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IMPACT OF CORONAVIRUS ON WORLD ECONOMY AND WHAT WE CAN LEARN FROM IT

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IMPACT OF CORONAVIRUS ON WORLD ECONOMY AND WHAT WE CAN LEARN FROM IT

“Interconnection permeates the entire universe. We are all one.”― Quote by Amy Leigh Mercree, author and relationship coach

The novel coronavirus pandemic began came into light early this year has given a big, big beating to the economies of all the countries. From the G7 countries (such as the USA, UK, Japan, and Germany)  down to emerging economies (Brazil, India, South Africa) to smaller nations (Malaysia, Kenya, and the Middle East), no one has been shielded from the impact. The losses mount as the International Monetary Fund says that the world is heading for its worst recession in decades.

A recent survey conducted showed that businesses are making a recovery in select regions and countries such as Japan, New Zealand, and Taiwan. After the pandemonium worldwide by the virus, causing economies to lockdown, green shoots of recovery have been sighted. April saw a slight increase in business though May does not seem to get any better.

Email marketing remains a strong channel of communication between businesses and their consumer base. In this era of social distancing, social media platforms, and email marketing are the tools to keep clients & prospects engaged.

The traffic to the websites remains strong. The option of live chats, interaction, and messaging options engage the customers. This is manifested in companies employing less than 25 employees and engagement in mostly in the North American market.

The survey has categorized the industries into two slots: More impacted and less impacted. The more impacted industries are tourism, transport, airlines, food & beverages, and hospitality. Airlines such as Virgin Australia, low-cost carrier Flybe and Compass airlines of the USA are just the beginning of the many airlines which are going to fold operations due to travel restrictions. The entertainment industry has been hit by around 50%.

The less impacted are the other industries such as manufacturing and construction. Manufacturing is an essential service for the economy of any country hence among the first to restart whenever the lockdowns are reduced in intensity. There has been an increase in manufacturing by 20% in some select countries.

The survey has revealed that the European economies have taken a beating namely the powerhouses of Europe such as Germany, France, Italy, and Spain.  North America (the USA and Canada) are still swimming against the tide as is Australia. Canada had seen a 15% rise in deals being closed recently, the highest for any country included in the survey. North America is the only region that didn’t see a drop in sales email response rate, whereas other shows a decline of around 5%

The lessons to be learned from this situation are:

  • Invest in a good video conferencing software
  • Take the sales process online such as demos and training
  • Integrate sales enablement with your sales engine
  • Personalize the client outreach by your teams
  • Use short personalized videos to engage prospective clients

 Coronavirus might be here to stay for many years forcing us to adapt our personal and official lives. Its time we made the change and stayed ahead in the game.

Must read- World after Covid-19 pandemic

About the Author

author
RS Maan

Maan joined Salesforce Ecosystem in 2008 with entry of Salesforce in APAC region. He worked on many of the underlying Salesforce Products & it’s functionality, including Heroku, Chatbots, and Einstein before leading Codleo Consulting - Leading Partner of Salesforce.com & Salesforce.org. In his spare time, he immerses himself in travel, books and spirituality.

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