Although executives are not optimistic about the economy, agile companies continue to thrive

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According to an executive briefing on October 6, 2021, executives are less optimistic about the economy than they were in March McKinsey and Company.

Despite effective vaccines and treatments, the pandemic appears to persist, with new and more virulent variants taking hold before herd immunity can be achieved. While 73 to 79% of executives were optimistic about the economy in March, that percentage dropped to 65% in October. An end to the pandemic is simply not in sight.

Many companies that can’t wait for the economy to recover on its own have turned to respond to the new normal. Many of these linchpins have enabled companies to survive while others have succeeded.

1. Cryptocurrency continues to grow

Take the cryptocurrency industry. When Covid-19 forced us into quarantine, we switched to more online resources. One of the fastest growing resources is cryptocurrency.

The trend towards neo banking and digitization was already outlined in 2019, but nobody could have suspected that Covid would accelerate its development so much. “Even before the pandemic began, we recognized the need to create a mobile bank and solve the main problem facing the crypto industry – currency volatility,” explains Alexander Mamasidikov, Co-Founder and CMO of Mineplex. “The availability of transactions and the availability of banking services around the world will be stronger than ever in 2020-2021. And we’ve also started building the MinePlex ecosystem.

“In the last six months, the number of crypto users has increased from 100 to 220 million. We are working to bring cryptocurrency to the same level as fiat. And right now it is becoming part of the post-Covid reality. “

At the beginning of the pandemic, the financial markets depreciated rapidly due to increasing uncertainty. nimbus, a decentralized financial access point, has continued to bring new product offerings to market as planned. When the fear subsided, private investors started looking for alternative investment opportunities again. In addition, due to global lockdowns, many people were unable to use traditional banking services such as loans and deposits.

Together, the cryptocurrency came to the rescue. “With regular improvements in the mass introduction of cryptocurrencies and big news, new opportunities opened up for us to combine traditional financial institutions with decentralized financing,” says Alex Lemberg, CEO.

2. Software companies that enable online interaction continue to grow

Zoom Video Communications saw a 169 percent increase in sales in the first quarter and 355, 367, and 369 percent in the second, third, and fourth quarters.

Other companies in the online sector also took advantage of the opportunity offered by Covid-19. Online privacy issues peaked at the beginning of the pandemic. In contact responded by creating a completely anonymous online messenger platform. The messenger platform has no access to user data and the correspondence is not stored on its servers. Everything is stored on the user’s phone and no one but the intended recipient can access the data.

“Due to the greater demand for anonymous communication tools and the flexibility in hiring developers, we have started to develop faster,” says CEO Alshevski Yegor. When Telegram and Whatsapp announced that they would interact with “secret services”, the demand for our app increased and as a result the number of downloads increased significantly. “It turns out that the pandemic has helped us change and grow,” said Yegor.

Noam Levavi, the CEO of ByondXR, describes how he took a chance instead of responding to Covid-19. His company ByondXR creates virtual 3D showrooms for brands and products to enable and increase online sales. “I would say we are the linchpin that companies have to rely on in order to stay afloat. Our offering was exactly what the customer needed to survive and thrive in the pandemic. ”They stepped up their marketing campaign and created a special COVID-19 promotion to get more leads and focused on helping them get results asap. As Levavi admits, “We were prepared for the pandemic without ever knowing it was going to hit.”

Gaper.io was developed under the premise “The Future of Employment is Remote”. Yet even Gaper had to figure out how to work remotely entirely, as they were a hybrid company before the pandemic. Still, they used their knowledge of remote working “to continue to be the link between demand and remote supply, and we’ve since expanded their network,” say co-founders Ahmed Muzammil and Mustafa Najoom.

Just a few days into the new year 2020, Cognovi laboratories has captured the early signals on its Emotion AI platform that “Corona” is a rapidly developing topic – and one with legs. While the number of online conversations about Covid-19 remained low, their emotionality skyrocketed – triggering Cognovi’s behavioral assessments and suggesting that this unfamiliar situation would soon dominate the majority of human decisions. With the majority of the American public concentrated elsewhere (the impeachment process against Trump, social unrest), it was at that moment that Cognovi Labs saw the crystallization of its core mission: social responsibility would lead this company to concentrate its proprietary psychological AI where human well-being is was most at risk.

The Coronavirus Panic Index was launched shortly afterwards in March 2020 as a free and interactive dashboard that measures people’s emotional reaction to Covid-19 in real time. While fear was great and anger followed in those first few weeks, the panic index offered people the opportunity to come together during a collective trauma and face their shared emotional experience, even while in quarantine. “[We experienced] a transformation of our priorities, responsibilities and agility. Therefore, using our tools to support the public’s efforts for emotional and physical health will continue to be our measure of success, ”says Beni Gradwohl, Ph.D., Co-Founder and CEO.

Bentham entries, a college admissions consultancy that always operated remotely, took the slowdown caused by Covid-19 as an opportunity to improve its online college admission services and create more valuable and applicable marketing content.

The pandemic accelerated the inevitable transition of the higher education advisory field from face-to-face to remote. In this way, the department reacts better to its demographic development, is more flexible with the time requirements of busy students and enables access to experts from top universities who are not necessarily on site. “Bentham provides guidance with improved practices that have been refined through the pandemic trials,” said Catherine Clement, director of College Consulting.

3. Many brick and mortar shops follow suit

We’ve seen our favorite restaurants close, theaters go dark, and weddings and other family events reduced to the bare minimum. Is it any wonder that brick and mortar stores have been and may continue to be hardest hit by the pandemic?

Still, many have managed to hold their own against the odds and thrive. The construction sector was initially one of the most affected industries, with nearly a million layoffs last April. Since it is a New York based company, NY State Solar experienced one of the earliest shutdowns to be closed by government order in March of last year.

In a matter of days, they shot everything their company was doing, except installing solar panels, from the personal to the virtual process. Sales presentations became virtual. They shifted marketing efforts almost entirely to digital sources and increased their inside sales team. “These efforts, combined with our customers’ continued desire to save money through solar energy, have resulted in our business continuing to grow despite Covid-19, with sales up over 80% in 2020 compared to 2019.” said Reid Garton, President and CEO.

Exclusive PR Solutions lost 50% of their contracts due to COVID-19 budget cuts. Still, it was up to them not to lose any of their employees. So they regrouped.

Instead of firing their employees, they decided to train their managers to sell and focus their energies on attracting new customers. Because of this fulcrum, they were able to create new employment opportunities and contracts.

Realizing the need for automation, they used their downtime to systematize many of their processes and develop SAAS platforms with AI to create a new way of looking at PR practices. “We are proud to announce that we are already using the software internally and that it will be out soon. We took the time to make the most of it without losing our employees and created something useful for the industry, ”says Maksim Bogomolov, co-founder of Exclusive PR Solutions.

And while many companies in the food and beverage industry have had to close their doors, Organika vodka expanded his business by foregoing expansion in Russia and doubling in Germany and expanding distribution to the United States. They successfully launched the brand in New Jersey with the Allied Beverage Group and in Florida with Breakthru Beverage, where they also signed a 3-year deal with Hard Rock Stadium and the Miami Dolphins to become their proud vodka partner.

Like many of the examples above, Organika Vodka has doubled its social responsibility. “At Organika Vodka, social responsibility is already anchored in its creation and even during COVID-19 we supported our partners, the WWF and the Amur Tiger Center,” said co-founder Oleg Khuzin.

Even if executives are far less optimistic about the economic future, the companies that are still successful despite these gloomy predictions are agile, flexible and very conscious and react to the needs of their consumers.


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