Building resilience to ride out an economic slowdown

The world economy has slowed down dramatically due to the ongoing COVID-19 pandemic. As a result, businesses around the world are actively trying to build resilience to ride out the storm. That is of course, easier said than done. A study by Deloitte points to three main sets of strategies that businesses undertake in order to achieve this.

The first strategy (rather unsurprisingly) seem to be focusing mainly on finances, with putting the business’ financing on a solid footing and reducing debt as the main goal. What is more interesting is the second strategy, where companies focus more on their clients. This includes the strengthening of the established customer base or reassessing it, as well as improving marketing efforts. Many companies in the consumer goods and retail sectors are in this camp. Finally, the third strategy consists of companies that are focusing on using technologies to improve efficiency and better serve their client base.

This corresponds with some of the recent observations we’ve made as a creative agency. We’ve noticed an increasing number of businesses that are using the ongoing pandemic as an opportunity. To improve upon their online presence and marketing efforts, as a means to better leverage and serve existing client bases.

Some businesses are undergoing even more dramatic transformations, like establishing brand recognition amongst new audiences and taking advantage of the wide reach of digital advertising to explore and serve new markets.

The business and general economic landscapes have changed dramatically in 2020, regardless of your industry. But now is not the time to remain idle. Now is the time to regroup and better equip yourself. So that your business can ride out the storm and come back out of the pandemic stronger, more agile, and most of all, more resilient to whatever the future holds for us.