The Business Impacts Of Coronavirus

COVID-19 caused all aspects of society to drastically change virtually overnight. Now, innocuous, day-to-day activities, like going to the movies and visiting a restaurant, can be seen as a risk. Additionally, the coronavirus pandemic has changed the landscape of the economy, employment, and overarching business prospects. 

All brands should prioritize the health and safety of their employees and customers to ensure that they won’t contribute to the spread of COVID-19. Because of this, there has been a push for social distancing in the businesses that are open to the public in addition to a reduction of staff across the board. As a result, there have been mass layoffs across all industries, and employment rates have yet to recover.  

The massive coronavirus market impact has highlighted the need for businesses to develop a strategy on how to navigate the new normal. A COVID-19 response helps businesses understand how their consumers are dealing with the pandemic, and luckily many already have one in place. Continuously evaluating and adapting the plan to fulfill ever-changing demands will make planning for the future a breeze.

Developing A Covid-19 Response

It has always been important to be nimble and prepared to change course on a dime, even before the pandemic hit. Now that the coronavirus is here to stay, however, crisis management is more important than ever before. Only right now, it’s important to maintain a balance between focusing on the immediate plan of action while also keeping your attention on the future outlook of your business and the industry as a whole. 

How your consumers interact with your business and the fact that their opinion of you changes based on that interaction is of the utmost importance. Therefore, it’s crucial for your business to focus its evolving COVID-19 response and future business planning on how consumers are behaving and how you can communicate with them effectively during this time.

Understanding Consumers

The coronavirus has changed consumer behaviors, habits, and norms in a huge way. For instance, the travel industry has taken a huge hit because of people’s reluctance to venture to far-off destinations. Additionally, the health and cleaning industries have seen a boom in activity because of consumers’ new emphasis on cleanliness and personal health. 

The experiences we’ve had during this pandemic will influence us for a long time to come. As such, it’s important to be in tune with customers shifting needs and expectations. One thing you can do to examine your consumers’ behavior is to key into their conversations and perceptions with customer survey tools, like Compass by the Harris Poll. With it, you’ll be able to have real-time insights that can help you understand your consumers better and change your messaging to them faster.

Communicating Effectively

Understanding where customers are in terms of their COVID-19 shopping habits is the key to communicating your brand with them effectively. Many brands that have created COVID focused advertisements and campaigns have been criticized for being tone-deaf during a global crisis, automotive companies being a primary example. 

The best way to communicate with your audience during this time is to continuously focus on empathizing with them. We’re all going through the same thing, so understanding what they need from your brand, and communicating that effectively, will go the extra mile. In addition, keeping a close eye on your competitor’s missteps may be helpful in avoiding the same ones.

Opportunities For Growth

Even though the coronavirus pandemic has halted the world as we once knew it in a lot of ways, many businesses have found this situation to be a catalyst for growth in new directions. Whether it’s investing in infrastructure that allows work from home or manufacturing new essential products, businesses are doing whatever they can to find alternative avenues that can lead them to success. Reinvention will likely be a common theme for organizations who are creatively strategizing on how to come out of this as a stronger brand.

Contact Compass today to learn about how we can support your brand during this time.

Amir Kanpurwala

Author Amir Kanpurwala

Amir has over ten years of experience in management and marketing consulting and across a variety of industries, including pharmaceutical, consumer product and retail, financial services, education, and technology. Prior to joining Harris, Amir was a VP of Corporate Strategy at Wells Fargo, focusing on devising and implementing strategy to grow top line revenue.

More posts by Amir Kanpurwala

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