It does not matter how horrible it is or how long it stays, the Coronavirus is going to have a massive effect on the building materials industry. We are dealing with two main issues, uncertainty and more distance between us and our customers.
Even if we find a vaccine that puts an end to it soon, the epidemic has changed the world. It caused people to consider their health in new and different ways. We are all thinking of the steps towards a better pretection.
“A black swan event in business is an unpredictable or unforeseen situation that has big consequences for your industry. Most business owners hope and pray they’ll never encounter one because there’s just no way to plan ahead for them. Your response plan is always going to be reactive.”
Coronavirus is one of those black swan events. If you haven’t already, it’s time to take steps to adapt to it.
Different Ways the Coronavirus Might Affect Construction Materials Industry
- In this situation, your website and online presence gets 10 times more important. Therefore, company that gives the customer what they want online will win.
- Some will mistakenly see this as a way to cut travel and trade show expenses when they should redirect them.
- Trade shows and events will change. Some will be canceled. Most will get smaller.
- Your marketing staff need to get even better at virtual selling. Telephone, email, texting, social media and video calls are now even more important.
- A healthy and safe place to live will be the new granite countertop for new homebuyers and renters.
- Some owners and managers in commercial construction are looking for ways to protect their investments.
- Whether it is safer and healthier HVAC systems or germ-killing antimicrobials, your customers will be looking for these features.
Certain companies will see this as an opportunity to jump ahead of the competition by better meeting the needs of their clients. Others will be left behind with their heads stuck in the sand, thinking that things will return to normal.
“That’s a misunderstanding of how black swan events work. They don’t just come out of nowhere and shake things up. They also leave a mark on the industries they affect.”
When a pandemic of this proportion strikes, it’s vital to adapt. Do more than just rethink your travel plans. Show your customers that you are their best choice in this new world.