How should business get through the Covid-19 Pandemic?

The current period is indeed crucial and not very optimistic to most businesses. However, crying over spilt milk won’t gain you any help. So how should organisations get themselves together in this period?

Here are 3 suggestions to what businesses can explore on:

1. Review and revamp business structure

Things are changing and evolving very rapidly especially in this VUCA world. In such time of crisis, businesses are acting frantically with the major loss of sales and income. Most importantly, no one knows how long this adversity will last. While instead of dwelling over the negativity, organisations should source for new measures with the available time to regain the losses after this tough period.

Depending on organisation, a business restructuring can be major or minor, but they are typically required at some point of time to comply with the frequent changes in today’s economy and to maintain the viability of the company. Doing it now may seem like a good time!

2. Invest on building greater awareness

It is totally understandable that companies are cutting their marketing budgets to reduce costs. It may also seem inappropriate to be advertising in the current unprecedented period. However, firms should also consider the facts that people are spending more time online and gaining greater exposure on ads. As quoted from Michael Scantlebury, founder at London ad agency Imprero, he mentioned that “TV viewership is already higher than normal as people are indoors more”.

Should organisations risk to forsake such opportunity to gain more awareness for their brands? According to the observations of Neil Patel, this is actually a good time to double down. Due to the fact that during an economic downturn, organisations will find that they will have less competition, which means it is easier and faster to get results.

Yet bear in mind that brand advertising should be done strategically in such period to avoid any insensitive and unprofessional advertisements.

3. Shifting things online

The current situation has once again proven how digitalisation has brought in much convenience and solutions. People are interacting much more through online platforms and gaining greater exposure with new technology. Companies are also making adjustments to allow employees to work from home and businesses to run through online platforms.

This has nevertheless conveyed the strong need for businesses to better leverage on online marketing strategies to capitalise in a digital world and keep their business running even in such crisis. We saw how online sales are indeed growing over the years and this is anticipated to grow even higher.

So, are you ready for the battle ahead?

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Jolene Soon

Jolene Soon

The world is continuously moving at a greater speed. It became a luxury to sit down quietly and start reading and writing.