COVID-19: BUILDING FUTURE BUSINESS BY CONNECTING WITH GLOBAL AUDIENCES
Lindsay Johnson, CEO/Managing Director at Word Bank
While some industries have seen unprecedented global growth as a result of COVID-19, many others have experienced significant challenges. But there are opportunities for impacted companies to come out on top by taking the long view and looking at evolving consumer needs – at home and internationally.
Even before the global coronavirus crisis drove us all online, internet users worldwide were predicted to spend a staggering 1.25 billion years online in 2020 with 2.14 billion global B2C and B2B buyers online by 2021.
The reality of COVID-19 accelerated those predictions with 77% growth in global eCommerce in the second quarter. As businesses and consumers pivoted to working and living remotely, the world naturally sought digital solutions, alternatives to out-of-home activities, and new ways to stay connected and entertained.
Over the first 10 weeks of the year, Google’s global share of Android app sales rose 5% to $360 million. Apple’s share of iPhone app sales grew 18% to $690 million. Zoom’s stock rose 75%. Video calls on Microsoft Teams grew by 1000%. Consumer video chat app – Houseparty – had 50 million sign-ups worldwide in the space of a month, with growth 70 times above normal in some markets. Netflix downloads jumped 66% in Italy, and 35% in Spain, and continued to launch in new markets. And YouTube collected $110 million for in-app spending during the same period. Global YouTube usage soared across several of the worst-affected countries. Italy saw 20x growth in the volume of content watched. Germany ranked second, with 11x growth over the same period. In China, live-streaming on a wide range of social video platforms increased by 37%.
The ability of the tech industry to not only weather the COVID-19 storm but thrive in it was inevitable. However, COVID-19 has arguably accelerated a digital trend that would have faced businesses in a wide range of industries sooner or later. Companies able to pivot and look to their digital presence for brand awareness and growth in 2021 can connect with domestic and international consumers.
Global users are hungry for content, and brands have a unique opportunity to build trust and rapport. Whether for business or everyday life, consumers are still looking for answers to their evolving needs. Brands can connect with key audiences by being genuinely helpful and by offering content on popular platforms with no obvious sales motive. They can position themselves as thought leaders, emerging as valuable, trusted resources in their industries. This is particularly significant for international markets where local competition is fierce, brand awareness is low, buyers take a long time to make purchase decisions, or consumers are skeptical of lesser-known foreign brands.
It’s also a perfect time to put company values front and center. COVID-19 has increased awareness and expectations of how businesses behave and operate. For example, 90% of Germans expected brands to protect their employees and supply chain in the wake of COVID-19. And the way Airbnb communicated hard decisions in the face of layoffs boosted their employer brand while appealing to consumers.
Empathy and service are an increasingly common undercurrent in messaging, with companies positioning themselves for lasting brand value. At the beginning of the crisis, in New York, meditation and mindfulness app Headspace offered free guided meditation – in both English and Spanish. They also gave free subscriptions to US and UK healthcare workers, as well as special content for educators in the US, UK, Canada, and Australia.
Many global brands took this approach, offering support and resources while deepening connections with their customers. Consumers will remember the companies that were most relevant, authentic, and came through for them during COVID-19. Companies that take the time to build brand engagement now will be better positioned for success as the world emerges from this crisis.
We all talk about “getting back to normal,” but what remains to be seen is just how much our lives will be permanently altered by this experience. Best case, we have many months ahead before social interaction, movement, and travel resume as we once knew them. Meanwhile, many business leaders recognize that operating remotely has its practicalities, and some positives, for people, planet, and profit.
The digital landscape is unlikely to ever revert to its pre-COVID state. Consumers and businesses alike may well have permanently altered expectations. Global accessibility to B2C and B2B customers has arguably taken on a whole new level. How well – and quickly – companies recover and grow into the future, whatever it looks like, depends on what they do now. Recognizing the opportunity, pivoting toward new ways of doing business, and meeting evolving consumer expectations could be the difference between success and failure in the long run.