If it’s true that every crisis is also an opportunity, then the coronavirus pandemic has handed businesses a doozy of a crisis to take advantage of.
Many businesses probably aren’t looking at the pandemic like that way, however, and to Rachel Durkan, founder of Paradigm Marketing and Design in Pine Brook, that’s a mistake.
“The economy always recovers, the world always recovers,” she said during an NJBIA webinar today. “But what comes out of that is a very different environment. So, thinking through how to address what’s coming, we have to consider that there’s going to be a new opportunity in a post-coronavirus world.”
It’s not just talk. During the webinar, entitled Marketing Through a Pandemic: Strategies for Your Business to Thrive During the Pandemic and Economic Crisis, Durkan showed how some of her clients were able to pivot during the shutdown and, in some cases, actually improve their company’s outlook for the long term.
To help make her case, she pointed to the Great Recession. According to a study by McGraw-Hill, companies that marketed during the 2008-10 recession saw 275% growth once the economy started to improve, and those that didn’t showed only 19% growth.
“This is the new world for the foreseeable future, and so the question is, how do you identify the opportunities in marketing and operations and new revenue streams?” she said.