COVID-19 has disrupted the flow of almost all businesses. However, COVID-19 has also turned out to be a great opportunity for businesses to innovate and design unique solutions
COVID-19 has taken all of us by storm. Believe it or not, as much as we dread a deadly crisis, history is a testament to the fact that it always takes a calamity to create something unique and out of the box. Nothing stimulates us more than a worsening economy. Some of the greatest inventions of all time namely Law of Gravity, Basketball, IPod, were crafted in times of crisis.
DIGITAL TRANSFORMATION: FROM “NICE TO HAVE” TO “MUST HAVE”
There is no denying the fact that companies are struggling to stay afloat in the turbulent waters of COVID-19 Pandemic. To keep their boats sailing forward, businesses are embracing digitization more than ever before.
Digital Transformation has taken an enormous leap from being an option to being a priority. It has surpassed all the physical and virtual constraints and aided businesses in thriving amidst the crisis. Let us discover how.
DIGITIZATION: ANSWER TO ALL BUSINESS PROBLEMS
- A large number of companies are adopting videoconferencing tools and project management platforms to facilitate a smooth and efficient functioning of remote work. Many are also approaching digital consultancies to digitally build their websites.
- Grocery stores are witnessing a surge in their app installs.
- Schools and Universities are implementing virtual learning models.
- Real Estate Industry is turning to VR Platforms to let potential customers take virtual tours of houses and buildings.
- Retail Industry is using Augmented Reality to let customers get a hands-on experience on clothing, eyeglasses, furniture without being physically present.
- In the healthcare industry, doctors can use VR to study detailed scans of any patient without his presence.
- The travel industry is also showcasing virtual tours to its customers with the help of VR and AR.
- The finance industry has also scaled upon its digital operations with the help of digital agencies. More and more financial advisers are also seeking online solutions.
- Fitness platforms are also resorting to live sessions, consultations to keep their customers fit amidst lockdown.
Why digitally transformed businesses are succeeding?
It has been observed that companies that were quick to embrace digital transformation as their policy are better positional to manage this crisis and adapt to immediate demands compared to companies resistant and passive to change.
How Brands are Leveraging COVID-19 Crisis?
- Boosting Brand Equity
In the present times of uncertainty and sensitivity, brands can make or break their destiny. Instead of focussing on short term goals, marketers are emphasizing a long-term goal of building brand equity. They are concentrating on the bigger question at play of how they can add value and solve their customer’s problems. Great brands create strong brand equity if they handle the crisis well. Digital consultancies can help you build branding strategy.
Virtualizing The Offerings
Companies from the travel industry are leveraging video software and social media to provide virtual tours and run virtual events to engage their customers. Creating quality content that’s informative as per the current scenario provides to both current and potential clients. An increasing number of companies are shifting their focus from advertising to empathy-driven inspirational content.
Customized Offerings for Impacted Customers
Companies are customizing their offerings to provide more value to their impacted clients. They are providing resources and reaching out to customers to establish transparency and loyalty.
Less pitches, more solutions
There is a growing need to be empathetic to the current situation and in no way use it to exploit or manipulate customers. Adopting a humane approach and showcasing empathy and concern can go a long way in establishing good customer-company relations. This is the perfect time for brands to be their best selves. You can consult digital agencies to strategies and plan to build good relationship with your existing customers.
Navigating New Economic Landscapes
COVID-19 has altered corporate and commerce forever. The scare will forever remain, but it has also fast-forwarded the company’s roadmap to navigate into untraversed economic landscapes. If they strategize and implement at the right time, companies might bear fruits of their early saplings in years to come.
While the COVID-19 crisis has turned out to be quite a black-swan event, it has also given us a life-long lesson on business alertness and agility. As we all come together to win our battle against the Coronavirus, we need to demonstrate strength and flexibility to emerge victorious.
The bottom line is that going digital is no longer optional. If companies aim to survive and thrive amidst the pandemic, there is a pressing need to be constantly on toes, innovate, and deliver as per customer requirements and demands.
Since customers can’t come to products, companies must take their offerings to their target audiences digitally. This is the only viable solution to operate in the challenging era of COVID-19.
Authored article by Bhargava Ghatty, Co-Founder Scketch Digital Services