Mumbai, India, May 20, 2020 --(PR.com
)-- Currently we are all asking ourselves: How soon will the crisis end? How should I resume with things post lockdown? Will everything be the same as it was before the lockdown? Where will I be in 6 months, 1 or 10 years from now?
Pancham Banerji, seasoned digital and media entrepreneur and CEO, AdEngage and AdEngage Studios, an integrated digital communication and web-series production company in India, shares his views and analysis on doing business and marketing post lockdown.
Experts say that there is a high possibility that we might be tied to our homes for months until we find a vaccine. Nobody knows how long it will last and how soon India and the world will bounce back. The biggest challenge for any business now is “continuity.”
Pancham foresees two major shifts in customer buying behavior:
- From looking for wine and cheese to enjoy; now they will look for toilet paper, pasta, and rice to survive at home.
- From meetings, fairs, events, and conferences they have moved to video conference, mail, messaging, etc.
Businesses post-coronavirus may look like this says Pancham:
1. Contactless Interfaces and Interactions
With the increase in people wanting to limit what they touch, post-COVID-19 we will see the reduction in usage of the touch screen. More of contactless payment, voice and machine vision interfaces will limit the amount of physical contact. This is a great opportunity for tech companies. There is a big possibility that tech start-ups might surprise big tech giants both in terms of technology, market share, and revenue.
2. Strengthened Digital Infrastructure
COVID-19 has taught all of us how to live life with limited resources. So, soon professionals will try to avoid traveling for board meetings, conferences, events, and outdoor gatherings as much as possible. Video calls or zoom meetings might soon become the new normal in corporates. Many will start conducting virtual consultations or online classes. Hence, it is necessary to strengthen your digital infrastructure at home so you can always have the feeling of working from the office.
3. Better Monitoring Using IoT and Big Data
There will be better apps for effectively monitoring future pandemics by using the internet, technology, and big data. GPS data can track where exposed people have been and who they have interacted with.
4. Small Shops will go Online
After COVID-19, even small businesses will switch to online selling to stay competitive. We can expect a better improvement in logistics and delivery systems to accommodate surges in demand.
5. Steep-rise in Digital Events
After COVID-19, event organizers will figure out ways digital aspects can complement in-person events.
Thinking about a few possibilities of a quick recovery, Pancham says:
- If a country limits the growth of the disease within 2-3 months, full recovery is possible in the short-term.
- If the disease spreads faster than desired, then the overall economic recovery will be slower. If businesses can survive this period, they will emerge stronger and people who make themselves invaluable can retain their jobs.
Here are some strategies businesses must adopt to overcome situations Post-Coronavirus:
1. Focus on Core Competencies
Drop the extras and focus on what is best that's most profitable for your business.
2. Win Competitors Customers
Research your competitor’s strategy and see how you can outsmart them. Think of what you can do to entice their customers into becoming your customers.
3. Avoid Cost Cutting on Marketing
Many small businesses make the mistake of cutting their marketing budget or eliminate it at such crucial times when it’s much needed. "The steep increase in time spent online and low advertising spend by large corporations may lead to low bids for online advertising across all major auction-based platforms like Google and Facebook. This will help companies get more impressions at less cost. This is a perfect time to get more impact out of your regular marketing spend," says Pancham.
"Looking at the present trend, the in-home online and TV activity will increase and advertisers can reach their target audience during this time by investing more heavily in television (traditional or Connected TV), digital, and direct mail advertising over out-of-home advertising and this trend might continue for this year,” says Pancham Banerji.
"Compassion in advertising will be critical and will ensure brands remain in the positive light which will in-fact help in re-branding a brand. Therefore, brands that have lost clients in the past because of poor service can look forward to making a comeback into the game. The present situation is not the final destination; the best is yet to come. Sometimes the world needs a crisis to turn challenges into opportunities. Hopefully, we will use this time of crisis to rebuild and come back with a bang! #TogetherWeWillWin," says Pancham