Business As Unusual!

#Consumer #pendamicview #eBusiness

Covid-19 pandemic has caused much pain and agony to people across the planet. Companies have mostly been shut & only recently and partially opened. Schools & colleges continue to remain closed and the healthcare system has been overwhelmed in such a way that it will take more time to come on in its original shape. Employees are facing a threat of losing their jobs, contractual employees are no longer employed, companies are facing bankruptcies and the economy is in bad shape. This is causing fear and uncertainty in people like us.

So sorry that the last couple of months unable to maintain the consistency to write, collect & share with you. But despite all this sadness, there are some opportunities as well. With opportunities, it doesn’t only mean real business opportunities for companies like Zoom. And those other companies enabling virtual meetings and webinars or companies like Amazon hiring 1,00,000 employees for delivery services. By opportunities here we also mean the opportunities which are available for most of the general public affected by the crisis. Let us discuss and reflect upon a few of these opportunities.

With so much false information making the rounds, brands must stay true to official facts stated by the world's leading health organizations. Given the immense reach and power to influence that every brand has, we must evaluate every piece of information we put out. Brands should also keep a close eye on the tone of their communications.

With the COVID-19 pandemic changing life as we know it, a new normal will inevitably emerge. This includes changes in lifestyle, and consequently consumer behaviors as well & whether it is #Lockdown, #ShutDown, and or #Unlock-1,2….

Consumer behavior and Culture: Consumer behavior is influenced deeply by cultural factors. We are a social community with a high need for group activities – travel, tourism, shopping, religion, and entertainment. Festivals and rituals form a deep part of our religiously inclined psyche. C-19 lockdown notwithstanding, people have been known to conduct religious gatherings, wedding ceremonies, and birthday parties even at the peak of the pandemic. These are aberrations, hopefully. Are they?

Unsure Spending Power: As a result of a new vulnerability to job losses and pay cuts, there will be lower spending at retail for some time to come, till sentiments climb back up. As jobs, increments, and promotions get the ax during the pandemic, the cheer needed for economy-pumping spending will be missing for some time. Brands must think of what can be done to bring optimism and positivity to how consumers behave after the virus is vanquished, or is in a state of suspended abeyance? It will always be good to have been a caring brand during the C-19 pandemic. If a retail brand puts profits above people, those people are going to remember the betrayal. If a retail brand comforted victims and took positive actions like making PPE kits, or N95 masks, or transported daily need material to needy areas it will be remembered to some extent as a sensitive brand –the cynics might say that all this is just eyewash – companies are never really for the customer, they are for themselves only. If companies did not lay off employees when they were the most vulnerable, or if they offered their factories and hotels to be converted into quarantine facilities, would they be remembered at all after the return to normalcy? Probably the new normal would be a tad different from the normal we knew. Or probably not. Nobody is clairvoyant enough to know that today. As a brand did consumers notice that it tried to be relevant to the survival struggles of citizens during the pandemic? If they did, it might determine to some extent what consumers think of you after.

The greater realization for safety:-Priority of health & wellness, fear of unemployment, and disruption in routine caused by COVID has instilled the idea of saving for a rainy day in consumers’ minds and will reflect through their behavior. Brands who tick all boxes in such times by way of doing social good or enabling a better tomorrow will definitely see an uptick in demand and yield fruitful results in the post COVID era. If there was ever a time when the “greater good of humanity” ……..

Resilience will bear fruit

The post-pandemic era will test the true resilience of brands and their ability to scale. Those which anchor communication around fundamental messaging and align strategies quickly, will pierce through and witness monumental growth.

Are we agreeing on the same?

Request you please visit my latest article based on “Time For Business!”. The link is as below for your ready recon.

https://www.dhirubhai.net/pulse/time-business-priyadarshi-kumar-singh/

Thanks all of you who make this year more successful & learning to me. Without your effort & continuous feedback, it may not be possible for me to improve myself.

Thanks for the patience & time to read the article. Your feedback, like & share with a comment is precious to the writer for self-development & further improvement. I am sure you will enjoy the reading & eagerly awaiting the response!

Get in touch with my twitter account as “SinghSight” @PriyadrshiSingh