In February of 2020, the economy was going strong. Consumer saving rates were up, and so were wages. Business was booming. Many thought we were about to enter a modern, heady version of the roaring twenties. Alas, March came in like a lion, and the Covid-19 pandemic snuffed out our hopes.
Over 100,000 businesses have shuttered their doors thanks to the pandemic and subsequent lockdowns. Increased uncertainty, consumer worries, supply chain issues, and more have come together to put the squeeze on many enterprises. On the surface, many business trends post-pandemic don’t seem very promising. But looks can be deceiving.
The ability to adapt to a changing marketplace, or agility as it’s known in the business world, is critical. Despite the pandemic, businesses have always had to adapt to market pressures when situations change. While the crisis isn’t permanent, its impacts on business processes and consumer sentiments are.
The ability to adapt to these changes will strengthen your business. This article on coronavirus and business insights will give you actionable tips and advice on how to give your brand a competitive edge in a post-pandemic world.
Change is inevitable. But growth is an option.
Most understand that change is inevitable. And this is especially so in the business world. But the pandemic has brought this axiom into stark relief. While business owners intuitively understand that the business world has drastically changed in 2020, the main issue for them on how to use it to their competitive advantage is two-fold.
1. Too busy working in the business to work on the business
Hands-on executives and new business owners in particular often fall victim to this. They’re too busy working on order fulfillment, employee management, client acquisition, and more to focus on streamlining and tweaking operations. One solution is to work with a dedicated growth agency that understands how to adapt strategies for the changing times, making the business more agile and profitable.
2. Feeling overwhelmed leads organizational paralysis
On a personal level, the pandemic has caused major disruption to everyday life. For businesses, disruptions and uncertainty are highly pronounced.
When can employees return to the office? Is communicating with and managing a remote team supposed to be this difficult? How can I help my customers feel at ease visiting my brick-and-mortar shop? It’s a lot to take in and consider.
Understandably, many business owners have no idea where to start or how to implement new, streamlined processes that will make operating easier. Worrying if your business will survive is a heavy load to carry.
Have an action bias. Figuring out what steps to take and strategies to implement doesn’t have to be overwhelming. Below are the top post-pandemic business trends and how to capitalize on them to make your business resilient and profitable.
Addressing Internal Processes: Tools to Easily Manage Remote Teams
Before the pandemic, many businesses were experimenting with remote work or were considering making the switch. Some were entirely against it and didn’t think remote work was practical for their business. The pandemic has tossed these companies into the deep end of the pool. While the trend toward remote work was a trickle in 2019, the pandemic turned it into a flood.
It’s possible that some workers won’t want to return to the office once the threat of infection has passed. And a lot of potential hires will be actively searching for companies that offer remote work options. When it comes to the future of remote work, offering convenient remote work positions will help your business attract and retain talent. 75% of surveyed job seekers said that offering remote work is a top non-remunerative way for companies to retain employees.
Not knowing how to implement and streamline systems for efficient remote work will cost your business time, productivity, money, worker engagement, and impact your ability to compete. Slack, a cloud-based collaboration tool, is just one affordable tech solution that makes remote work possible and efficient.
Slack, Coronavirus, and Business Insights: The Top Tool for the Post-Pandemic Office
Fast, thorough communication between employees, leadership, and clients is critical for your business’s health. When you can’t have people coming into the office because of the pandemic, replacing face-to-face communication with a user-friendly tool is essential. Slack is becoming one of the most popular tools for businesses in the post-pandemic world that facilitates secure communication between workers and management.
What is Slack? Slack is a collaboration hub that can be used to replace email communications. To sum it up, Slack is a giant chat room for the office. Emails can easily get lost in a bustling inbox. But being able to chat in real-time reduces communication errors that can hamper business processes and cause the company to lose revenue. With Slack, you can do the following and more:
- Collaborate on projects in real-time
- Make group discussion rooms, so everyone is on the same page
- Create private message rooms to facilitate communication on sensitive projects
In essence, Slack helps support the way people work together. The tool makes it as easy to communicate online as you would in person. You can learn more about how Slack works to make businesses more efficient here.
Coronavirus and Business Insights: Creating Streamlined Schedules
Asana is another cloud-based tool that makes managing remote teams easier. It’s a scheduling tool that helps reduce duplicative work and keeps employees on-track with deliverables and timelines. Tagging and chat features facilitate open, transparent lines of communication between team members. You’ll reduce the risk of missing deadlines and communication snafus when you implement a tool like Asana into your internal operations.
- Manage workflows effectively
- Easily organize and assign tasks to specific teams or individuals
- Track a project’s progress in real-time
- Proactively identify roadblocks in a project’s trajectory
- Collaborate remotely through the program
A major post-pandemic business trend is the march toward efficient cloud-based project management tools. Asana is one of the easiest project management and collaboration tools available. Learn more about Asana, and if it’s a good fit for your team.
