Examining business strategies facing local companies in the wake of the COVID-19 lockdown, Dr Lara Stocchi from the College of Business, Government and Law says the time is right for firms to advertise right now.

Dr Stocchi says digital technologies offer fresh opportunities as businesses navigate difficult COVID-19 restrictions. Having provided necessary life-support for many firms, digital tools can now help advertise and promote renewed activity.

“In accepting the substantial social changes that COVID-19 has imposed, digital technologies are at the forefront of the new normal,” says Dr Stocchi. “Mobile apps offer access to products and services at any time, anywhere. Social media provides consumer insights and an advertising platform with a wide global reach. Web technologies and eCommerce solutions complement traditional distribution networks.

“Businesses that previously did not believe they needed any form of digital transformation have suddenly embraced substantial digitalisation of many operations. Digital transformation means progressively improving business processes and tools, enabling people at the heart of those businesses to contribute and succeed – all of which have the potential to propel business growth.”

She notes that cafés are venturing into eCommerce through online selling and ramping up digital advertising efforts. Small-to-medium enterprises (SMEs) are rethinking their supply chain and finding new ways to ensure consumers can access their products. Public authorities and Government have embraced an increased use of digital communication to instantly provide essential COVID-19 updates.

Screens now provide access to work, learning, socialising, shopping and even receiving health services, all powered by digital technologies. While this was already happening before COVID-19, scope has now grown, so as countries emerge from lockdown restrictions, the potential of digital technologies will fuel innovation, exerting a strong influencer on the recovery ahead.

Dr Stocchi says the five basic requirements for businesses wanting to embrace and make the most of digital technologies are:

1. Rethink your business and its core values. What aspects of your business can be feasibly maintained at this moment? What aspects need to hibernate for a while? At the same time, consider what unexpected or untapped opportunities can be harvested.
2. Reach all types of consumers. Without forgetting existing and loyal customers, it is now paramount to attract new business. Shopping patterns have become unconventional, so new opportunities arise for smaller players as popular products and providers struggle to meet fluctuating demand. If your business can embrace such an opportunity, you will also need to implement strategies that turn temporary wins into lasting outcomes.
3. Don’t stop advertising. Branding is not optional. It’s time to remind all potential buyers of your business name and brand, reinforcing and showcasing the distinctive features that make you unique – whether it’s a logo, a colour palette, a tagline used for many years, or a distinctive shop front. Well-branded communication must be clearly linked to consumer needs that drive purchase decisions. Remind consumers of the deal you are offering and the promises you make. Do this with empathy and show that you care, which should co-habit with a well-branded communication that attracts sales.
4. Choose the right media and channels for communication and distribution. Select those that guarantee wide reach at the most affordable cost. Digital media can have wide reach and moderate costs, but they are also very cluttered. Hoping for consumer engagement via such cluttered channels may waste time and resources. Realistically appraise the true potential of all types of media and channels that can drive business through your door. Get hard facts to check information and analytics.
5. Accept a certain degree of trial and error. Uncertain change is inevitable in any evolution, so having nimble reactions is fundamental to a business’s resilience.