Elmwood Park, NJ, May 29, 2020 --(PR.com
)-- The COVID-19 pandemic has hit many companies hard who currently find themselves in a huge amount of debt and are struggling to afloat financially. Most of these businesses are believed to be the companies that are slow to adjust. They will fail to react fast enough to the changes in their environment. Especially, companies wrapped in bureaucratic tape where many steps must be taken for the final approval of decisions.
Comparing it to Cretaceous–Tertiary extinction, the owner of the firm, was quoted as saying, “Events like the financial bubble in 2008, or COVID-19, are similar to the Cretaceous–Paleogene extinction event. It was a sudden change of global environment that caused a mass extinction of three-quarters of the plant and animal species on Earth. Only the strongest animals, or in this case businesses, can withstand such a fast change of environment."
“This is my formula,” he further added, “when things are good, for every X amount of businesses there are 100 customers. When things are bad, the amount of companies is the same as X (at least in the beginning), but there are only 25 customers left. This means you have to work four times harder, smarter, and more effective for the same amount of business. When COVID-19 started, our business slowed down as did so many others, but instead of being depressed and hoping that the government would help us to survive, we started to brainstorm how we can use the time effectively to get ready for economic come back. We believe a similar approach can help other small companies like us and prevent them from complete extinction.”
HVH Industrial Solutions was one of those companies who were on the verge of extinction, after losing a good chunk of their customers. But instead of getting discouraged, the company owners turned these times of adversity into a beacon of opportunity through an effective plan of action.
Some highlights of it include:
- Increase in marketing budget such as increasing bids per click in Google and Bing Ads, add more target locations
- Creation and sharing of high-quality articles to increase business exposure
- A proactive approach to social networks through experience sharing and joining related groups
- Contacting existing customers who were inactive for months, in addition to reaching out to the new ones.
Through the implementations of these measures, HVH was not only able to recover their business, but have also started to grow beyond the pre-COVID-19 levels.
There are many companies that cut their marketing budget or the sales force during economic slowdowns, HVH did the exact opposite and succeeded.
Located in Northern New Jersey, HVH Industrial Solutions
is a small, family-owned, industrial distributor of electric motors, gear reducers, bearings, chains, belts, hose & tubing, seals, industrial supplies, linear motion, power transmission and motion control products.