Time is a cost in business often misinterpreted or forgotten until it appears to run out of resources for projections. It is a liability that can be very expensive as it passes by. Often in business; days, hours, and minutes represent the dreaded timeline or deadline to be met. In any crisis or unstable situation, time is never enough, as it usually works as an opposing force that brings challenges.
A crisis is naturally a threat that is, propelled by time. Even a simple mistake during a catastrophe can be exaggerated or heightened beyond foreseeable outcomes. as with most aspects of life, time affects decision-making. Time brings changes and causes wear and tear. Assessments and decisions need to be made in quick time. Harnessing time can prove very difficult in the best of times and virtually impossible during a crisis such as the one that 2020 ushered into the world.
As the global crisis induced by this pandemic drives companies to virtual spaces, marketing and communication have become the life source of firms. The impact of time within online spaces can be observed in how marketing and communication attempt to harness time in the digital world. The new norm for a 24/7 service utilising AI integration has become a lifeline to capture visitors and convert them to buyers and clients. It demonstrates how the digital transformation of firms is affecting the pace at which business is conducted.
Has time erased the physical presence of a smile, an atmosphere or an impression? A physical office or location for operations means trust, stability, and professionalism to a customer. It situates the company or the brand in the mind of the customer and even the employee. Translating this into virtual spaces takes innovation, creativity, and marketing as businesses compete for viewership on screens.
Competition in the virtual or digitised realms has its pacing. Eyeballs, interaction, and participation have increasingly been part of the marketing plan. But in crisis, it is not just about competing to be seen or having a website to be found, it is about standing out and remaining visible. Companies of various sizes are found on the internet. The difference is no longer the real estate value of the office or store but the marketing budget.
Time weighs heavily on the decision-makers. For any business owner or marketing strategist, time can determine survival. Many small and medium enterprises had to endure restrictions and, unfortunately closed down within two or three months. In a study conducted in the United Kingdom in 2020, 3500 locations were monitored. Findings indicated an increase of 33% in permanent store closures compared to 2019. Time can increase debts.
The first reality check for many employers and employees on how time would affect them during a crisis was how fast and effectively they would be able to transition to virtual spaces. CEOs, CFOs, and CMOs had to hyper-leap their thoughts about agility and sustainability. The first that responded quickly to the challenge of going virtual was able to buy time in the crisis. It was about survival more than about sustainability, as 2020 proved to be a transitional year.
The rate of the digital transformation of businesses has been at a momentum beyond projections before the pandemic. Adobe researchers claimed that projections for conversion to virtual operations leapt from five years to one year. Many companies were challenged to transition operations within weeks to allow employees to work and communicate from remote places.
The Information Technology and Information Technology Enabled Services sectors were already functioning mostly within digital spaces. They were at an advantage for several reasons. Multi-national companies or businesses with a global customer base had experience working within time zones and with a digital environment. With such a head start, priority went into marketing and the issues outside of operations.
Some companies had more options for resources, space, and time. Tesla transitioned its operations to Texas. Global companies were able to keep some offices open in less-regulated or less-hit countries. But, global production has dropped, and dragging with it, is the Gross Domestic Product with a relational decrease in employment, small enterprises, start-ups, and opportunities to innovate. Time matters to turn around operations, and goods, for sole traders, small businesses, large conglomerates, and national economies.
Time waits on no one. Traditionally, firms would have marketing strategy projections for the year. Projections became irrelevant. With many nations going into intermittent lockdowns and markets constantly changing, the situation has become very volatile and desperate. It is increasingly difficult to project ahead. Projections made previously became less realistic with time. In 2022, markets are slowly recovering. Time has left its mark on the psyche of uncertainty.
Corporate had to develop a revised plan with a short timeframe in response to the changes made due to virus prevention measures, the effect of transitioning work online, and reaching and serving consumers online. To further complicate the situation, corporate heads had to make decisions based on factors that had not been explored or documented prior to this virus.
While there have been global or countrywide pandemics before, it has not been with the economic environment of 2020. There were new emerging industries, markets, trends, and technologies. A fair question would be, Would the new markets cave in under the strain? Since the main driver of the new markets is the internet, the more appropriate question turns out to be Would the traditional industries survive? A clear example would be the e-learning industry. In 2022, it is made obvious that time brings new dynamics.
Time is a constraint. There was little time to test markets as customary when in a crisis. Therefore, there were unforeseen dynamics affecting enterprises. With dwindling revenues, a wrong decision can make or break a firm. Even the larger firms had to make drastic decisions despite having more resources, market share, opportunities, and time to make decisions.
Brands were unable to wait for the retailers to transition or recover losses. Brands could not wait for different countries to rebuild and prevent the virus in whatever methods they decided to follow. Brands embarked on forming relationships reaching out to consumers directly e.g. Heinz started 'Heinz to Home' while Pepsi launched, 'Pantry Shop'. These companies decided to implement measures and tests as they went along.
Digitisation is infinite while trends are not. Many companies try out new strategies and explore options, resulting in a growing number of trends. Marketers monitor trends. Many business owners are eager to try the latest trend hoping to get in before the competition. But trends can prove the importance of time. For a trend to develop, it has to do so over a period because trends can fade away.
A trend should be adopted, after evaluating over time. Simply put, a trend can be a strategy or, it can be a direction. Following the wrong trend can cost your brand; time (the liability), resources, and customers. Trends can be adapted to suit your business model. With time, a trend can convert to a development that can add value to your business.
Since time waits on no one and time is short in supply, business owners have to follow the trend that has real potential for the company. But if you can afford it wait until the trend develops into a definite option. Otherwise, marketers have to be seers, or at least quick enough to understand shifts in trends. The usual bane of many CMOs, except this time it is at warp speed.
Virtual companies seem to be the future as companies continue to transition digitally. As time goes by the pace of business is quicker. The virus and the ensuing global crisis have accelerated this in several areas and at different levels. As restrictions continue into 2022 in some countries, many business leaders have to decide on permanently transitioning to virtual spaces. Trends coming out of marketing and communication, demonstrate how time is having a definite say on the future of operations of businesses.