The Jaws Effect
What it’s going to take to reopen businesses and start selling again?
If you’ve ever watched the film Jaws, you know the trepidation of tip-toeing back into the ocean and the psychological tricks the mind plays. As the coronavirus swims away to possibly rear its ugly head again, business leaders are left with the tremors of trying to return to pre-coronavirus normalcy.
In the U.S. several states like Georgia, Tennessee, South Carolina are planning to restart their economies by easing stay-at-home restrictions. Texas has already taken the initial steps starting the week of April 20th to loosen restrictions at medical facilities and allow all retail stores to provide product pickups and reopen state parks. Hard hit states like New York are extending lockdown measures into mid-May with a return to open trading on May 15th.
Collaboration is key
Compared to politicians, corporate leaders are taking a much more realistic approach to the situation. For now, chief executives in the media and tech sectors appear to have a better understanding of consumer behavior and psychology than politicians. As a result, new ways of working, and new partnerships, are springing up.
Many movie studios are holding back summer releases until theater-wide openings are in full swing again. Even Disney theme parks are not expected to open until January 2021 at the earliest.
In the tech sector, Google and Apple are collaborating to create a phone-to-phone contact system to help citizens and public health officials track new hotspots and to help alleviate public stress.
Facebook is running a widespread survey with help from Carnegie Mellon University to ask people what kind of symptoms they’re feeling. By collecting the data health officials will be able to aggregate data based on an updated interactive map that shows county by county the symptoms people are experiencing across the U.S.
A willingness to adapt
Retail markets are seeing unprecedented swings with in-store sales versus digital sales. Many businesses are now analyzing their customer and sales data in an attempt to forecast year-end earnings. Some companies are capitalizing on new business routes with the hope that they’ll be able to take advantage of these new opportunities to safeguard profits.
One industry that has quickly stepped up during the crisis is labor, specifically in the temporary job agencies sector. Several agencies are offering their candidates pre-authorization. The candidate grants the recruiter permission to instantly respond to a job where the candidate’s skillsets and salary expectations align. This allows the agency to quickly place their candidate ahead of the competition, consequently creating a potential opportunity for both parties.
While sales executives shift their selling strategies and explore new ways to conduct business, the agility delivered by digital technology and Software-as-a-Service (SaaS) will be paramount in aiding a quick response and providing timely business solutions. With teams and management working remotely having relevant, actionable data in hand, on-demand is going to be critical in mitigating risk, making sound decisions, and tracking buying behavior.
Maximizing your bottom line
sales-i provides innovative business intelligence analytics to sales executives. It is the perfect tool for sales teams and management who are working remotely and need to have an instant snapshot of their company’s sales performance. Serving both vertical and horizontal industries, we offer organizations easy to read, digestible analytics so management can make insightful, data-driven business decisions regardless of whether users are in the office or remote.
As the coronavirus has forced businesses to move into new unchartered territories having this kind of intelligence can help companies realize repeat sales, reduce customer attrition, and help maximize profit margins.
Afraid to go back in the water?
As moviegoers learned from the Jaws effect, there will be trepidation as the U.S. starts up the economy and tries to return to pre-coronavirus normalcy. Businesses must be realistic and prepared not to expect conditions to improve too much over the next couple of months. We should keep in mind, returning to pre-coronavirus normalcy may be as distant a notion as ‘blockbusters’ from Hollywood during the summer season.