How different industries will adjust
COVID-19 has indeed shaken all industries across the globe, bringing in huge strategic re-thinking so as to adjust to a new world, where a virus wreaks havoc not just with human health but also with economy. Many individuals, who apparently had built themselves for pre-Covid situation, are finding themselves lost. There is a huge adjustment, everyone is going through within themselves. But the fundamental point is, no one knows where it is headed to. Businesses, in particular, like ‘retail’ or for that matter, most of the service businesses are not able to figure out the direction as the future is so unpredictable.
I keep talking to entrepreneurs and I find they are at a loss primarily as both buyers and sellers are confused on their way ahead. Lot of waiting and posturing is going on. ‘I am fine, I don’t know about you,’ is a general theme. Say, for example, these days we are seeing a lot of music videos, FB Live but none including the artists have thought through perhaps, whether or how much they are impacting their own professional fees, if people or channels, as the case maybe, and their audiences get used to this online forum. What will happen to their skills offline, something that is their core competency and help them earn. But they also need to be visible in these tough days. You need organisational thinking here. Any individual, however talented they are, can do very little if they are not supported by Organisational inputs.
Take for example the cricketers and BCCI. Can they survive on their own? Don’t they need BCCI for their survival? Similarly, those in performing arts have to rethink their strategy, how they will flourish their art forms during these trying times and even later. As for Corporates and their products and services, they HAVE TO work out distribution models differently, to reach their customers. Sure, web-based operations look ideal but may not be enough, for all segments, where there is innovation involved and where touch and feel is important before buying the product or services offered.
Even Higher Education has taken a perceptible changed direction. Web meetings, Webinars, Web based classrooms are already being implemented. I just want to make Education players aware that the customers are very unaware currently. They don’t know how Education products in the new regime could succeed. How their end customers, both Retail and Institutional will behave going forward? So, for the next one year at least this will continue. However, clients will hire people who will understand, market, absorb and be dynamic to this change. So, the recruiters/corporates and the Higher Education institutes, must deliberate, sit and discuss, what is it that the end user needs, wants and how can they deliver that, to be productive, profitable and impactful to their students to deliver in these changed challenging situations. The bottom line is however clear — adapting to technology vehicles are the key. Understanding the changing needs of clients is more crucial.
Let’s wait and watch. Let’s see how the future unfolds.
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