How COVID-19 is Transforming How We Do Business
There’s no doubt that the Coronavirus has transformed customer buying behaviour, and the ways we do business. With events increasingly being cancelled and budgets being paused, it’s clear that companies must adapt, or they’re unlikely to last very long.
8 Ways in Which Coronavirus is Changing how we do business
Perhaps the fundamental change that’s come from this epidemic is the fact that more and more work is being done from home where possible. Which subsequently places heavy reliance on technology to enable remote working. However, these aren’t the only changes.
1. Move to Digital.
No longer can people pop to the shops when they fancy. Instead, people are turning online for their every need. So much so that some brands are creating online experiences to mimic the real world. Think along the lines of ‘online clubbing’ which emerged from the partnership with JD.com, Budweiser and Carlsberg.
2. Growth in Virtual Meetings.
Technophobes are now being forced to adapt to the ‘new normal’ and learn new skills to enable remote working. People working from home now rely on video conferencing instead of phone calls or real meetings. This is a trend not expected to end any time soon.
3. Higher Demand for ‘DTC’.
‘Direct to consumer’ brands are doing well at the moment. They eliminate complicated supply chains and pass on savings to the customer. They also promote better relationships with customers, helping develop brand loyalty.
4. New Ways of Working.
If we haven’t been furloughed, or are still required to attend our usual places of work, the chances are that we’re working from home. What this is teaching us is that for the most part, lengthy commutes and days in the office aren’t necessary for us to get our jobs done. Employers are latching on, providing flexible working, and more and more people are looking to move out of London to the country.
5. A shift from ‘Nine to Five’.
As employers realise that working from home for many of its employees is viable, many are scrapping traditional nine to fives for more flexible schedules. Expectations like having to answer emails throughout the day are becoming more relaxed, and some employees can benefit from the improved work-life balance as a result.
As it’s not viable for everyone to work in the same office due to social distancing, companies are frequently looking to automate specific tasks. While this concept is nothing new, this virus has spurred companies to adopt to ‘digital’ much quicker and with little choice.
7. Maintaining Growth.
Companies have less to spend on advertising so need effective and trackable channels such as referral programmes rather than other expensive strategies which can’t be traced. While some businesses aim to cut prices of their stock, this is dangerous long term. It’s arguably better to focus on brand loyalty, build great relationships with customers and get them to rebuy time and time again.
8. All About the Values.
During these times, the businesses which are helping others and saying the right things tend to be most successful. People are keen to support local establishments and more considerate of who they are buying from. Therefore, if businesses live by the values of their customers, they’ll find it difficult not to thrive.
Act Now to Protect Your Business During the Latter Part of COVID
If individual businesses haven’t reviewed how to adapt in these times, they need to start doing this now, while they still have the chance. Although this doesn’t necessarily mean permanent changes, they might need to diversify their offering or re-shape their strategy for the current climate.
If you are needing help with any of the above, please do not hesitate to get in contact. We have been helping brands adapt during this unprecedented time and always keen to help where we can.
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