Life and death has become a very real situation in this time pandemic, where everyone around the globe is fighting the coronavirus. What started as a temporary change of habits in order to keep off this virus has now become our very life. It wouldn’t be easy to get back to our old life post covid. With schools and colleges closing, major events cancelled and business shut down, the world has to come to an halt.
From keeping the tally of daily increase in covid cases to death count, this time has deeply affected the business industry from taking down small businesses completely to leaving big establishments into major losses leading to cost cutting methods like laying off employees on a mass level. We have hit a global recession. It’s not the first time the industry is facing drastic unemployment. The previous data of coping up with recession may not act as predictions but can very well act as valuable lessons capable of being useful to start the process of recovery. China was very well seeing signs of recovering the business in March itself.
Take the Customers Approach
It is imperative to analyse and consider what your customer is suffering through the most in this situation and what can you do to help them. Understanding and targeting the customer’s point of view towards the situation can help alter the pitch in respect to better reach the audiences and change the marketing design with respect to the situations.
The whole point of this exercise is to reposition or structure your brand and products in a way which will efficiently approach the customers points of need.
Adapt to New Mediums
With coronavirus on the rise, the market observed a decrease in the foot traffic to the food outlets or local stores. But obviously the needs of the public to carry on the basic survival will not diminish. They will still need food, hygiene and sanitary essentials etc, so for instance if a business is in retailing essentials could update to an ecommerce website similar to the fact how in dining restaurants have inclined completely on home delivery and take away orders to further approach their customers in this time. Accepting and upgrading to digital means in order to conduct business activities have become a dire need of the time.
Keep a Firm Hand on Long Term Investments
Even with the latest headlines of your business returns inclined towards loss, keeping those long term investments nurtured is important. Especially if a business deals in B2B, it is advisable to keep your relations and collaborations calm unless it starts reflecting massively on your returns. Keeping a contingency plan and assuring your investments of the future plan is the best way to deal with the situation in a long term goal. Keeping the business leads well nurtured and engaged will prove to be fruitful in providing long term opportunities despite constant cancellation of travels, events etc.