The novel Coronavirus outbreak has shut down multiple industries worldwide. This has left many people without jobs, without business, and also without freelance projects. The reason behind this is the sudden and extended lockdown imposed by the government of India to stop the spread of the virus.
The worst hit industries are those which belong to the frontend luxury work such as malls, automobile, hospitality, fashion, etc. The need to fulfil necessities has however helped some industries stay above the tides. The businesses falling under this category include essential services such as food, grocery, pharmaceutical, telecom, fuel, electricity, beverages, etc.
On a surprising trend, some industries have instead risen rapidly because of the pandemic lockdown. The best use case is of the digital video calling software – Zoom. The company’s net worth skyrocketed by 112% making it the most benefited brand from the outbreak. On one hand many businesses are trying to stay alive by converting to a digital work environment, the platforms that they are using have all gone up in both net worth and revenue in just 1 month period.
Here's what you will learn
What Are The Remaining Brands Doing?
While the operations of businesses belonging to non-essential service categories have come to a halt, they have shifted focus to something interesting.
Employer Brand Restructuring
This pandemic has forced employers to cut off salaries, lay off employees, or send them on unpaid leaves for indefinite time owing to budget constraints. This may seem bad to someone who hears it but for many businesses it has worked as a savior. Cutting down resources not only helped them stay in business amid lockdown, but also gave them clarity on the least threshold of resources needed to run the company.
Generally, as businesses grow they simply hire more people to get more work done. But, only a few companies keep a check on employee strength on the basis of their budget, need, priority and revenue drops. If companies had initially strategized their hiring keeping all these factors in mind even before the pandemic, a lot of layoffs could have been prevented. That’s why, this time is now crucial for employer brand restructuring so that these layoffs can be minimized if needed.
What will a person who cannot eat a cake he loves do? He will talk about it. That’s what brands are doing amid lockdown. A brand that creates social awareness, creates awareness for itself. What better than spreading social awareness about COVID-19 and its prevention? Almost every brand has a message around coping up with COVID-19 on their website along with multiple social channels actively spreading this message and engaging the community.
This contribution by corporates has definitely helped the government a lot in spreading awareness and speeding up the containment process. With not much to sell right now, brands are instead working hard on earning reputation amongst their audience as a sensitive and sensible one. Afterall, when this pandemic ends, sensitivity will be one of the priorities of the consumer base.
If you follow any brand’s social media handles, you might know what, when and how they post things on their pages. To fill the void of isolation amid lockdown, brands have taken over the responsibility of keeping their customers engaged. They are asking people about their WFH issues, and answering their queries with best possible solutions.
Not just the meme pages, but brands are also turning into something fun for their audience. While the major Brands like McDonalds and Burger King used to show their creative competitiveness, this lockdown has raged interest of many others too. Nonetheless, these brands are making the best use of their spare time and are successfully gaining traction on all digital platforms.
After It All Ends
One question that still remains unanswered is will all of this continue post lockdown too? Or will they all go back to being what they used to do before any of this happened? Even though we do not know, one thing that we can be sure of is that all of these brands will come out with more sensitivity of time, money, and resources. In terms of consumer behavior, there will be a paradigm shift to digital wellbeing after the pandemic is over.