As a result of the recent COVID-19 pandemic, many business owners around the world are worried about the future of their businesses. If you’re interested in learning about some inspiring businesses which have overcome monumental challenges such as the recent pandemic, simply continue reading.
Brands That Survived and Thrived After a Crisis: How to Come up With a Business Survival Plan
Cadbury lost the majority of their workforce as a result of WW1. As Cadbury’s workforce was male dominated and the vast majority of able bodied men were recruited to join the military, Cadbury’s chocolate manufacturing business faced a huge challenge. However, Cadbury survived the economic depression which was brought on by WW1 by hiring women to work at Cadburys for the first time.
While Apple is a household name today, in the early 2000s Apple was struggling to bring in a profit. After enjoying continued success in the 80s and 90s. However Apple managed to turn their situation around by focusing on developing innovative new products that would appeal to consumers. In 2001 Apple released its first generation iPod, which turned around Apple’s finances.
So if you’re trying to find ways to help your business bounce back after the COVID-19 lockdown, it’s a great idea to develop and launch brand new innovative products. Which will attract new customers to your brand.
Boohoo which is an online clothing brand, managed to increase their sales during the recent pandemic by changing their marketing strategy. While Boohoo’s marketing campaigns typically draw attention to Boohoo’s party wear, Boohoo decided to market lounge wear such as fashionable sweatpants and hoodies, instead. As Boohoo knew that their customers would be spending a lot more time lounging around their homes.If you want your business to thrive through difficult times, make sure that your business is able to adapt to market trends and needs. Just like Boohoo.
Boohoo was also able to flourish during tough times as they exist primarily online and have low production costs. So if you want to ensure that your business will thrive even through pandemics, it’s a great idea to offer your goods and services online.
Proctor & Gamble:
P&G or Proctor & Gamble are another example of a business which survived harrowing, uncertain financial times. During the great depression, which was caused by the infamous Wall Street crash of 1929, Proctor & Gamble, which was a soap company at the time, refused to lay off their employees. The company continued to manufacture its products knowing that individuals would still buy soap, even in a recession. Proctor & Gamble simply changed their marketing campaign, in order to attract new customers to their brand.
P&G are a great example, that it’s not a good idea to start laying off your staff and cutting down on your production runs, in the event of a challenging event. Such as pandemic or a recession as if you want your business to survive, you have to think long term. Not short term.
So if you’re worried about the future of your business, especially in the first few months that follow the Coronavirus pandemic, it’s well worth learning from some of the successes of the brands which are listed above.