Finding and Retaining Talent: A Top Coronavirus Business Trend
Waste in business is bad during boom times. But during times of uncertainty and economic upheaval, waste can end an enterprise. If the pandemic has compelled your business to restructure, how do you know which employees to keep, whom to let go, and which candidates are a good fit? Talent optimization software and solutions are becoming a major business trend post-pandemic.
Predictive Index is one of the leaders in this industry. With Predictive Index, you won’t be left guessing who’s a good fit for your business culture and position. This behavioral assessment tool helps hiring managers uncover the motivating needs and inherent talents of current and prospective employees.
So, what exactly is Predictive Index? It’s an employment test. Mostly, companies use Predictive Index during the hiring and interview process to measure a person’s suitability for a specific position. But the test can also be deployed to assess if a current employee may be a better fit for a different position within the company.
A business is only as good as its people. With easy to use and implement tools like the Predictive Index Behavioral Assessment Test, you can put aces in their places. Employees who excel at work and are in a position that suits their unique talents will be happier, more engaged workers. It means less turnover and internal strife within the company.
Pivoting your internal business processes for a post-pandemic world will give your company a competitive advantage. More efficient internal processes and communication built for the coronavirus economy will save time and money. You’ll protect and enhance your bottom line and increase employee engagement and satisfaction. Let’s take a look at external coronavirus business trends and how to capitalize on them.
External Coronavirus Business Trends
The pandemic has brought significant upheaval into everyday life. How are your customers holding up? Chances are, there have been substantial changes to your customer personas. You may be looking at needing to identify new customer pain points and how your business can address them.
On top of that, the buyer’s journey you identified in the Time Before Corona may have taken a few detours since. Creating a new road map and gaining insight into your buyer personas is crucial for remaining competitive in a post-pandemic environment. The main questions you’ll want to ask yourself are:
- How can my company address these new pain points?
- How is my product or service the solution to my customer’s problems?
- What’s my company doing to make customer’s lives easier?
It’s safe to say that the pandemic has drastically changed how people interact with brands. The most effective way to communicate how your company is the solution to your client’s problems is through content marketing. Being aware of how Google SEO works and how to best use social media to connect with your followers is critical if you want to keep up with post-pandemic business trends.
Brand Tone and Coronavirus Business Insights
Identifying a brand tone and using it consistently across numerous channels is an essential aspect of business success. Brand tone helps attract new customers and increase trust with current ones. Using a consistent brand tone can also increase your company’s visibility. But because of the coronavirus, you may need to consider tweaking your brand tone. You may need to do this several times, depending on the trajectory of the pandemic.
For example, brands that pivoted to using a more empathetic, caring, and serious tone fared well with consumers during the height of the lockdowns. Brands that continued to use a jocular, casual tone did not. Pushing hard sales and urgent messaging was also an exercise in tone-deafness during April.
Now that most places have lifted lockdowns, people aren’t as fearful, they are out socializing more. It’s safe to say that marketing can be funny again. But we’re not out of the woods yet. It’s possible that rolling or regional lockdowns will happen if cases spike and hospital capacity is threatened. Being agile and adaptable with brand tone is a must.
How did you treat your workers?
A company’s poor treatment of workers never ages well. But that’s even more pronounced in a post-pandemic environment. Research shows that how a company treats its workers during the pandemic will impact whether people will want to buy from it and remain loyal to the brand.
In the Time Before Corona, the way a company treated its workers wasn’t under such intense consumer scrutiny. But this is one coronavirus business trend that’s not going away. Communicating with your audience on how your business supports workers with safe, flexible working arrangements is a critical aspect of a post-pandemic marketing strategy.
Post-Pandemic Business Trends: A Takeaway Message
There have been many instances throughout history where the world has drastically changed. These changes have had far-reaching impacts on how businesses operate. The Covid-19 pandemic is no exception. Being able to adapt and roll with the punches of post-pandemic business trends will help your brand stand the test of time.
InThink Growth Agency is here to help address these post-coronavirus business trends and show your company how to capitalize on them for a greater competitive advantage. We’re the lifeboat you need in these uncharted waters.
While InThink is a marketing agency, it’s also a business consulting agency with experienced and skilled growth marketers and brand consultants on the team.
If your business was a vehicle designed to get you to your dream destination, then we’re the engineers and technicians that look under the hood. We make the car look like an enticing ride with marketing designed to drive engagement and conversions. But, we also ensure that the engine of the business is in excellent working order.
Is your business ready to face these new challenges head-on? Contact us today and let us help you drive massive growth for your business despite the corona craziness.