COVID 19: How to Adapt and Prosper in the Current Market Scenario

Friends, the Corona Virus pandemic has changed life forever for all of us. Once the series of lockdowns is over and until there is a vaccine for the pandemic, we will have to get used to a new way of functioning. Whether it is in our personal lives or our professional careers, we will need not only to adapt but also to find ways to prosper in an unfamiliar and often restrictive environment.

The good news is that it is possible to adjust and adapt, provided we accept the new way of life and concentrate on the positive side of things rather than the negative.

Events, where we have large gatherings of people, is a thing of the past. Parties, social gatherings, conferences, conventions, shareholder meetings, going out to restaurants, or even sports events — all these will take some time to happen in the physical world at least.

A lot of these will move to the digital world where you can be a part of them from the safety of your office or your home without physically mingling with a crowd. That will be part of the adaptation process.

Businesses such as restaurants and eateries will have to change the way they function. Get ready for more online orders and takeaways rather than catering to a full seating arrangement. The good part is that you will not require to maintain an entire seating arrangement so that you can cut down costs. A larger kitchen and an efficient delivery service are all you will need. So reducing costs and increasing sales will be the key.

If you are in the business of events, don’t be discouraged. You should quickly update your skills, upgrade your digital equipment, increase your internet connectivity, and understand how to conduct conferences and meetings online. There will always be a demand for your content. Remember, content is king. The only challenge will be how to hold these events digitally. The better you are at technology, the faster you will be able to beat the competition, since everyone will be online.

All this will also require new forms of marketing and promotion. So get creative. If you are in the restaurant business, for example, you can make videos of your healthy and safe cooking style and upload it on youtube and social media for promotion. Inform your clients about how you have a secure and quick delivery channel and how they can trust and rely on you.

Though the tourism industry will be the worst hit, you can offer virtual tours of your country, your tourist spots, museums, or temples. India has many such destinations and a vast population to cater to. Many companies across the world have already made beautiful videos that offer you a virtual tour of their fantastic goals. We can do this better.

Temple or pilgrimage visits will be stressful, but temples and pilgrimage spots can offer virtual tours and even offer online personal pujas or prayers at a nominal cost. Subscriptions for daily pujas, delivery of recorded pujas, delivery of prasad, or miniature temple replicas, puja equipment – all these can still bring in the revenue. All you need to do is get creative.

If you have an excellent online gathering of thousands or even lakhs of people, you can earn revenue through ads since this will be a captive audience for you and corporates will be interested in displaying their products and services during these virtual events.

The sky is the limit if you can get creative enough and ensure that you can offer value to your clients or customers. They are always willing to pay if they get something unique and desirable. So if the world is telling you that there will be no demand, just create it.

Thank you for reading this post, should you have any suggestions or feedback, please feel free to share your thoughts in the comments below.

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