Two Traits Will Get Companies, Brands Through COVID-19 Crisis

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 result of 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 includes operational 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 radical adaptors, 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 to come.

Building a company that fosters creativity and curiosity isn’t 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 and employees 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% said they 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 best shot 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, according to 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 say their 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 people working 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 innovation and 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 changing circumstances.

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 and creative 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 companies viewed 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-19 began, 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 work at a less agile company.

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

 

 

 

 

 

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