In just a few weeks, everything has changed.
The workforce, business owners large and small, as well as government leaders and decision-makers are riding the as yet unknown economic impact of the global health crisis. With large parts of the economy closed as workers stay at home on lockdown, it’s a concerning time for most.
Business owners in particular may have found their sales model or selling channel redundant, pretty much overnight. Lots of small businesses such as restaurants or online sellers already functioning on a lean cashflow may find proceeding with operations untenable and shut up shop.
Some industries will thrive and some will survive in the weeks and months ahead. As shopping behaviour and consumer needs change, certain industries will be in high demand. Whereas others with the vision to shift their product or service offering to meet the new commercial environment may be able to ensure business sustainability during the crisis and beyond.
Here are just a few examples of industries predicted to thrive or survive in the next 6 months:
Marketing and Communications Agencies
In the world of marketing and communications, content continues to be King. Yet content isn’t only a sales and promotion vehicle, it can deliver rich information and messaging that supports commercial organisations, government agencies and the public sector’s ever-changing communication requirements.
Throughout the pandemic, the most reputable marketing agencies and communications consultants have found themselves inundated with work. And they’re not necessarily creating product and service advertising campaigns (although some do continue to operate in this way, business as usual). Instead, these creative agencies are working to create articles, white papers, video broadcasts and PR stories that help inform the public. They’re writing information for knowledge-based articles that helps virtual chat agents and bots respond to customer enquiries online.
What’s more, these marketing and communications specialists who are proving to be a trusted pair of hands during the pandemic, are the people who are likely to see referrals and additional projects booked once we return to the status quo.
Post-crisis prediction: thrive
Financial Services Organisations
The global health crisis may shift how people interact with their banks, insurers and lenders. It will also influence their financial decisions, disposable income and investment choices. A strong financial services industry will be pivotal to recovery and these organisations will continue to be fundamental to our way of life. Individual consumers impacted by the shortfall in income and returning to work may require more immediate access to affordable short-term borrowing.
Already in the midst of digital transformation, many FSI organisations are rapidly shifting how they deliver their services, moving away from in-branch and on the phone to virtual agents and self-service portals. Whilst there could be job losses within the sector, it’s predicted that business lending will continue as governments try to boost the economy. Small business owners can expect continued financial support and business funding.
Post-crisis prediction: survive
Technology companies
The technology sector is in big demand during the outbreak. This is expected to continue post-pandemic, as secure digital infrastructures and data management is more vital than ever. Global tech giants like Apple and Microsoft and domestic technology consultancies will commit to supporting ongoing operational resilience. Tech businesses that are responsive to the commercial needs of organisations, frontline and commercial, shifting consumer behaviour and new shopping habits will find themselves in high demand.
Post-crisis prediction: thrive
