The other day, I had a talk with Melvin Soh, Asia's top coach to marketers, coaches, service providers and speakers to discuss the effects of Covid-19, how it affects service providers and how to prevent it. Our talk has enlightened me and brought to my attention a very serious issue about all the service providers out there - Many don't see the severity of the situation and aren't ready to tackle it because this is the first time an issue of this scale has ever threatened us. Things will never go back to normal again. If you're treating your lockdown at home as a holiday, you should start feeling terrified.
However, it's not too late for you!
Across the world, 3.2 billion out of 8 billion people in the world are on lockdown. And many are not going to survive the recession. Make sure you triumph and make it out the other side. Tough times don't last, but tough people do
Before going into detail about the insightful tips Melvin has provided, he first gave me a little backstory into his past. He quit school and survived on $700 a month for years, before he turned successful and while this may seem like humble bragging, he quickly explained why he had to go into detail about his life. He mentioned that this was to first prove to people that he understands what it's like to truly struggle, and he was emotionally and mentally geared to face the effects of virus head on with his skillsets, unlike many people out there who have never been through a crisis of this scale.
It seems his experiences have made him just the man to turn to, in these troubling times.
He quickly debunks several false scenarios that people expect in the coming months
Everything Will Go Back to Normal
This is to be expected. Things will definitely not go back to normal but there are people who still believe that things will. First of all, there are 3.6 billion people under lockdown for more than a month. If nobody is spending money, nobody is contributing to the economy. A recession will definitely befall us.
It also takes a person 21 days to form a habit. Staying at home for months and ordering food are habits that people can form. Should people be more inclined to stay home, it means that this situation of no one pumping money back into the economy will only continue. And what if you're someone who requires face-to-face meetups to close deals, like a property agent? What's to save you if your potential clients are all staying home?
If you have not entertained the thought of going virtual, or feel like your business model cannot work online, think harder. It's time to adapt.
I Can Do The Same Things I've Always Done
This is a very dangerous thought and it's a very common one for people who are value comfort. I get it, it's uncomfortable to go back out there and try new things, but you see, if you don't grow with your audience, with the times and with current affairs, you will only get left behind. This relates back to the previous example I stated, about a property agent only conducting face-to-face meetings. Are you going to wait and hope for your clients to come out or move your business online to increase your chances?
I Do Not Need to Retain Clients Since They Are Not Engaging Me Right Now
If you're not staying in touch and maintaining good relations with your clients, they will drop you the moment the recession hits. Right now, only essential services are available and if you're not deemed as essential, there is no way that people will keep you.
Before the recession hits, there are two different periods of time - peace time and war time. Both time periods require drastically different mindsets and actions. Peace time usually involves a lot of creative thinking, sharing and trying out new stuff. However, war time is when people want proven tried-and-tested things to help them get by.
Maintaining a good relationship with your clients will help them keep you at the back of their mind. However, you've still got to make sure your offer to them is a war time offer - one that's essential and important.
Huge industries in both local and overseas contexts, once thriving, are suffering hard. A storm is coming. This is the calm before the storm. This is how Covid-19 affects service providers and how to prevent it from totally consuming you. Heed our warning before it's too late