Covid-19 has been affecting the world’s mental and physical health, businesses, economics, employment and everything. The pandemic had unexpected effects on business performance, sales and marketing as well as threats to lives and livelihoods. Business owners are struggling to run their workforce. They are responsible for their workers’ health as well as their profit and revenue. The pandemic has negatively affected every possible sector, Such as;
Creative Sectors and Companies
Accommodation and Food Services
Real Estate, Rental and Leasing, Construction
Professional, Scientific and Technical Services,
Healthcare and Social Assistance,
Information Service, Utilities,
Manufacturing and Other Sectors.
They are all having troubles running their business since consumer behaviour and experience have changed and business owners are having a crisis management during this pandemic.
Some business entities have made it an opportunity from this challenge and successfully developed incident management plans specifically designed to the crises while others have failed to sustain their business.
PWC, states that business activities have slowed down globally while causing the revenue of companies to decrease which in return makes low levels of cash flow.
Employees and customers’ safety have been an issue for managers. Managing the risks and achieving growth and performance is not easy. According to KPMG, Leaders are facing changes in technology, society and consumer expectations. The pressure is rising, and strategies should be created for organizations in order to have lasting results for their stakeholders.
After researching the worldwide business sectors, we have found that several sectors are in high threat of financial risks. Successful companies are changing their approaches and adapt to new plans and new information. According to Mckinsey & Company, companies should get ready for recovery and build new marketing strategies immediately.
New Marketing Approaches:
Managing costs during covid-19 is a critical and crucial point. Investing in branding and deciding on the right long-term marketing is suggested through the researches. KPMG international, has found some key areas for business owners to think about such as:
Agility in planning and spending, budget tracking, and moving budgets quickly to more productive marketing campaigns.
Reviewing partners and alliances in order to find the costs that have not contributed to the goals. Choosing and investing in agencies that provide high value content and deliverables at the right time.
Prioritizing marketing campaigns that return the investments. Challenging the campaigns for brand appropriateness and working on CSR (corporate social responsibility) agenda.
Measurement of the business is important for uncertain times such as Covid-19 pandemic. Data and analytics help budgets to be tracked effectively and to personalize customer interactions.
Businesses get challenges and opportunities at the same time during Covid-19. Digitalization and data collection is highly recommended for every firm that want to survive for long term. “Organizations and business entities should make decisions based on evidence, not instinct.” (KPMG, April 2020). Everyone is physically constrained, but technology and networking is still in boom level. Investing and embracing into digital marketing services is highly recommended by the global researchers.
Work Reinvention During the Pandemic:
“If the digital future is to be our home, then it is we who must make it so.”
Productivity of businesses is redefined since labor is no longer the most important factor of production. Technology has increasingly displaced that. Adapting to change as a company, leads to success. And currently the greatest adaptation is to apply a digital mentality to working. The new business era is developing technology and networks.
Re-imagining the workforce and new planning to transform into digital mind-set. Changing the perception of innovation and sustainability of the business. In order to use this uncertainty as an opportunity and navigate this crisis, shifting to e-commerce and digital marketing are long-termed actions that need to be immediately taken. Also business entities should invest in internal technology and teach their employees how to use online tools.
Why Digital Transformation is so Crucial?
“By the digital transformation, the whole culture of business has changed.” (Amanj Ali: Founder & CEO of Click Iraq, iTalk Conference 2019
The digital transformation drives positive outcomes since technology offers opportunities to rebuild your business and increase your profit. To go back to normal, Companies need speed, agility and a new perception of customer values.
Companies that response the pandemic accelerate digital business transformation. Successful brands are repositioning themselves and shift to digital marketing, channels, products and services. Connecting with their new and existing customer through digital. By that strategy they rapidly recover their revenue.
Researches show that globally successful companies are continuously analyzing their business and accelerate more into digital and technology. It is found that the best companies quickly enhance and expand their channels. They use advanced analytics to obtain new data and combine it with innovation.
After all, there are some sales activities that fix business problems during and after the pandemic. Working on strategy, digital channels, productivity and customer experience & Insights rapidly recovers revenue. Transforming into digital sales and services is the main solution to fight back the negative impacts of corona virus on your business.