The global economy has been decimated by the impact of the COVID-19 outbreak and industries across the board have been gravely impacted. While authorities continue to combat and make an effort to minimize the spread of this deadly virus, businesses are trying to survive and re-emerge in a new paradigm and unfamiliar territory.
For example, the airline industry has taken drastic measures. Despite reductions in airline flights and capacities, in order to stay afloat airlines have implemented new policies and restrictions which very well could shape the future of how we fly (well at least in the short term): blocking middle seats, limiting the number of tickets sold, waiving change fees, mandating the wearing of face masks and adjusting food and beverage onboard service procedures, including eliminating glassware amongst other factors.
In the hospitality industry, hotel stays as we know it are also stripping down their services and more so for higher-end hotels where personalized service and amenities have long been part of the lure. At the same time, hotels are elevating a couple of key amenities these days: cleanliness and health-consciousness over the things that mattered in the past such as restaurants, pools, gyms, bars, make-your-own-waffle stations – all of which are now taking a back seat in order for the business to stay afloat.
Retail is another causality to the Pandemic. Shopping malls will look different. It is no secret; malls have been struggling because of the paradigm shift toward online shopping. Malls have deployed physical distancing markers everywhere, plexiglass at cashiers, play and common areas are shut down. During Covid-19, consumers will be reluctant to roam the stores, browse the aisle and try on clothes. The future of retail remains in the balance. Will people, and what was deemed the norm change their shopping patterns? Consumers, because of Covid-19 will continue to wear masks and maintain physical distancing and establishments are still going to limit the number of people that enter the store. Some have argued the customers will eventually gravitate back toward physical stores which will serve as alternative to staying at home and looking at a computer screen. Again, only time will tell.
As industries continue to rebuild and reemerge from the crisis, the harsh reality, irrespective of market sector, is that the recovery process promises to be complicated and long and some companies will be forced to ‘sink’ or ‘swim.’ For the foreseeable future until a vaccine is available, businesses continue to seek out how to survive.
Many businesses are just not equipped to save themselves, so they are seeking outside assistance to jump-start revenue and aid them to monetize strategic business opportunities in the areas of new product development, business strategy, channel management, digital/interactive marketing and competitive response. The most valued assistance being sought:
- A go-to-market plan – how to jumpstart their business after being shuttered or reduced
- Digital marketing – customized to each individual business’s needs and circumstances
- Marketing budget – recommended marketing spends and budget
- Online presence – website recommendations and/or suggested improvements
- Online deliverability – products and services that can be delivered digitally without personal contact
As most industries are asking themselves – “what are we going to do?” help is available.
Target Rich Solutions offers a life jacket so your business will not suffer the same fate as the Titanic. Founded in 2005, TRS is powered by a group of marketing veterans with high profile experience. For more information on how TRS can help, contact us here.