Hello folks!! I hope you are doing well today, so I went through various blogs and videos about the impact covid-19 had on business operations. And What I found is diversified information, people have shared information varying from industry to industry.

Some were talking about the restaurant industry, some prioritising multinational businesses, educational industry and so on, and that is not wrong covid has affected the way businesses were operating lately but there is some space which every business industry shares.

And that space is about the changing habits of consumers, Employee skill set and dynamic strategy creation. In this article, we will look after the impact of covid on these elements and how you should adapt to them,

Let’s dig deep-

1.Customer Preferences/Adapting to new Changes.

IMPACT: the consumers are spending their time and money differently, surveys show people are uncomfortable visiting public places. The purchasing platform has shifted towards e-commerce. The habit is transforming towards hygiene and health.

In addition, there are negative impacts on the economic condition of consumers so they are pretty conscious while spending, living and working are re-centred towards home, people are purchasing products benefiting a variety of age groups at a time, 

Furthermore, in-app purchases are drastically improved, advertisements on-road banners are not as influential as the tv ads or Facebook ads, from consultation online to interaction with officials to relatives all the traffic is on internet platforms and this change is definitely of a long term, for the majority.

ADAPTATION: Well, the consumer has shifted their preferences, So you should too now the question is how? 

  • Analyse long-term and short-term market trend: Analysing the effects of covid on market trend the behaviour of consumer is shifting and what we need to do is categorise these behaviour changes into potential long term and short term changes, analyse the trend was in existence before covid or the trend is new since covid began.
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by harvard business review
  • An eye on changing preferences: “surveys are slow” yes you heard it right usually it takes 24 hours to read and analyse the collected data in a survey. And that number is a matter of concern as preferences are changing on an hourly basis. People have shifted to digital, Facebook has seen a 40-50% increase in usage since the crisis began. So using Facebook analytic data, Instagram, google ads, consultation on google meets etc to Rapidly understand consumer sentiment and develop new ideas.
  • Support Your Consumer wants & needs: Connecting with them, not just for marketing but for genuine support For instance, Ford’s “Built to Lend a Hand” campaign outlines initiatives including payment relief and credit support. You can offer discounts, free trial extended periods, These experiences you provide will build positive relationships and governments are also helping such initiatives.

2.Creating Dynamic Marketing Strategies.

strategy

IMPACT: Usually the marketing strategies were built on the basis of long-term market trends, companies were only investing their capital on long term changes and that was right, but that’s not the case now.

The landscape of business has changed, now the marketing strategies need to be dynamic, the people’s choices are constantly shifting from platform of purchase to usability, trust.

[the price factors are uneven. For example- the majority consumer budget has shrunk for products like apparel, fast foods and has grown towards health-related products, services and hygiene]. “Necessity over entertainment” 

Furthermore, the marketing strategies only promote sales. are not influenceable among people. A product or service that benefits society at the same time in some cause is the only one left that influences people to purchase. have a look at this genius marketing program by MAMA EARTH.

  • It manufactures toxin-free baby care, skincare, and hair care product. they used a “single-channel” YOUTUBE for the promotion of their product, they used their marketing budget to hire “youtube influencers” who have a decent audience following them. by doing this they targeted a large number of audiences who were not known to their brand. currently, five hundred mother bloggers spread awareness about the brand.
  • To even further their approach of spreading goodness they initiated a ‘Plant Goodness’ initiative to plant a tree for every order received. To augment that, they also started a ‘Plastic Positivity’ initiative which aims to recycle plastic. Isn,t it an amazing strategy to beat dymanic behaviours.

ADAPTATION: what really do I mean by dynamic marketing strategy? Well, it certainly means course correction again and again in strategies with changes in trend. Let’s dig deeper

What is a dynamic marketing strategy?

A dynamic marketing strategy means easy to modify strategy within a short span of time. It also involves the concept of creating multiple strategies suitable in accordance with the different digital platforms to cope with the changing behaviour of consumers. In addition, We have to understand that every business approach is different and these dynamic marketing strategies are only made out to match the consumer preferences. 

Furthermore, we need to deeply understand the fact that: marketing strategies are made for two very common purposes: first is to outperform competitors and secondly is to approach consumers. These are two different aspects.

