Today most of the industries face major challenges and uncertainties due to the impact of COVID-19 pandemic. It is really difficult for every sector to survive in this crisis. Now the major problem that they face is to provide support to their people, customers, and suppliers, etc. The implementation of policies and unpredictable government stimulus packages and the interest rate also affects many industries negatively. In the beginning, COVID-19 was a health and humanitarian crisis. But now businesses are rapidly adjusting. They are mainly focused on making alternatives for what is coming in the future.
Due to the spread of COVID-19 pandemic there expects a huge fall in the revenue of textile companies in the first half of 2020-21. They have faced a stoppage of production and shortage of labor during the lockdown. Similarly, the demand for the cement industry also declined by about 45-50%. Many small and midsized firms have the potential to fail post-COVID-19. But the future is uncertain.
It is necessary to implement effective measures by the industries to regain their market position after COVID-19. The companies should prepare pandemic specific policies, plans and, procedures for employee communication and social relationships, etc. The very first priority of an organization during the pandemic is that they should be conscious about the safety of employees, provide a safe workplace, provide all their necessaries and, all the support they need to focus on work. The industry can support its workforce by granting employee supports which may include providing them access to internal and external resources, e.g.: WHO (World Health Organization), Centers for Disease Control and Prevention, etc.
As per the changes that occurred in the case of geography, industries need to provide accessibility to all the factors that affect directly or indirectly. They need to identify the chance of activities and functions along with interdependencies. In this pandemic, companies need to give more attention to the geographical concentration of these critical activities and their functions. By all these strategies the industry can maintain its existing relationship with the public.
This article also outlines some of the creative ideas that help a corporation to achieve better results after COVID-19.
• Change your marketing style
It is difficult to predict the future demand and supply even though consumers are not purchasing now. It will change in the future. So, the best idea is to change the marketing and sales funnel. By providing our customers special offers and by giving them premium content for free, and high-quality content we can bring trust and increase brand awareness on them.
• Provide some social support
By offering some health care, special offers, new services, etc. give much help in health care sectors. By interacting more with public health sectors, we can bring a positive impact on society.
• Creating online tools for customers.
Social distancing is the key remedy for safety during this period. So, to tackle the distancing many people are searching the internet and are interested to shop through online processes. Another important idea is to educate customers about health.