What does the COVID-19 pandemic mean for tech companies?

The COVID-19 outbreak is nothing short of a human tragedy - affecting each and every one of us in ways we have never before experienced, or ever expected. As the virus continues to spread and more countries are being put on lockdown, questions surrounding what the pandemic means economically, and how businesses will ever recover from the collateral damage are becoming more frequent, and desperate. 

The question in everyone’s mind is currently, what long-term impact will this have on the economy, and what does it mean for my business?

The answer to this is uncertain for most industries; however, amongst the challenges that this pandemic is bringing, there’s one industry that seems to have a somewhat brighter future on the horizon - and that’s the technology sector. 

Although it may not necessarily be obvious right now given that thousands of technology companies have had to close their doors for the time being, and technology manufacturers are struggling, there is some hope that once this is all over, technology will begin to thrive again. 

Here’s why.

COVID-19 is changing public perception of technology

In recent years, the tech industry has come under fire a number of times, and although this is mostly due to the actions of big tech companies, the distrust and somewhat disdain for certain parts of the tech world has extended beyond the giants to smaller businesses. However, due to the global pandemic we’re currently in, even big tech companies have seen a change in the way the public views them. 

Why?

The fact that tech giants are donating large amounts of money and resources aside, it’s because people need technology now more than ever. With most of us stuck at home with only our government mandated exercise to look forward to, we’re relying on technology to get us through the day. Whether it’s through social media, streaming services (we see your recent release, Disney+) or just plain searching the web for more information on the current situation - we’re all using it, all the time. For tech companies, this is something to utilise, and develop a plan on how to reach their biggest audience yet.

Workspaces (for now) have moved online

As you’ll likely be aware, government lockdowns have forced workplaces around the globe to close. This means that for the majority of us, our “workspace” is now a virtual one.

Our meeting rooms have become a Google hangouts link, our chats with co workers over a coffee are now done over social messaging, and face-to-face conversations with our customers now have to be done via phone call.

For most companies, this is a huge change in day to day business - and it’s showing a lot of companies that they don’t have the technology needed to transition successfully from working remotely away from their usual environment. This presents an opportunity for tech companies to reach out to their customers in ways they never had before, and address common pains and challenges that all of their prospects are now facing. 

For example, cloud based software companies will be seeing a huge increase in interest, as the pandemic has made many businesses finally realise the limitations of having on-site systems and masses of infrastructure. In this case, it means that not everyone in their business is able to access the information they need quickly and easily from anywhere, and this realisation is causing huge issues to numerous organisations who will now be re-evaluating all their business processes.

While people may not buy now, they will in the future - so keep the faith

This is the one beacon of hope many business owners have in spite of the current circumstances, and it’s the one thing that should be at the forefront of all tech companies’ strategies. As previously mentioned, the COVID-19 outbreak will be a harsh revelation for many businesses that the technology they currently have isn’t sufficient moving forward in a world slowly moving towards more agile working environments. They’ll likely be using this time to research - to see what they need once they’re back on their feet. 

And that’s where you, as a tech company, can help.

For better or worse, you now have the chance to educate your audience on how your offering can help them, whether it’s in the short or long term, depending on your product or service. 

In order to do this, we recommend coming up with specific, valuable content that your prospects can read, watch or engage with while on lockdown. Offer them valuable advice for free, send email updates about your business (transparency in times like these is key) and most importantly keep in touch with both customers and prospects. If businesses were considering purchasing your product or service before all this happened, it’s unlikely that they’ve abandoned you all together, so nurture them. 

Now more than ever, we all need to feel like the companies that provide our products and services care about us, and tech companies in particular have a unique opportunity to show their potential customers what they’re about, and why they can be useful. 

To do this, you need a plan - and we’ve got just the aid you need. We’ve put together a free marketing pack to get you through these uncertain times, and have you marketing like a pro on the other side.