Are You Going To Be Ready For the Post-COVID Boom?
After a strong first quarter, many economic analysts have concluded that the United Kingdom’s economic status may be poised to grow explosively after COVID in 2021.
Current conditions in quarter 2 suggest a return to late 2019 levels, and the situation will only improve further as vaccine rollout continues and lockdown procedures abate.
So what are the prospects, and what can your business do to ride the wave of post-COVID economic boom?
How Significant Is This “Boom”?
It’s apparent that businesses and customers have adapted to the restrictions of the lockdowns. The Bank of England recently reported that the GDP of the United Kingdom will rise 7.25% this year, the “strongest growth in more than 70 years thanks to post-pandemic boom.” The resulting economic state is similar to that of the pre-COVID era.
Business investment in the UK fell dramatically in 2020 but will likely experience a moderate growth this year. Combined with improvements in health and logistics, some experts believe that the UK will return to a pre-2020 economy as early as Q2 of 2022. That prediction is half a year earlier than previously forecast.
To catalyse economic activity further after COVID ends, the Bank also announced it will keep interest rates low to encourage consumer purchasing. As more families will start spending their savings more, it’s also expected that the resulting high demand and prices will contribute to inflation in the short-term. Conditions will nonetheless be positive for UK businesses.
Planning in the Long-Term
The post-lockdown boom combined with a favorable tax policy will boost capital investment and result in strong economic performance in the UK, possibly for two whole years. But remember to temper your expectations, as some economists do predict an impact from other factors like:
- A possible spike in inflation post-COVID
- The risk of new pandemics
- Other geopolitical tensions
The return to normal will spur on effort from individual companies to create long-term strategies for the new economic environment.
What It Means For Your Firm
Having the agility to adapt to rapidly changing conditions is the key to success in an unpredictable market, even if the new conditions are reportedly going to be positive.
Chances are that many retail businesses have operated on a curbside pickup model for most of the pandemic and will have to switch back to physical storefronts and even online ordering soon. The following are some tips to help you take advantage of the incoming boom.
Don’t Be Aggressive
It may be tempting to capitalize on the new business opportunity with a large push for advertising and promotions, but remember that it’s wise not to be insensitive about the pandemic.
Most people are still recovering and have suffered losses as a result of it, while others have experienced permanent lifestyle changes. Find a way to start selling again creatively and avoid overselling.
Continue to Communicate
The Internet makes it easier to tell your potential customers at home about what’s going on in your business. Have you opening hours, latest marketing initiatives, and promotions available on your website and on social media platforms. Be ready to answer questions and comments quickly.
Remember that communication should be a two-way street. Getting a sense of post-COVID buying behavior is the best way to learn how to answer to new demands. However most people turn out from COVID, there’s always a way for you to help.
Build Relationships with Clients
It’s been a rough year for most people, so there’s no better time to let your customers know what you can do for them. Offering incentives and promotions is one way, but overall try to think of clients as individuals that you can relate to.
You don’t necessarily have to invite everyone to coffee, but train customer service on delivering high-quality two-way conversations. Don’t forget to show gratitude; even a simple “thank you” is appreciated during this crisis.
Like with any unpredictable situation, keeping insights on business processes is the best way to prepare. Set reasonable goals each month and continue to develop strategies for reaching them. Whether it’s consumer engagement or quarterly revenue, do your best to return to great performance standards.
Prepare For Online Commerce
Even as restrictions simmer down, many people will still be wary of going outside. COVID has certainly emphasized the importance of online shopping options, especially for restaurants that offer takeout through apps like DoorDash.
Regardless of what you sell, your organisation certainly benefits from improving your website and online ordering infrastructure. Work with an ecommerce development team to get the most out of the COVID boom.
It’s important to be patient. COVID-19 is only just on its way out the door, so don’t panic if everything doesn’t bounce back to normal immediately. Accept that there’s been a massive market change and align your goals accordingly.
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