Where should companies benefiting from the pandemic go? – CEOworld Magazine

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There is no reason why industries benefiting from the pandemic cannot continue to grow today. By being empathetic to your customer base and not overreacting to your goals, you can maintain a strong customer base while keeping your investors happy. Sustainable, sustainable development is still possible with the right approach.

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The pandemic is a different story told through different industries. For some, such as the hospitality industry, it was a time of hardship. Restaurants, hotels and travel agencies lost revenue and some were forced to go out of business. Some years have been quite grim for the leaders of these companies; Thankfully the sun has begun to break through the clouds.

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For others, the pandemic was a momentous occasion for growth and innovation. A huge space has opened up for eCommerce and streaming platforms, and the effects of innovation in these areas have made a lasting impact. Microsoft’s revenue has grown steadily since the pandemic began, and Amazon’s profits nearly doubled from 2019 to 2021. CEOs of essential businesses could not have imagined such “luck” when the calendar turned into 2020.

You can say that our economic cycle has gone through an interesting phase. As the workforce has been laid off, the talent requirement has doubled. But the opposite is true for industries that developed during the pandemic. With an impending recession on the horizon and sky-high inflation spurring consumer spending, companies like Amazon, Oracle and Microsoft are now looking to reduce their labor force – a problem some would say is more daunting. What are forward thinking leaders to do?

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Post-pandemic complications

Many technology companies failed to anticipate that once the pace of the pandemic slows, people will want to minimize their screen time. You can see that this willingness to unplug has led to a 15% reduction in the number of virtual events from 2021 to 2022.

Some companies have tried to counter this recent drop in sales by increasing prices or providing less for the same price. And in some ways it makes sense. These companies have gone through amazing success, and they are trying to stay on top now that things are slowing down. If your goals are overall growth in revenue, however, those two short-term solutions may not be the best move right now.

A better solution for revenue growth in the long run is not to increase prices or offer less for more; This is including access.

Growth strategies in the post-pandemic digital market

Instead of having an idealistic approach to a changing market in a post-pandemic world, it is best to look at it realistically. Here are some steps leaders can take to encourage sustainable growth in the new market:

Set realistic expectations and communicate them well in advance. Be honest about where you are and what you expect from the market. It is not realistic to think that customers are going to buy at the same rate as they were during the pandemic, nor should you expect them to. Instead, you need to be honest with your investors about the changing market scenario. It can be a scary move, but alienating your customers can be far more devastating than worrying about your investors. This approach will strengthen your relationships with existing customers and help you attract new customers. If you must raise prices, be honest and transparent about why. Trends have shown that customers are willing to pay a little extra if they have a good reason for cost increases – such as raising wages for employees. In fact, if you have to raise prices, it’s probably a good time to raise the overall wages at your company. The pandemic was a hardship for all of us, but it also created a sense of community. There is a good chance that many of your customers have been affected by this pandemic and are sympathetic to the increased prices, especially for increased wages. Serve your customers. Speaking of money and wages, many people are having a tough time with finances right now. Offering flexible payment plans can go a long way in maintaining a loyal customer base. Building this trust will encourage current customers to spend even more money on your product when they will be able to in the future.

There is no reason why industries benefiting from the pandemic cannot continue to grow today. By being empathetic to your customer base and not overreacting to your goals, you can maintain a strong customer base while keeping your investors happy. Continued growth is still possible.

Written by Christine Alemani.
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