The Coronavirus (COVID-19) outbreak has led to business interruptions, with ongoing effects on business continuity, operations, and growth. CIOs need to respond to the crisis with both short and long-term measures to provide rapid relief, increase resilience to future disruptions, and prepare for growth.
The Digital Revolution has put every business under threat. Businesses are either already disrupted, being challenged, or will be challenged in the future. Companies like Yahoo, Nokia, GM, and Sony have had successful business models, but failed to re-invent themselves. Whereas companies such as Amazon, Apple, Uber, and Tesla have disrupted the market in a relatively short time. Strong businesses struggle to thrive and eventually surrender to the never-ending challenges arising as the result of digital disruption.
Has COVID-19 delivered a knockout punch to an already struggling publishing industry? Well, not really, if you look at the trends of the recent past. Ever since the internet became a rage, the industry had been struggling, especially in the last few years, from the onslaught of digital content; publishers had no choice but to adapt themselves to this change. The pandemic did not alter this axiom; it has only accelerated it.
Customer engagement and brand loyalty go hand-in-hand. For the former to succeed, marketing must catch up with trends and technology. Mass customization has long given way to mass personalization and omnichannel marketing must adopt this trend to encourage brand loyalty.
It has now been almost half a year since the COVID-19 pandemic impacted every business globally. Organizations must rethink how they work, and the media industry is no exception. We must also understand that while most businesses are beginning to pick themselves up after this unforeseen crisis, the media industry needs to do much more.