🚀 COVID-19 has impacted businesses and companies across the board. For mid-sized companies, who tend to be privately owned, they are responding to the impacts left by the pandemic in their own ways.
This raises the question of how mid-sized companies will make a comeback in the post-COVID marketplace. While there might not be a definitive answer until the post-COVID marketplace completely emerges, we can have discussions around how these impacts have affected mid-sized companies, how they might start to plan, and what steps can be taken to start readying for the post-COVID marketplace.
This will be the first in a two-part series where we discuss all of the above!
SMB’s Concern Over COVID
Small and medium-sized businesses (with less than $500 million in revenue) were surveyed four separate times by McKinsey and Company Global Management Consulting about the impacts they were feeling from COVID from March to May 2020.
When asked if they felt their business had become less secure due to COVID-19, 49% of those surveyed said that they strongly agreed.
And when asked about concern on the sustainability for their business, 47% of respondents were extremely or very concerned.
These survey results do show us that mid-sized companies have been concerned, with variation across industries, since the beginning of COVID-19. Uncertainty has been a common factor across all industries, so how might mid-sized companies go about making a come back?
Mid-sized Companies and Digital Transformation
One way to approach that question is to consider one survey conducted by Fortune. When asking mid-sized companies about how COVID-19 has impacted their activities overall, many reported high negative impacts on things like:
- Business Operations
Digital transformation, according to their survey, had a small margin. But it is an interesting area to look at, especially for the post-COVID marketplace!
Digital transformation for mid-sized companies can see a shift in marketing and sales. By moving into a digital approach a bit more, mid-sized companies will often be able to find and market to new customers that they may not otherwise have access to.
Online Marketing Post-COVID
Something to consider in the post-COVID marketplace as a mid-size company, will be online marketing. If you’ve seen an emphasis on a digital transformation related to your business, taking into consideration your online marketing will be integral to the post-COVID marketplace for you!
Some things to keep in mind for your online marketing will include:
- Clearly state your products/services when marketing your company.
- Keep your branding clear and consistent.
- Understand your overall audience and what they are looking for post-COVID.
- Adjust your marketing efforts as you see fit. If there are shifts in your industry that might affect your marketing, adjust accordingly!
When we look at what the post-COVID marketplace and mid-size companies can do, there are plenty of things to take into consideration when getting ready! Digital transformations and online marketing go hand in hand and offer a starting place for just about any industry!
Think of one unique aspect to your company’s industry that might affect your post-COVID marketing and draft some ideas that tie into it!
Escape Plan creates social media content that increases brand awareness and customer engagement. Let’s have coffee and talk about mid-sized companies and the post-COVID marketplace.