All around the world, governments have released more than $13 trillion in a bid to stabilize economies in freefall and restore growth. Although research shows that enterprise-level planning and project management systems have gone a long way towards reducing the effect on marketing organizations caused by COVID-19, there is still a serious problem. Many marketing teams do not have the ability to quickly create new content as a result of changing priorities. Important response strategies, such as the realignment of budget and human resources, are proving to be a challenge during these times. Considering these changes, the pandemic has affected marketing and business in general.
The Rise of Remote Team Culture
One of the biggest challenges that marketing teams are facing during the Coronavirus pandemic, apart from changing priorities, mostly comes from the fact that the move to remote working was unexpected and abrupt. The current rise of remote working culture has introduced a major shift in plans. As a result, marketing teams are also expecting major shifts in budgets and the way it is allocated to new priorities. Additionally, as in-person events and conferences come to a halt due to the pandemic, it is expected that more companies will shift toward virtual events.
Decreasing Investment in Live Events
Businesses are shifting operations and meetings online causing a major effect. Companies are cutting their investments in live events and conferences to save resources for online meetings and communication tools. Marketing has also proven more challenging than ever during this pandemic. Marketers are rushing to alter execution plans to find the resources and bandwidth necessary to implement new campaigns and create alternative content. Combined with working remotely, the productivity of marketing teams is on the decline because there seems to be an increase in time-consuming tasks, like meetings and status updates.
Business As We Know It is Changing
Although companies are implementing the right set of responses, the expected long-term dimensions are even more crucial. We are on the verge of a recession due to the drastic economic changes. In spite of stimulus, we may also see credit markets seize up. The disruption that the outbreak is causing in business structures is evident in the way supply chains are responding, showing resilience at a premium. It might sound impossible for all the management teams that have already adopted 18-hour workdays. However, very few of them are dedicating the required time and effort to respond in the long term.
How to Keep Up With the Flow of Change
Scientific data suggests that businesses that adopted planning and project management tools earlier are facing fewer difficulties as a result of the impact of the coronavirus, compared to those who have not implemented software technologies. These technologies include marketing work management, marketing resource management, and content marketing platforms. These tools are specifically designed to improve the visibility and control over the overall marketing team. It is necessary for both internal employees, remote workers, and agencies to make use of these technologies and tools because it will greatly help with planning, budgeting, and management of all the changing faces of the business.
If the private sector and governments work hand-in-hand, it is possible to avoid the negative effects of huge deficits, lay the pipework for new social contracts, and start to shape a post-crisis age of shared, but sustainable growth. The coronavirus pandemic might be a story with an unclear ending, but what is clear is that the human impact is already tragic, and businesses have a responsibility to act promptly to protect their staff members, take care of challenges, and assist to control the outbreak in all the ways they possibly can.
Featured image used by permission of Alexis Schomer