Article originally published on Orlando Business Journal
Currently, COVID-19 (coronavirus) is changing how we live and work. This experience will make a significant mark in the history of our planet, yet we should do our best to make sure something good will come of it, too.
The coronavirus has changed our lives — from the way we socialize with people to the way we consume media, how we engage with brands and the ways we do business. It has forced corporations to send their employees home to conduct business as not-so-usual from a remote basis relying on digital platforms such as Zoom, Skype, Microsoft Team and others. It also has brought a few positive notes, helping people maximize their time better, multitasking between working from home, practicing their favorite hobbies/sports and spending quality time with their love ones — something we all were losing out on in this fast-paced, over-tasked society.
Due to this big change in our daily lives, brands and corporations are being forced to evolve if they want to survive moving forward. Certain industries will be extremely hurt by this virus, such as retail, real estate, education, entertainment, car dealers, etc. However, it will push these industries and others to redefine themselves and find new business opportunities in this quickly evolving market.
In his best-selling book, “Think and Grow Rich”, Napoleon Hill said, “Every adversity has the seed of an equivalent benefit.” In other words, when business slows down for unexpected reasons like the coronavirus, financial uncertainty, or anytime when it is not business as usual, executives need to find windows of opportunity.
Here are some 5 helpful tips to create positive change:
- Don’t panic: Easier said than done when a recession is hitting the door, right? In order to survive, unfortunately, you may have to make some very difficult decisions. However, worrying over something that is not in your control won’t get you anywhere. Take advantage of the different stimulus packages and tax incentives from the government so you can keep your business running and your team afloat. Make the best of things during these difficult times and focus on the positive changes you can make.
- Get creative: This is a unique scenario and can be an opportunity to review your strategies, put growth plans in place, implement new training sessions for your employees, learn more about the communities you serve, and learn how to develop and execute culturally relevant strategies that will resonate with the different audiences you want to serve.
- Master communication: Thanks to the benefit of communication technology, face-to-face interactions won’t disappear, although they will be reduced. Working at home will become even more acceptable. Media will evolve due to changing consumer patterns and behaviors. I foresee a big shift from traditional media to digital, OTT (over-the-top media services) and streaming. Right now, understanding your consumers’ DNA, cultures, wants, needs and desires are crucial to your business success.
- Be proactive: Take this business pause to identify and target new consumer segment growth areas, such as Hispanics. There are incredible growth opportunities within this demographic in particular. So much so, that it can help you outpace the loss of profit due to the current circumstances. Your general market one-size-fits-all approach won’t be sustainable any longer. It is time to branch out and reach consumers you haven’t genuinely connected with before. People will be eager for new connections. Do it culturally right and you will earn a strong, loyal new consumer base.
- Humanize your brand: The worst thing you can do is nothing. Take this opportunity to personalize your brand through advertising. Humanize it as a fellow person who cares about the well-being of the people and the hardships they are going through. This will help you build lasting relationships with your consumers. There are brands such as Echelon, Toms and others that are doing a great job with online campaigns. You have an incredible opportunity to be in front of a captive audience who are online, watching TV and listening to the radio. In fact, Verizon recently reported a 20% week-over-week increase in web traffic.
COVID-19 will continue to be on everyone’s mind for quite some time. We all need to be aware of how this will affect our everyday lives and how it will affect everything else around us. We have to be cautious; we have to stay informed; but we also need to stay positive and help everyone around us do the same. We have to be able to communicate with potential customers in the language they are most comfortable with, especially in times of stress. It is our hope now to spread a greater degree of compassion and inclusion, and to keep looking for the positive possibilities in everything.