The coronavirus pandemic is making the headlines for over weeks since the first case appeared in China. As quarantine measures are being enforced around the world to stop the spread of the Covid-19, businesses and agencies are adjusting to the situation by working remotely and taking necessary actions to continue their operations.
Not all equal, but all together
In the face of the coronavirus, we are not all equal but we are all together. Acting on the pandemic by imposing quarantines for the greater good of humanity is common sense. Governments, businesses, and the public are all agreeing on this while the virus will have various impacts among regions, industries, and age groups.
In China, the break of the supply chain has already provoked a drop in the value of export by 17.2% for January and February versus the same period last year, impacting businesses worldwide. European and North American governments are bracing and adopting new measures everyday to contain the spread. Some industries, like fashion, or the travel industry, are primarily affected. At the same time, companies who have adopted digital strategies seem more prepared for the crisis.
Time to act
While these times seem “difficult”, businesses should view the crisis as a challenge, and agencies are well-positioned to offer the help and the structure needed to their clients during these times.
That being said, corporate rigidity might also mean panic prevail in the board decisions, and clients are too often postponing or canceling projects.
The so-called “wait and see” strategy cause prejudice to the opportunities ahead, and can often do more harm than good. In respect of changes, appropriate budget restructuration and adjustment should be negotiated, and agencies should suggest actions and help clients in their decision.
Because this is where sits the real value of agencies in this is the mutual partnership. Solely being an order taker without providing proactive advice means being subject to the “wait and see” strategy. In contrast, the only good move at the moment is to “advise and act.”
Making sense of digital transformation
Instead of panic, thorough decision making and digital transformation should lead the way to future-proofing businesses.
The impact of the pandemic might very well show that there is no “business as usual” and should act as a catalyst for digital transformation.
Digital transformation is on the lips on business and agency execs for years already, and not every industry is equal in the face of the evolution. There is no doubt that tech companies and agencies have been leading the way of the digital transformation; agencies often acting as a guide for their clients. It is now a critical moment for both clients and agencies to recognize digital transformation as it is: a mutation of business relationships in their entirety.
With the limitation on travel and in-person meetings, digital communication becomes the main channel of communication for agencies and clients. In this digital space, Ad World Masters has developed the tools for clients and agencies to ignite business relationships and start collaboration faster.
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