How your business can adapt during Covid-19
Covid-19 has meant that for a number of months now, we haven’t been able to live the lives we once took for granted. Maintaining a distance from friends and family is a must, whilst being able to walk straight into a shop or restaurant is no longer a straightforward task, due to the effects of the pandemic.
The virus will have had some form of impact on your life, whether it’s being unable to work for the past three months or having to shield yourself from the outside world. The unprecedented times we’re currently experiencing have had a detrimental impact on individuals and countries across the globe.
Businesses across the UK have been dealt numerous blows by the outbreak of Covid-19, with many having to close their doors or reducing the amount of services and products they can provide. Although many businesses are trying their best to adapt to the current situation, unfortunately a large number haven’t been successful and have seen their business close its doors for good.
For many of the world’s most renowned brands, the current pandemic isn’t the only crisis they have been up against. The advantage to this is that modern day businesses can look back in time and see how similar brands within their industry changed their strategy and adapted to any hurdles in their way. If you’re wondering how to take a similar approach with your business, then Utility Bidder have looked back in history to see how a select few of well known brands changed their strategies to increase their chances of surviving during difficult times, and what you can learn from this.
Below is one example from Utility Bidders research:
Procter & Gamble
The 1920’s saw one of the world’s most economic crashes in history. The Great Depression had devastating effects on brands across the world, leaving businesses unable to to survive and thousands of people left unemployed. During this time it wasn’t doom and gloom for all businesses, with Procter & Gamble being one of them.
To save on business costs, many businesses were making their staff redundant, as well as reigning in on marketing and production costs; whereas Procter & Gamble did the opposite. Their thinking was that even though there was a huge recession currently in progress, people would still need soap and they used this to their advantage. By changing how they advertised their products and upping production, Procter & Gamble not only survived the recession, but actually came out of it more profitable.
Key points: By looking at Procter & Gambles strategy, the key points to take during the current crisis are to monitor what your competition is doing and look for possible windows of investment to name a few.
By looking at how Procter & Gamble adapted to the Great Depression, it can make you realise that being faced with a crisis doesn’t necessarily mean your business is going to struggle. Even if you do find your brand has been affected, you can still alter your strategy to make the most of a bad situation and help keep your business afloat.