How to Be Ready For a Post-Coronavirus World

In previous articles, we’ve talked about how to not only survive but also thrive during an economic downturn. What this article focuses on is a few specific strategies and plans for seizing the market after a downturn.

When all is said and done with the virus, we challenge you to question: Will you be ready to play from an offensive stance, or will be caught on the back foot?

As the management consulting firm, McKinsey & Company has said,

“In a crisis, it’s natural to focus only on the near-term business results and adopt a pure survival strategy. But that could mean winning the battle but losing the war.”

Here are 4 ways to be ready for a post-coronavirus world. 

  1. Continue to Communicate

Temporally going dark in the marketing department may save a few resources. However, while you’re silent, another brand is stepping in to capture your audience/customers. 

Data from McKinsey & Company shows that the enterprises that survive after a crisis are those that “keep communicating with their customers through the downturn.” 

Media site, AdAge has similarly reported, “History shows marketers who keep spending during downturns fare much better.”

  1. Refocus the Team 

Right now you and your team may only be focused on what’s right ahead of you. Although, once the market conditions improve, common goals and expectations will need to be reset. 

Of course, employees don’t often mind refocusing. However, they do expect to know what direction they’re heading in and the expectations that are to be met. 

  1. Reshape a Results-Focused Culture

A results-focused culture means you’re measuring and doing those few things that truly move the needle towards your organisational goals. 

No longer are you going to simply wait for things to happen. Instead, you’re going to make them happen.  

A cornerstone of a results-focused culture rests upon having measurable and meaningful milestones with rewards for performance. 

4. Rebuild Brand Trust

In many ways, trust in institutions like governments, universities, businesses, and even “experts” or celebrities are all sharply declining. What you do not want is your brand or organisation to be added to the list.  

In order to maintain trust, you must stand upon your company’s convictions and then deliver. Warren Buffett has famously said, “It takes 20 years to build a reputation and five minutes to ruin it.”