The rapid spread of the coronavirus (SARS-CoV-2) has led to an unprecedented package of measures by the German government, the restrictions of which we are all currently feeling in our everyday lives. The strict regulations on social contact minimization mean that the corona crisis poses a serious threat to numerous companies across all industries. The results of a DIHK survey reveal that 92.4% of companies are already experiencing the effects of the corona virus on their business, and that these are mainly reflected in declining sales.
The degree of digitisation is decisive
It has been shown that companies that have already digitalized their business processes - or are by nature operating a digital business model - are particularly well positioned in the crisis. They are in a position to continue offering their products and services or to adapt quickly and flexibly to the new circumstances.
It is now said that Germany is generally comparatively slow when it comes to establishing digital processes. The conservatively polarized middle class in particular has long resisted initiating digitization processes within companies. Due to the increasing market pressure, they would have thought about it in most cases at least once. The necessity for implementation is then often missing. Instead, the attitude of continuing the tried and tested was predominant. Why bring a rolling wheel to a halt? The fear of bad investments is also a regular barrier to implementing a planned digitisation strategy.
In many companies, the wheel, which has been rolled for a long time, is now threatening to come to a halt - completely unexpectedly. Quick rethinking is required. If previous revenue sources are blocked by the crisis, there is no time to think long and hard - solutions are needed. A speedy repositioning can be decisive for the continued existence of the company.
Transport emotions digitally
A large part of life is taking place online these days and digital media channels are experiencing strong growth. An up-to-date website and a strong social media presence are a reliable way to stay in touch with your customers under these special circumstances. What's more, you rarely have the chance to reach as many people with your content as you do now. But how do you prepare the content in an appealing way? Here it is important to make the content equally experienceable and interactive for your customers. Through the integration of videos or picture galleries, emotions can be transported in an optimal way, so that your own products or services are digitally inspiring.
5 Opportunities for companies to emerge stronger from the crisis
- Focus on the relevance of digitisation: Anyone who has not yet invested in a digitization strategy and, in case of doubt, has relied only on analog sales or communication processes, is now purified and encouraged to make business processes more flexible in the future.
- Realizing far-reaching changes at short notice: Make use of this insight and stick to it in the future. The assumption that digitisation projects cannot work overnight has been refuted by various practical examples.
- Be brave: The crisis gives companies the opportunity to be innovative. Never before have existing business models and defined target groups been so questioned and thrown overboard. Once it is clear whether the company will survive the crisis, there are no barriers to testing and digitizing new customer groups or additional sales markets.
- Generate long-term learning: Processes and strategies that have proven their worth should be retained even after a return to normality. Provisional emergency solutions that have proven to be of no added value should, however, be abolished after the crisis.
- Tapping new customer potential: As a result of the crisis, people who have previously shied away from or delayed using digital technologies are gaining access to them and can become valuable customers.
The Corona crisis is putting people and companies to the test. It is important to learn from the experiences generated now and to make the right decisions for the future. Stay on the ball to make the advantages of digitalisation available to your company from now on.