On this morning’s WJR Business Beat, Jeff shares uplifting news that, despite all the challenges of the COVID crisis, there still seems to be a sense of optimism among small business owners.
A new study conducted by Viamedia shows that 83 percent of businesses indicate that their marketing strategies have been forced to change in the short term due to the crisis. The study also indicates that 40 percent of those surveyed believe their businesses will emerge even stronger on the other side of this.
Listen to the segment below for more:
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Good morning, Paul.
Yes, indeed, we know that entrepreneurs are very tenacious and very resourceful. Now, as we begin to distance ourselves from the most acute period of this COVID-crisis, at least economically speaking, when businesses have been forced to close their doors and consumers forced to stay at home, we continue to see new studies and research about its impact on small businesses and the entrepreneurs that lead them and depend on them and encouragingly, despite all the challenge, there still seems to be a sense of optimism, a sense of a desire to fight through this and that they’re going to make it on the other side and make it successfully.
That’s how business owners are feeling, and that’s good news. A new study conducted by Viamedia, they are a cross media management companies serving primarily the TV industry, and the study focuses largely on the impact on small business advertising, which to me is a real bellwether for the broader sense of how small business operators are feeling today.
And there’s definitely a change in the short term, but a real sense of optimism for the future.
Now, we all know this crisis is creating sweeping change and new normals, and here comes another one: 83 percent of businesses now indicate that their marketing strategies have been forced to change in the short term. The study indicates specifically 46 percent of small businesses are now forced to offer some sort of promotion just to drive sales and bring dollars in the door.
Now, despite this short-term pain, as we have been reporting, there does continue to be a real fighting spirit out there amongst these small business owners and a strong belief that they will return to business as usual post the pandemic, with 40 percent indicating that their businesses will emerge even stronger on the other side of this.
And even 10 percent indicating that they have plans for growth already in place following the pandemic. This is such great news.
You know, Paul, so much of what happens in business and what happens economically more broadly is driven, as we know, by perception and perspective. We know the impact of that on the stock market, certainly, but it plays a big role in business, too.
And it’s so good to see enthusiasm and confidence that we’re going to get through this on the other side and have successful businesses emerging, even with growth plans. Love this good news coming out of the Viamedia study.