What are the major takeaways of this pandemic?
The COVID-19 pandemic has triggered some of the most successful businesses while pulling the rug out from under some brands and companies that were just about beginning to make their mark. While the current atmosphere caters to the ‘survival of the fittest’, it sure has taught us a thing or two if not more about reassessment, adaptation, adjustment, flexibility and innovation. Learning from COVID has been a complete game-changer for some while being an eye-opener for others.
Let’s take a look at the top 5 takeaways of this pandemic.
E-commerce and digitalization is a brand saviour
Brands that have managed to build a strong digital strategy have reaped the most in this dire situation. Leveraging technology and establishing a solid foundation through virtual interaction has helped retain customers and build greater trust between brands and their clientele. From live streaming on Facebook to influencer outreach and more, e-commerce has been the most booming sector during the pandemic and continues to get more robust with every passing phase.
Adaptability in the middle of a crisis
If there is one key learning from COVID that we all need to pay heed to, then it is the fact that NOTHING IS PERMANENT. Just like life, business and work can be extremely unpredictable and you can never be too sure of what may strike you at any given point of time. But this is where your skill in adaptation matters. Can you mould your business in the middle of a crisis? Can you revamp your marketing strategy to fit the ongoing situation? While some businesses laid off people and downsized their presence, some found new ways of implementing their strategies while allocating and shuffling resources to work in accordance with the pandemic rather than shutting everything down.
Opting for local supply chains
If we look around, there are plenty of locally sourced goods and resources, most of which go unnoticed. However, taking this key insight and turning it into the best of practices, some companies were smart about switching to local supply chains to keep their business running rather than panicking over a shutdown of the imported resource cycle. Not only did this help in cutting down additional costs during and after the pandemic, but it also put the brands in a more favourable light in the eyes of their consumers as it showed their ability to perform in innovative ways during a catastrophe.
Strong partnerships have helped during this time
You have heard the saying ‘United we stand, divided we fall’, right? Well, this thought rings true for businesses who have partnered with other brands to make a bigger, more profitable impact during and after the COVID-19 pandemic. In such tough times, we can’t survive alone, and partnerships have been one major aspect that have brought about a considerable amount of success for brands that chose to partner with other brands in and beyond their respective sector. By doing so, they didn’t just get great PR but also reached a wider audience.
Company culture and employees who are truly valued
Some organizations are number-driven, while some are employee-driven, and in the COVID-19 situation, the latter has benefitted the most. An organization is as strong as its work culture and employee satisfaction rate, and company culture is what has helped brands in maintaining their foothold in the industry. Organizations have realized that it is important for employees to feel wanted and secure, and that at the end of the day, employee loyalty goes a long way in shaping the outcome of a company.
Hard work is a necessity
Resilience is an ordinary word, but means the world to those who have been struggling to make ends meet on the business front. Yes, innovation and creative ideas are important, but hard work is what truly pays off at the end. No matter how difficult and unsettling the circumstances may be, it is important to keep trying and hunting for ideas that can bring about lucrative opportunities. One of the biggest problems businesses face at such times is the unwillingness to adapt and change, but that is where the solution to your problem lies. It is in the ability to work hard and to mould oneself with the changing times.
In the end, it is quite alright if the coronavirus pandemic turned your business upside down. It is never too late to spring back on your feet and start planning for the future. Have a vision, chalk out your goals, get your priorities in order and make sure your strategy is in place. The rest will all come together! Let the COVID-19 pandemic be a learning lesson for better business decisions and roadmaps. The best is yet to come!