COVID-19: Birthing Business Opportunists

COVID-19 has surely taught many businesses the upside of “staying current” and not have a myopic mindset, but rather long-term vision, supported with functional strategic methodologies. It’s alarming to think that so many restaurants prior to COVID-19 did not offer delivery options. While it’s understandable that some may have different business models and cater to niche markets, thinking ahead and seeing things from the customer’s standpoint, while trying to satisfy and exceed their desires should always be top of mind. 

A customer centric mindset must be adopted in the attempt to boost any company’s bottom line; what are your customer’s needs, how/when/where can they best be served, how are they evolving. Answering these key questions and acting on the answers sets up any organization for success, both for the short and long term. Let us look at some impacts of the COVID-19 pandemic and how businesses can flip the negative to their advantage.

IMPACTS OF COVID-19

Unemployment

During any pandemic job losses are unavoidable, not only because measures must be put in place to contain the spread, but also because the demand for many products/services drastically decreases. Several airlines have had to cut jobs because of closed borders; no flights equate to little or no revenue. Restricted travel also means fewer to zero hotel and Airbnb bookings. All this leads to unavoidable job losses, because there has to be revenue in order to pay salaries.

Decreased Consumer Spending Power

Many people are tightening their belts when it comes on to spending because of unsureties in the economy and the job landscape. This has resulted in a sharp decline in consumer confidence for certain products. This often leads to a surplus, as was the case of milk and potatoes recently in Canada. Additionally, many of us have no choice but to stay home, largely due to the cancellations of events and the closure of recreational facilities, resulting from social distancing implementations. This has significantly impacted economic growth and development, as revenues from these events are at a temporary standstill.

Work from Home Options and Integration

Businesses have now resorted to cost cutting measures, some have allowed staff to work from home, while others have had to integrate in an attempt to survive the COVID-19 tide. As a result of integration some employees have been deployed to different departments. A front office customer service agent may be transferred to a company’s call centre to assist in inbound call surges. These measures have resulted in more cross functional teams and reductions in redundancy and lay-offs. Working remotely has its perks as well as its drawbacks. For starters, working from home is an excellent way to spend more time with family, and also save on travel time and expenses. On the other hand, it can be rather challenging for those who are either not tech savvy or would rather physical interactions at the office. Either way, it takes some adjusting to be as productive as one would in a physical office setting.

Spike in Ecommerce

Some may wonder how it is even possible for an increase in e-commerce at such a time like this. For many people a pandemic means being prepared for months because of uncertainties. Online grocery shopping has increased drastically, there has also been a stark increase in book purchases and cleaning supplies. This is primarily because bookstores are closed, and cleaning supplies are a rare commodity on store shelves (especially during the first few weeks of the initial onset of COVID-19). In the early days of the pandemic many households purchased essentials online, while during the pandemic many seemingly took to reading to quell their boredom.

Remote Interactions

Due to social distancing measures such as lockdowns, curfews and state of emergencies, many people only have the option of remote interactions. Zoom has become a household name for many in recent times, as the platform allows several participants to convene virtually for meetings, conferences, etc. On the contrary, this may be a devastating time for those who live alone, as they may only be reduced to mere phone calls and virtual meet ups from family and friends that they are accustomed to seeing in person frequently. This can have an adverse effect on one’s mental health if not cautious, especially social butterflies and those with pre-existing mental health issues, such as anxiety.

LEVERAGING OPPORTUNITIES

Jump Outside your Box

In a time where the entire world is on partial lockdown, curfews and social distancing, businesses must employ creative strategies and tactics to stay profitable. Many restaurants have now increased their offerings; from typical meal options, to grocery items, toiletries and alcohol. Convenience stores have also joined the online delivery train. Listening to the customer, knowing their needs, and satisfying these needs are key in surviving these times. For jobseekers this can be a time to start freelancing, there are a myriad of opportunities online, such as teaching, graphic design, social media etc. With increases in online sales, why not start an ecommerce business for in demand products such as toys, face masks etc.

Offer Value Added Products/Services  

Many organizations have opted to downsize as a result of cost cutting measures. This has led to many key positions being made redundant, obviously these gaps still need to be filled. Paying salaries for many is not currently an option, but hiring contracting consultants and subject matter experts may presently be the best solution, even for the long haul. Organizations such as Brand Maid Communications Ltd. offers Marcomm services, as well as eBooks and free content to help businesses navigate the murky, congested marketing waters. This is a fantastic way to engage people who now have more free time to read; not only skim, but deep dive into literature. Offering value added products such as free eBooks gives rise to people who are not currently spending an opportunity to see your capabilities/skillset. When they are ready to purchase you will be first choice, because you have given them reasons to trust your products/services.

Amaze Customers, Rise Above the Tradition and Norm

Books stores have been taking advantage of the free time many people now have by opting to deliver merchandise due to a spike in book purchases. Take advantage of the digital age by leveraging the key benefits of your product and service offerings. We have to be creative, if that translates to having virtual weddings and milestone celebrations, which are far from the “norm”, so be it. As long as your customers are happy and business goals are met and exceeded, it’s a win-win. Businesses should be taking advantage of the free time many individuals currently have by boosting their social media presence. As a marketing agency, BMC offers not only marketing and communication services, but also social media strategy and management to help organizations amaze their customers every step of the way.

Have a Risk Management Plan

There is always a risk/s involved in everything we do; Murphy’s law usually kicks in unexpectedly. A risk management plan doesn’t necessarily safeguard your company 100%, but it drastically decreases the impacts of risks. It’s always best to be prepared than not have a prepared action plan. It is in an organization's best interest to employ/gain insights from business analysts and subject matter experts to craft an effective plan. 

It is definitely not a time to sit with hands folded, waiting for a sign or two to make the “right” move. Companies cannot adhere to the purist norm and stick to traditional marketing and business models. We have to progress with the times, evolve with our consumers and over deliver on our promises. The unemployed must not be dismayed and throw in the towel, but rather be opportunistic and innovative.