4 Business Development Trends Arising From COVID-19

COVID-19 has impacted businesses of all shapes and sizes. While e-commerce sales have increased for some brands, brick-and-mortar small businesses have been suffering the worst of the negative impacts.

By early April, nearly 25% of small businesses reported being shut down temporarily because of COVID-19, and 40% of the others said that they expected to temporarily shut down in the coming weeks.

J.C. Penney, Hertz, and a few other large companies that were already in financial distress recently filed for bankruptcy with the added blow of COVID-19.  Several business development trends have emerged in response to the pandemic; here are four important ones to consider.

Being Connected While Socially Distant

Although people are staying away from each other physically, online meetings and video conferencing programs have made it possible to be even more connected than before.

This shift has also made it easier to connect with customers, investors, and other stakeholders. Moving forward, it’s imperative for business leaders to continue this practice of connectivity, in order to stay relevant and to keep stakeholders informed and confident.

Communication will remain key as the world continues to navigate this crisis.

Developing Thought Leadership

As people become more tuned into the news and social media than ever before, the importance of stepping up as an industry leader is critical for brands who want to stay relevant. Thought leadership can help strengthen or reshape a company’s brand.

“We see the natural tendency to want to pull back,” said Todd Feldman, founder, and president of The Rocket Factory, a high-growth marketing strategy company. “We view that reaction as a sign of fear, and that’s the exact opposite of what we’re advising clients. Many companies are revisiting their mission and what their brand stands for as a result of the pandemic and economic crisis. Those that have a firm grasp on why they exist in the first place will have the most natural time making the necessary pivot in product design and messaging, in order to thrive.”

Todd’s words include a key piece of actionable advice, and that is to move forward. By doing so, it’s much easier to identify innovative solutions, connect with a target audience, and become a respected thought leader.

Creating New Products and Services

Capacity restrictions, distancing guidelines, and public fear have altered the way businesses operate. The smartest brands have found ways to adapt to these changes to offer new price points, products, and services to customers.

For example, some restaurants started offering contactless delivery or pickup instead of shutting down completely. Professionals started offering their services through video conferencing instead of in-person office visits, and the list goes on.

The key here is to meet customers and clients where they are at right now, not where they were six months ago.

Operating With a Lean Budget

Even established, cash-rich businesses are looking for ways to drastically cut costs right now. Developing a startup budget mentality helps, and many are finding other ways to adapt and make changes. However, those changes often cost money as well, which means that a complete budget reevaluation is important.

Businesses that strive for thought leadership and continually find ways to adapt and connect with stakeholders have the potential to flourish in this changing world. Whether it means rebranding or simply reevaluating operational policies, there are ways for businesses of all sizes to build a more effective survival plan.

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