We can already see that the hardest-hit businesses are within the travel, hospitality and leisure industries. The stock prices in these industries experienced a big drop in value. It is very hard to predict when people will feel again safe enough to engage in such activities.
However, those businesses and services connected with the “homely life” have already benefited from this situation and will do so even more in the coming months.
No one knows for sure what the real consequences of the health crisis will be and how big the economic impact is going to be on our society. But we know that this forced change in human behaviour has to be taken into consideration when crafting and reevaluating our strategies.
The businesses should take into consideration how each change in consumer behaviour will affect them and what they can do in adapting so. If you are a small shop how will you make your goods available to your customer, how you can deliver them. If you are a psychologist, how can you be reachable to your customer, have a Zoom talk, have your own platform, make sure that you can help them solve their anxiousness problems. If you are an event organizer for families think how older people could have easy access to your online platform: is it simple enough and can they learn quick enough to use it in order to take part in a virtual event with their families? If you operate in the distribution of goods, how can you develop systems or platforms to reach your customers effectively?
The business world has to pay close attention to changes. Companies should use this time to invest in R&D (The 100 most innovative companies spend even more on R&D during a recession!). They should help their employees and collaborators learn new skills and be fast in adopting new technologies and ways of creating revenue flows.
This is a hard period for our economies, together we can build strategies that will help us get past this crisis as winners. If you want to learn more about how you can fine-tune your marketing for the digital marketplace, make it crisis-proof and ready for the low touch economy, drop me an email and we can have a chat about it!
Author: Borka Hajdin
20.04.2020.