Mediaboss Marketing

Certain traits and tactics at brands that were viewed as successful were shared by employees to help navigate, psychological, physiological and economic effects of the COVID-19 pandemic as a resultof isolation, pessimism and economic depression.

Curiosity leading to innovation should become the backbone of every brand or company as companies rebuild from the COVID-19 pandemic.

Data from a SurveyMonkey survey suggests organizations that foster a culture of innovation and curiosity find creative ways to adapt to problems by synthesizing information. This includesoperational data such as sales and revenue and feedback from interviews, surveys, and focus groups.

The results, released Tuesday, are drawn from interviews with early innovators and radicaladaptors, along with 3,275 survey results from people across industries in the U.S., SurveyMonkey discovered two key traits for navigating the coronavirus crisis and potentially any crises yet tocome.

Building a company that fosters creativity and curiosity isnt easy, nor is it always welcome. Data suggests, however, that those building a business -- especially during a crisis-- can help companies avoid financial declines. They not only need the feedback from customers, but employees too.

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Only 35% of companies say they have collected feedback from customers andemployees in response to COVID-19. Of those who said they gathered feedback from employees or customers to make decisions, only 31% reported a financial decline at their company.

Some 36% saidthey have remained relatively stable, while 21% said they have seen minor financial growth, 21% said they have seen a minor financial decline, 12% said they have seen major financial growth, and 10%have seen a major financial decline.

The data shows that agility is essential for responding to volatility.

Businesses that can fundamentally change how they do business have the bestshot at adapting. And with that comes positivity.

Employees who define their companies as agile are dramatically more likely to say their company can withstand an economic downturn, accordingto the data.

The data shows how market segments approach agility and curiosity differently. Some 80% of those working in airlines, aeronautics, advertising and marketing and technology saytheir company adapts to change quickly.

By contrast, about 56% of those working at nonprofits say they have had to change strategy to adapt to the coronavirus pandemic, while 17% of peopleworking in manufacturing have made updates to products and services of people working in government say they have developed new products or services.

Many companies are drawing on innovationand curiosity to guide technology, products and campaigns. Some 81% of technology companies say new ideas are praised or rewarded, and 70% of those in education have used new ways to adapt to changingcircumstances.

Half of those working in government say new ideas are mostly praised or rewarded, whereas 49% of people working in advertising and marketing say their organization use new andcreative ways to adapt.

Some 50% of those who say they are working at agile companies believe their organization is extremely or very prepared to face the future. Of those working at companiesviewed as less agile, only 10% say their company is extremely or very prepared.

Employees at agile companies are also twice as likely to say their business is doing better since COVID-19began, and less likely to say their income has been reduced or hours cut. For example, 28% of those who work at an agile company say their company is doing better, compared with 12% at those who workat a less agile company.

Agile companies also have a much easier time keeping customers. Some 28% of agile companies say its not too difficult, compared with 25% of less agilecompanies. About 25% of agile companies say its somewhat difficult, compared with 33% of less agile companies.

Link:
Two Traits Will Get Companies, Brands Through COVID-19 Crisis 09/16/2020 - MediaPost Communications