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The COVID-19 crisis and businesses – long-term implications

Lately, we’ve seen more and more companies having to pass the test of the crisis. Some, overwhelmed by the multiple changes on the economic, social, and political fronts, have preferred to suspend their activities, but a good proportion of them have been agile, finding contextualized solutions and adapting to change. When we talk about solutions in response to the COVID-19 crisis, we are largely talking about increased hygiene measures and companies that have moved their business (including their communication efforts) into the digital environment, redefining their strategy and initiating new plans and scenarios.

The crisis will, of course, have long-term implications for businesses. For example, we will be able to talk about a digital marketing model that will give brands the ability to measure, predict and react, and brands that do not follow this model will most likely fail.

Other predictions have to do with changes in consumer behavior. Specifically, many people will temporarily move their activities home, working remotely. We are also talking about new travel preferences (most likely in the context of the financial crisis which will contrast with the increased appetite for travel), and the role of the entertainment industry in people’s lives will become more prominent with the increased need for entertainment. What specialists point out is that brands should have systems in place, to adapt to changing consumer behaviors.

Also, brands that have taken the initiative and shown presence and empathy in times of crisis, choosing a consumer-centric approach, will be rewarded in the long run. [1]

One approach that could work post-crisis for physical stores to regain ground has to do with consumer experience and the creation of so-called ambient wellness spaces. At the moment, people are paying more attention to hygiene rules than ever before and there are indications that, based on current experience, these will remain as important in the future. We may thus see an opportunity for retailers to develop physical spaces that will boost health, such as through air filtration systems. [2]  

When we talk about a crisis, we are talking about immediate implications, but also long-term effects, and to survive in the market, businesses need to adapt quickly, take measures appropriate to the context and try to anticipate consumer behavior in general, but also with applicability to the market in which they operate, to define next steps.



[1] BrandZ_webinar_20th March



Cosmina Chelariu

Junior Copywriter Minio Studio