Now analysing competition and offering better than them is an important part but with covid, the more concerning area is, of course, consumer marketing so here dynamic marketing strategy is all about analysing and improving the consumer experience.

How to create a dynamic marketing strategy?

marketing strategy breakdown 11zon

STEP-1  DIGITAL PLATFORMS BUILDING: your customers are moving towards the digital age and all you need now is to present your business there.

Use social media platforms, forum sites, youtube, amazon all digital platforms to build your presence so more and more people could know about your business.

STEP-2 COLLECT DATA AND INTERACT THROUGH TECHNOLOGY: once you are established on the digital platform the real process starts now we are ready to collect data and Interact with people because it is the only possible way to analyse a market trend shift quickly,

Technology here refers to the use of a permanent pulse monitor- Use advanced analytical models that draw on multiple sources of insights to monitor sentiment and detect new patterns of behaviour. 

[Ex-similarweb.{plugin} A website traffic tracker which decodes the traffic information into various readable aspects like sources, geographical location of majority traffic, ranking in their niche etc.

And there is also basic analytical data and is always available nowadays on these social platforms providing a handful of insights when you are running a business profile.

furthermore, use software automated boats to enhance interaction to various queries of people approaching you so you could collect data at a greater pace.

STEP-3 FORMING MULTIPLE STRATEGY FOR MULTIPLE PLATFORMS: now that you have data of consumer preferences you along with your team can create multiple marketing strategies for multiple platforms and the strategies are easily modifiable as the information is available is in correct figures and in an adequate time one just need to maintain a permanent pulse monitor on changing preferences of consumers.

In addition, Impact of Covid-19 On Business operations has made realize people more aware about well being just try creating a marketing strategy which also includes the favour towards society just like the approach of mama earth I have mentioned before.

3. Skillset Upgrade of Employees & operations.

IMPACT: workforce disruption. That’s the issue that is faced by the employee community. They try to perform better to keep operations smooth while struggling to cope with what is happening in their daily lives.

Employees working atmosphere is highly affected by the covid-19 majority of employee community is shifted to work from home. Affecting directly the productivity levels, While a large number of firms have to reduce employee workforce so the ones who are still employed face issues relating to job security.

Furthermore, the Accenture survey reports that with change in preferences and accelerated growth towards digital platforms, it has forced employees to develop new skill-sets which are essential for running daily operations.

ADAPTATION: One of the Impact of Covid-19 On Business operations is employee sector, one can’t neglect the fact that the workforce is somewhat equally important as the consumers, but this field is manageable. You can work on it to improve the productivity scenarios in your business.

recruitment programs 11zon

1. employee training and development: You can hire a team of experts who will help upskill your workforce in your desired business process.

(customer service, sales, marketing team etc) which eventually helps in improving employee productivity & performance.

In this time where change is so common don’t push too hard on your workforce give them time with proper feedback facility relating to the training programs. 

2. Collaboration with institutions for the talented workforce: to understand this let’s look at this case study of the Icici and Sikkim Manipal University merger.

Organizations like ICICI bank in association with Sikkim Manipal University have gone ahead to design tailor-made management courses that bring out an overall development in a fresh graduate employee. These trainings are designed for the right fit-out for a job, post-training, to a specific organizational culture.

In addition, The employees attending this full-time management program are given a monthly stipend as well as a guaranteed job with a higher post after the training. This way ICICI bank trains and develops its employees to take on better tasks in the future while also securing employees for their future hirings.

3. human-machine collaboration: In any organization, there are several tasks taking place and simply asking your employees priority and analysing from your end as well to separate tasks that can be handled by automated technology and software bots.

By simply doing this you are saving them time and productivity of your human workforce which can be used for priority tasks that require critical thinking. as the workforce, consumer, task management etc are moving towards technology revolution. Technology mergers for tasks can provide a boost to the whole business.

4. Interaction With Employees: A good interaction always boost morale and productivity, Do it as often as you can interact with them on virtual meets, do voting polls on the new project keep asking for feedback weekly, be familiar and keep motivating them

In return, you receive loyalty, a good working environment and motivated staff to tackle everyday issues remember “Tough times don’t last tough people do

So in this blog, I tried to explain the impact of covid-19 on business with a complete description on how to deal with them and I hope you like this blog don’t forget to comment down your views on this and if you liked this one feel free to check out other blogs here. until next time😉😉.


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