Philanthropist and serial entrepreneur Roman Semiokhin is acutely aware of how COVID-19 triggered disruption and transformation in the business world. This article will look at how the pandemic forced entrepreneurs to refocus and reprioritise, identifying what it takes to build a successful enterprise in a post-COVID world.
Now more than ever, businesses must focus on the core customer, building a connection with consumers and eliciting engagement and excitement about products and services offered by the company. To achieve this, the entrepreneur must identify their core demographic, tailoring their marketing strategies to them. Many fledgling business owners fall into the trap of failing to pare down advertising targets, simply seeking to appeal to as wide an audience as possible. In reality, honing in on targets that are more likely to convert is a much more effective strategy.
For brands seeking to increase their market reach, social media is an incredibly powerful tool. With over half of new brand discovery occurring via platforms like Facebook and Instagram today, advertisers are increasingly relying on social media to get their products seen, with social media advertising estimated to have generated around $50 billion in revenue in 2021.
Today, astute business owners seek to build enduring relationships with consumers, putting the customer first to inspire brand loyalty. After all, companies that invest in developing an excellent product or service, putting the customer first throughout the journey, could potentially have those customers for life.
The COVID-19 pandemic highlighted the need for business flexibility, dynamism and adaptability like no other event in modern history. In rapidly changing situations, the ability to reassess, recognising new challenges and opportunities, is critical to business sustainability.
Even prior to the arrival of COVID-19, many industries were already seeing an explosion in AI, drastically improving efficiency by facilitating the automation of operational processes. With AI and technological advancements becoming more and more prevalent – and therefore more affordable in virtually every industry – AI is increasingly being integrated in customer-facing roles. For example, chatbots are being used to lower customer service expenditure, enabling businesses to pass these savings on to their customers to create a competitive edge over their rivals.
Some businesses thrived during the pandemic. However, to do so, many had to completely overhaul their day-to-day operational procedures. Lockdowns and school closures forced many employers to embrace remote working practices in order to keep their businesses operational.
In the United Kingdom, more than 46% of the country’s workforce spent at least some of their time working from home during the pandemic. Many employers who were previously reluctant to implement remote working practices came to realise the significant opportunities presented. For example, studies suggest that working from home can improve productivity. In addition, by enabling employees to work from home, companies can reduce their overheads, as well as doing their bit for the environment, reducing the carbon footprint of the business by eliminating the need for its staff to commute to work every day.
The arrival of COVID-19 created huge financial uncertainty in countries all over the world, forcing business leaders to pivot and adapt in response to major economic and social upheaval. Although the pandemic wreaked havoc in many circles (for example tourism, events and hospitality), in others (like healthcare and digital technology) it created unanticipated opportunities.
