While all of us are working through the health and business effects of the Coronavirus outbreak, MarketPro, the leading marketing recruitment agency is sincerely thankful for the hard work and dedication of all the frontline workers. We know our country is going to get stronger through this together.
In 2001 and 2008, MarketPro successfully navigated through difficult economic times. The experience of the past recession has taught us a lot but this time is different. Where the majority of the economy has gone into a tailspin in past recessions, the responses during this period vary according to each industry.
Sectors like travel and food services have been crushed based on demand going to virtually zero. Other industries like healthcare, financial services, and utilities have managed to push forward without very few obstacles. However, there are companies that are in the middle ground. These companies have experienced some impact due to the Coronavirus outbreak and took a pause for a few weeks as they went into a deep analysis to re-evaluate their standing in the market.
Utilize Marketing Recruitment Insights To Increase Company Growth
Ultimately, many companies have come back and have gone full speed ahead with their hiring process. MarketPro has seen this more predominantly in the tech industry. They have acknowledged that the economy will continue to struggle through the outbreak but only within a short period of time. Therefore, companies with a strong balance sheet who were growing before the Coronavirus outbreak see this as an opportunity to add top talent while others are fearful.
As some companies pull back too much and will struggle to connect with their customers, rivals who are continuing to invest in marketing will gain market share as we return to normal. However, the last to recover will be businesses that weren’t growing before the Coronavirus outbreak and have cut back on the hiring process. Our message to our clients is that it’s going to be a tough time but now is the time to invest in the company’s marketing to jumpstart your growth over the next several years.