Your society has changed, even more than you think.
There are roadblocks in the traditional trade routes. The majority of the population has been under house arrest. Laws prohibit the gathering of more than ten people. All to avoid the propagation of COVID-19 (coronavirus). Maybe the bill of sale can be adjusted to account for breaking these rules – but it’s bad ethics. It won’t bring your clients and customers out of their homes either.
Less people are driving their cars, starting new projects, going out for drinks or bingo night or both. This is for a handful of good reasons.
The general public are considering the possibility that their savings will have to keep them fed and sheltered until the COVID-19 reaction completely settles. Simply put: We are less willing to spend money. But…businesses have the same revenue necessities to meet in order to stay alive. The supply is high and demand is low. While it may be a good time for investors, the attitude of business owners and shareholders is grim.
That is all to be expected… However.
Businesses with a digital storefront are starting to balance out, maintaining their customer businesses and expanding sales by nominal 30% avg within 3 months. Many are even thriving (we’re looking at you, delivery services). Whether it was through data or intuition, these forward-thinkers had already taken the hint:
Adapt to what can happen. Which is anything.
So, what is happening right now? Online grocery sales have seen an unprecedented growth of 60%. People need to eat – sure. Online entertainment industry numbers are up.
Although, -not every online enterprise has been successful in this quiet cataclysm. Some industries are doomed to regress because their products are being replaced. The obvious ones are transportation, airlines, and hospitality.
The rough but unavoidable truth is this: certain industries will need to adapt in this changing marketplace. Those industries have one thing in common with just about all of us: no one knows exactly what to do, or how; to react, or where we go from here. We can read expert opinions, and cite the pages of history to make guesses about when normalcy will return – until then, here is only adapting. To adapt, we need to be assessing our environment and using the resources we have to navigate the best we can.
The way we conduct work and relationships have already began to change due to this pandemic.
A couple of points really stand out in this analysis by the consulting firm McKinsey & Company.
Protect your employees and stay close to your customers.
At first glance, it may seem like this can be boiled down to “pay your employees and ensure future business”- but the real lesson here is written between the lines: We grow because we respect and consider each other. We take care of our own so that we can better serve others. We better serve others so that we can take care of our own. Yes, it is as simple as that.
So, what does this new economical landscape look like?
Most companies are online – but then there are those who have deeply entrenched themselves into the digital landscape. Forget just having a website, they walk, talk and shake hands online. Their online presence captures attention like a moth to flame. It’s perfectly tailored to the psychology of their audience and is able to engage with them anywhere in the world. It’s not new, but it hasn’t been more important than right now.
Having a bare-bones online presence isn’t enough.
It will be necessary for businesses to take an alternate route. In fact, it is almost certain that after a crisis like COVID-19, people will keep practicing their newly-formed digital habits. Why return to a mode of transaction which leaves businesses unprepared for economic breakdowns?
Digital agencies are here to soften the landing and pave the road for you.
What cost-efficient ways can you foster relationships with your customers?
Digital marketing is highly valuable. Digital campaigns, advanced tech, and true strategy & creativity is not a commodity.
How do you engage with your customers who are stuck at home?
Aside from Easter cards in their inbox, there are many creative and interactive digital tools that invite you into your customer’s home office. For instance, there are auto insurance apps which actually act as games on your mobile phone. These kinds of interactive tactics personalize your customer’s user experience and offer ways to creatively make your interactions more memorable and effective.
The best practices are evolving. Don’t get left behind.
Businesses have been digitizing for a long time, and at an exponential rate. It’s not new -it’s very familiar. In today’s climate, these businesses will need to adapt to survive. As soon as stay-at-home policies were implemented in response to the coronavirus pandemic, the tech-savvy company (whose products are conveniently online) will, in large part, absorb what would have been storefront sales.
If it wasn’t obvious before – this is the ultimate contingency for businesses during a pandemic. The COVID-19 pandemic wasn’t the first economy-thrashing emergency. It won’t be the last. Over the last century, technology has allowed us to free ourselves from natural limitations. Airplanes, spaceships, the telephone, the cellphone, the internet – all are tools that we can use to better connect, understand, and respond to each other and to natural phenomena. Bring your company up to speed and use the tools of the future to better understand your customers. Adapt to the necessity of change and enhance your customer’s experience.
If you don’t take digital seriously, not only will you be left behind – you will be leaving your customer’s behind.