether it's from a social, political, or business perspective. Being a founder has never been easy, and COVID-19 is another challenge that startups have to overcome or leverage.
While some founders are seeing huge opportunities, others are struggling to survive. Even regional heavyweights like ShopBack are finding ways to lower the impact of coronavirus while trying to maintain their performance levels.
Joel Leong, one of the co-founders of ShopBack, shared some tips on how to make the most out of this difficult situation.
1) Cash is king: "Cost is one-factor that can be controlled. Each company must think about how it can conserve its resources well enough to ride out this wave.”
2) Find pockets of opportunities to grow your channels: “Travel is one sector that has been enormously affected by the lockdown and also one of our key revenue streams. The question we ask ourselves during this scenario is: if people are not spending on travel, what else are they spending on?”
3) Keep in touch with your customers efficiently: “A good question to ask would be, how can I become more visible to customers without compromising on costs? If you are paying for clicks, what usually happens is that you must pay for clicks even if the order doesn’t go through. You get nothing, yet you still pay for it."
As a founder, you can tap into the optimism in your DNA to figure out how to leverage the current environmental situation. Be like Joel: “If you are alive, you can still live to fight another day.”
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By: Natalie Feng Lin, Analyst
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