With Republic Day around the corner, the patriotic spirit is at an all-time high, especially after a particularly grueling year we all have had. What unites all of us as a nation is our never-dying spirit & perseverance in the face of adversity. As we hope that 2021 brings us good tidings, we need to have a perspective regarding the effect COVID-19 has had on our economy. The prerogative to cautiously march ahead against all odds falls on the youth of the country. According to the experts, the nature of the economy is like a delicately balanced game of Jenga, and 2020 has knocked the entire tower down. That being said, there were a few underdogs that emerged beautifully in the face of such an unprecedented crisis. It goes without saying that the top three sectors that have preserved are, IT, healthcare, and Communication Services.
- Communication Services: Digitization is the name of the game as seen in the year 2020. As we were pushed into a government lockdown, people turned to their phones and laptops in order to maintain communication with their friends and family, while also relying on the network to work from home. While long term resiliency strategies are needed to work around the loopholes, the communication sector has emerged as a great source of development for the Indian economy.
- PUBLIC RELATIONS: The feeling of being virtually present in a physical world is a powerful sensation & amidst this pandemic, it has become an inevitable phenomenon. With immersive technologies, there’s now a dizzying array of creative experimentation going on, and it’s imperative to make your own mark. Using various digital marketing tools & branding techniques will not only alleviate your presence in the market but also put your firm on the map forever. Whether you’re developing your first brand or creating a brand strategy for a client, it’s imperative to understand what a brand is & what it takes to create one.
- IT Services: The IT sector is highly profitable at the moment as companies were scrambling to find their footing when they were faced with the challenge of working remotely. IT services help organizations and companies have better cybersecurity, allow them to adapt to new technology making them resilient, and enable digital transformation maturity, making them future-ready.
- Healthcare: Private sector in healthcare makes up for a major chunk of the total healthcare expenditure. It is easy to see why – telemedicine and PPP (public-private partnerships) allow leading private hospitals like Apollo and AIIMS to be accessible by the public. Moreover, the presence of several world-class leading hospitals makes India a great spot for healthcare tourism.
However, as the economy has taken a nosedive, it made investors unsure of where to go with their money while giving them no room to hide. Some companies have seen their overall valuation plummet by 80% in a matter of a few days. When push comes to shove, it can be easy to panic, but the best advice given to such investors is to keep their money in the market by thinking of the long term. Needless to say, investments in the sectors of tourism, banking, and metal industries have been impacted the most.
The situation seems bleak right now which is the popular perception of many people. However, all is not lost as there is still some hope left for the recovery of the situation. Being a Communications Specialist and Founder of One Digital, India’s top 360 degrees Architectural Communications firm, I would suggest that all firms, no matter how big or small, need to have a strong communications strategy in place.
- With the help of a dedicated marketing and branding strategy, it is easy to see how several brands have become household names in India. Having an allocated budget for branding and marketing, which will only go towards making your firm more accessible.
- Having a good head on your shoulders will decide the future of your firm. Smart strategic planning is a must when it comes to marketing. It is essential that you allocate a team for branding. But, do not shy away from asking for professional help. It will help open the floodgates for potential clientele, thus, expanding your business.
- Establishing an online presence will be nothing short of a boon for your firm or company. In the age of digitization, having a strong online presence helps set your firm apart from others. Clients like to know that they can reach you at any given time. Furthermore, the spades will be in your favor if you have a strong branding that can help build a consistent identity across all the internet platforms.
Lastly, it is essential that your network. Networking is a great way to meet new people that can later help you tap into new markets. There are countless global events occurring at any place at a given time – most of them are easy to attend or even access with the help of a reliable internet connection and a good laptop.
Authored Article by Ar. Himani Ahuja, Ceo & Founder, One Digital.