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Three Ways That Covid-19 Has Re-Shaped Business Development

As vaccine distribution expands and the U.S. inches closes to normal, many businesses are in various phases of reopening or relaunching in the post-Covid world. For most, especially in the small business sector, business planning and, frankly, business success, hinges upon business development strategy. As a result of the pandemic, consumerism is in the midst of a significant shift, as consumer needs and values have all evolved in the past year. From the slow demise of brick and mortar in favor of e-commerce to the necessity of customer engagement, to the increasing importance of branding, post-Covid business development is at the forefront – or at least should be at the forefront – of all entrepreneurs and business leaders.

E-Commerce vs. Brick and Mortar

Although e-commerce existed before Covid-19, it did so out of convenience more so than necessity. Now that it has become thoroughly engrained in consumer culture, e-commerce is the new normal for the business world. Savvy businesses have found remarkable efficiency in digitizing various customer experiences. In an article from DigitalCommerce360, Fareeha Ali outlines the unprecedented growth of e-commerce in 2020 versus 2019, largely as a result of the pandemic. Businesses know that consumers will adapt behaviors when there is a better way of doing something, and e-commerce has become a better way. Consequently, until there is the next better thing, e-commerce is the way forward. Brick and mortar options will always maintain a niche market share, but, thanks to Covid, they have quickly become the exception where e-commerce is the rule.


Listening to Customers

Another notable change to consider is the relationship between company and consumers, and that starts with listening to customers. As the pandemic has put many businesses in dire straits, listening to and engaging customers has never had higher stakes. It is more important than ever for business leaders to analyze new consumer habits as they embrace adaptation and new possibilities while developing long-term strategy coming out of the pandemic. Raviteja Dodda, a Forbes council member and CEO of MoEngage, identified five customer engagement trends reshaped by Covid-19, which will almost certainly continue for the foreseeable future.


Branding

Maintaining a pulse on the company’s brand is always important for business leaders, but recognizing how Covid-19 has reshaped best branding practices is critical for success going forward. In a post-pandemic world, consumers are demonstrating a need to be able to trust a brand in order to support it. Whether it’s the brand’s safety assurances, broader causes, or digital security, this trust must be communicated through a brand’s purpose, its humaneness, and its authenticity. Ashwini Pable of BrandEquity.com elaborates on key branding trends of 2021 and beyond. Brand digitization and easy user experiences on digital platforms are now fully expected, so in a post-Covid world, consumers are looking for something more. From the relationship between brick and mortar and e-commerce to customer engagement to branding, there is no doubt that Covid-19 has reshaped business development in profound ways.