How The Covid-19 Virus Has Impacted Business

The news may as well rebrand itself as the coronavirus show. Over the past few weeks, it has enjoyed almost constant coverage detailing its impact which has affected basically every industry you could mention.

Here at the versed, we have had a wealth of information about the virus and the effect that it is having as well as examining things such as conspiracy theory’s surrounding the condition. Today with the situation escalating in the UK to the point that the Prime Minister has told people that they are only allowed to leave their home if they must, we look at some of the key issues facing the business.

What can brands do if the virus continues to be an issue far longer than expected?

You are probably fully aware that big brands such as McDonald’s have closed their doors this week. They are not alone in this as many other high street chains have shut down due to the spread of Covid-19. Nobody can give a definitive answer on how long we can expect this to last, nor can anyone say just how much more restrictive things are going to get.

But all this disruption has raised a question mark over even the larger businesses and their resilience. What chains are going to be able to make it through the coming months? After all, having a poor quarter is one thing, but what happens if months become a year? There is a good chance if that happens that some big players will have to turn to e-commerce for answers.

Of course, the government has stepped in to help in the UK and this has offered some relief, but many have lost their jobs already. It would appear the businesses that have been the most prudent may survive, but new businesses or those who are going through growth may end up struggling unless they innovate.

When the virus first showed up in the western world ad-tech firms seemed immune to the impact but the massive changes the globe has endured has started to show. It is a very different world when it comes to online advertising, even compared to the one we lived in just a few short months ago. It’s for this reason sales techniques are more important than ever.

How do we function in this new world order, where handshakes are a scary prospect?

There is some argument that communicating electronically has become the new normal anyway. However, even in an age where technology has become so pivotal, there is still no doubt that meeting in person and “pressing the flesh” is still how big business is done. Companies are going to have to come to terms with the fact that this approach isn’t going to work anymore and navigate through a world where social distancing is commonplace.

There are companies already being proactive in this area. Check out the Disney sales chief, Rita Ferro as a for instance. Just last week she sent a note to all their major clients detailing how they were aiding the efforts of advertisers who take advantage of live sports.

The battle for clicks continues

Obviously, The global pandemic has led to more people going online to consume their news than ever. Ordinarily, this extra traffic would be a boon for the industry. But keywords about the condition have been blacklisted making it difficult for publishers. Plus the strain on the business, in general, has prompted most companies to slash their marketing budgets. The challenge remains for businesses to overcome these hurdles. One thing is for certain at the moment and that’s uncertainty. Not just for businesses but for freelancers too.

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