The Coronavirus pandemic has presented a time of uncertainty for businesses around the world. Not only has it resulted in a partial or complete disruption in operations and millions of people being laid off or furloughed, but it’s also, unfortunately, forced many businesses to close down and go into administration.
These are incredibly worrying times for business owners - but have they seen the worst of things to come? Or, is the main backlash going to be once the pandemic is over? Well, if we’re to believe the experts, we’re going to be facing one of the greatest recessions in modern history following the pandemic.
So, what does that mean for businesses? And how can they ensure that they come through the other side stronger than ever before? This post will outline everything you need to know and contains actionable tips for you to implement.
- What will the end of the pandemic mean for the economy and businesses?
- Change the way you work in the long-term
- Re-evaluate your customers wants, needs and buying habits
- React to changes in information consumption
What will the end of the pandemic mean for the economy and businesses?
There’s no denying that the COVID-19 outbreak has affected everybody in some kind of way. As a result of the UK being put into extended lockdown, it means that people can’t go about their everyday business as they normally would.
Not being able to go to work, having to queue to get into supermarkets and having to wait longer for online deliveries are common issues from the pandemic - if you’re worried about the latter, then you’re definitely not being impacted anywhere close to the level that businesses are.
Businesses are having to make radical changes to ensure that they come out of the other side of the pandemic. Laying off and furloughing staff, changing working conditions and hours, plus, having to pause client retainers to accommodate global fiscal issues. But if businesses thought they’d done the hard yards - then think again.
Coronavirus is and will continue to hit the economy hard. With the current restrictions on businesses trading, we’re facing a serious recession. If businesses can’t trade or produce, they can’t generate any revenue or profit. If they don’t have any money, there’s no room for growth and expansion, resulting in fewer job opportunities.
And with the lockdown restrictions, the economy will take longer to recover from a state of recession. However, it shouldn’t be all doom and gloom for businesses. Although this poses a large threat to companies and their team, it also generates great scope for new ideas and business direction.
Now is the perfect time to plan for the year ahead - putting processes and systems in place to ensure companies can stand out and thrive. By using this downtime wisely, businesses can make sure that they return stronger than ever.
Change the way you work in the long-term
Businesses across a wide range of industries are now operating on a remote basis - if they can, obviously. It’s the new norm. Although a lot of employees are convinced that they work better in the office with fewer distractions and the workplace banter, they’re going to have to get used to the idea that this will be in place for a lot longer than just a few weeks.
Unfortunately, lockdown restrictions aren’t going to be lifted and normality will immediately resume. Key industries like construction and manufacturing are likely to be the first allowed back into site work and if you can work from home, you’re likely to be advised to continue to do so for as long as necessary.
But how long is that? Well, how long is a piece of string? It’s the million-dollar question regarding all things pandemic-related. To rule out any delay and dwell periods, we advise that you incorporate the new working situations into your processes for the long-term. That way, you can lay the foundations now and continue to be as efficient as possible long after this is all over.
Re-evaluate your customers wants, needs and buying habits
During the time of crisis, businesses are cutting down on any unnecessary costs. For the health of their own business, they’re ruling out any costs that aren’t crucial and could put them in an unfavourable situation. Plus, with reduced profitability, they’re likely to have a lot less disposable income, so their needs and buying habits will change indefinitely.
The shift in customer positioning could mean that your overall goals need adjusting, along with your approach too. As marketers, it’s crucial to revisit your customer profiles regularly to keep them updated and relevant - and there’s no more vital time to do so than during a global pandemic in which everybody has been affected.
Buying habits will significantly change during this time with businesses not having the same level of funds to play with. Not only this, brick and mortar stores have been forced to close, so a lot of businesses are operating on an online basis for delivery or click and collect. Therefore, you should re-evaluate your approach and maybe look at making these changes permanent.
This also allows businesses to reinvent themselves slightly or streamline their products and services to make them more profitable. Tightening purse strings doesn’t mean that your business is doomed - it means that you need to find an effective way of appealing to those needs and making your business offerings irresistible.
React to changes in information consumption
During the pandemic, people have been forced into becoming more technologically savvy to catch up with friends and family and keep up with the latest news around the world. As a result of this, we’ve seen a huge shift in the way people consume media, so your business should look to target the change.
Older generations are no longer sceptical of using social media - which means that there are even more people across platforms to reach out to now. Whilst your target audience won’t overnight become old-age-pensioners wanting to keep up with their family and friends, it maximises the chance of increasing your reach and brand awareness.
We believe that paid marketing is going to rocket once the pandemic is over. Businesses will want to get back on their feet as quickly as possible. However, with increased interest means increased cost. So, why not start thinking about it now? Forecast your Google Ads campaign and holistic paid marketing strategy gives clear direction and can lead to you saving money in the long run.
Looking for an agency partner to get you back up and running? Red-Fern Media can help
The pandemic has caused a state of severe panic and worry for businesses across various industries. Getting back on your feet and preparing for the resulting aftermath can be particularly daunting - where do you start? Well, luckily for you, Red-Fern Media are here to help you.
Whilst people are rightfully focused on the limitations and impact that the COVID-19 outbreak has had on their business, they’re blinkered from seeing the opportunity that it creates for them too. Of course, this is an uncertain time for all but it doesn’t have to bring your business to its knees in the process.
Our team of experts can help your business adapt and get back on track. From retargeting your personas or adopting new approaches, we’ll work closely with you to help achieve your newly adjusted end goals. Not only that, but we’ll also help you come out of the other side of the pandemic as strong, if not stronger, than when we entered it.
For a personalised breakdown of how we can help your business, book in a discovery call with one of our team. We’ll be on hand to help with any questions and queries you may have. Not only is it of huge importance that we all keep safe and well to beat the disease but we need to make sure that our economy isn’t beaten by it either.