The covid 19 pandemic will fundamentally reshape how we do business from now on in the post covid business world. Even with the end of lockdowns, its effects will linger. Many business strategies will likely change in the post pandemic period. Digitization or social responsibility will be taken more seriously and implementing these will be faster and with higher intensity. Some existing strategic priorities will have to be modified in a radical way.
Many believe that COVID-19 will affect more people and businesses directly and will have a more far reaching impact on businesses of all types than any crisis in the past half century. Organizations must consider how the current crisis will not only cause short term, but long term changes in social interactions and what products and services will better serve them in the new post covid 19 world.
What worked before, may not work as well now:
Knowing your audience needs is always the best way to meet your market demands and progress. However, the date and information you once knew before the pandemic may not serve you well in the post covid world. It’s important to make adjustments. Companies need to adopt a proactive approach to understand what changes needs to be made. Such as, making adjustments to the products and services that you’re currently promoting to meet the change in the current and future customers.
You should debrief, gather insight and re-plan. Identify what might be changing and next steps to take. Develop a plan to test this new targeting audience. During this time of rapid change, its important to analyse your current and potentially new customer base. You might gather information that you may have never expected to occur and impact you. But be open to them. Lastly, re-plan. At the end of last year, your organization must have came up with plans for the new year, 2020. However, Covid might have impacted or put a dent on these plans. Therefore, when charging on to life post covid, forward thinking, new strategies and re-planning is required. With new insights in hand, prioritize strategies and tactics in all segments of your business.
Positive and negative impacts of Covid:
There are certain products and services that are benefiting from the pandemic. For instance, health and medical products are services have been heavily promoted. If you have been heavily promoting on these during the pandemic, good job. Now the question to ask yourself is this;
“Is the increased demand for these products and services temporary or permanent and if so, how long will it last? “
Some negatives for the business world are mainly targeted towards the dining and hospitality, travel and entertainment and retail suppliers. You must be wondering when you customers will come back. It is important for you to now analyze what it is you need to deliver to attract these customers back again. A lot of people are still very cautious about travelling or dining out, so producing content to showcase and ensure and safe and clean environment would put their worries at ease.
We started off this Covid-19 pandemic series showcasing the companies and industries that prospered during a crisis. In our very first article we spoke about how ALIBABA and UBER prospered during SARS and the Financial Crisis of 2008 respectively. It all happened through a crisis and through drastic changes that they had to implement and adapt to. Behaviors changes, industries were changed and created and Covid would be no different for businesses in 2020. But if companies could have prospered during those trying times or even grew to be something bigger than it originally was, you can too. The key is to act fast and be open to necessary changes. Understanding what your audience will value in the post Covid business world and acting on it will ensure your survival and success and put you ahead of your competitiors. Remember that changes creates opportunity. Organizations who act now, communicate with their audience and take a proactive approach to their changing markets will do much better during post covid.
Before you go, check out our latest COVID-19 related articles from last week.