Mastering Covid-19 for your business
5 principles to guide your journey through the new normal
It’s safe to say the world won’t be the same even after COVID-19 restrictions are lifted. Millions are out of jobs, furloughed or have taken pay cuts. People are even cutting their spending on essential services, and economists predict it will take at least 2 years to get anywhere close to 2019 levels in the market.
Disney was the sharemarket darling of the last few years, praised for diversifying its business globally to “withstand any crisis”, but now its living off an urgent US$20bn loan to stay afloat. Mask and cleaning solution startups are popping up everywhere, making use of unused production lines. Delivery companies have never had more orders than now, but are less profitable! As we journey into a new normal, the road will be full of many ups and downs. The only thing that is certain, is that it will be unpredictable.
Here are 5 tips to keep in mind as you navigate the outbreak and post-outbreak world:
1 – Change your priorities
As a business professional you’ve always been analysing your budgets to ensure the right return on investment. Now, more so than ever, we need to look at it through the lens of what is most relevant to the consumer.
Right now consumers need 3 things: Information, Inspiration, and Education (connection points, live stream, know-how etc). Are you able to shift your marketing budget into something that informs, inspires, or connects people?
2 – Empathy
People are on edge, and negativity will come easily as they look for someone or something to take aim at. Influencers have been abandoned and ridiculed online, and brands have been forced to pull ads every day.
Make sure you take an empathetic approach to any advertising you do at this time, and be careful who you work with! The pandemic may be a global event, but the effect is very local and communities will act out fast.
3 – Constantly reassess
As everything is changing so rapidly, reassess campaigns, initiatives or social media posts constantly to ensure they are still a priority and not tone deaf. What you decided 1 month or 2 weeks ago probably won’t be applicable or acceptable right now and may backfire. Humour at the moment may not be the best route, nor would anything that reminds people of what they can’t do anymore – so best to rethink, re-plan and get creative.
4 – Contribute
In this time of need for many – are you able to help? Can you help your consumers or partners? It will not be forgotten! Your website and social media is a powerful voice – use it if you can!
5 – Adapt, adapt, adapt!
Fact – paid ads are cheaper now than ever before. Is this a new avenue you may like to explore? Have other things you’ve considered in the past, but ruled out, now become more feasible?
Netflix reduced streaming quality to adapt for the increase in users, while many brands have suddenly begun offering online training for free to engage users. What can you do to adapt and leverage this situation?