Most CEOs maintain a positive and optimistic outlook about the market comeback from the Covid-19 lockdown. This was the finding of a study by Chief Outsiders, a leading US Chief Marketing Officer firm.
The ‘CEO Recovery Insights’ report involved a survey of the CEOs of more than 170 mid-sized businesses. It asked the CEOs their expectations and strategies as markets resurface from lockdown.
The survey found that 57% of CEOs believe conditions will improve in six months’ time or more. And 43% believe improvements will be visible in 5 months of less. Even more positively, almost no CEOs say their business has been “significantly weakened” by the crisis.
CEOs Remain Optimistic Despite Pandemic Closings
Furthermore, 64% of CEOs views their business’s ability to execute recovery plans as crucial in meeting revised 2020 goals.
The impact of the coronavirus pandemic has been felt by businesses of almost all industries. However, Chief Outsiders’ research shows there is renewed optimism within the business landscape.
Peter Hayes, CMO and principal of Chief Outsiders, commented:
“One of the most important takeaways in this survey is that these CEOs share a largely positive outlook for the future.”
Hitting 2020 Goals
The research underlines the importance for CEOs to carry out recovery plans as markets start to pick up. The pandemic may have altered many businesses’ goals in 2020. It is now more important than ever for businesses to implement recovery strategies. With the right strategies in place, small businesses will be in a better position to meet revised goals.
67% of CEOs see at least some change of making their original 2020 growth targets. This compares to just 33% of business leaders who believe they have no chance of meeting initial targets.
Strategies Pursued in CEO Recovery Plans
Chief Outsiders’ report analyses the strategies CEOs are implementing in their recovery plans. One leading strategy, used by over 60% of CEOs, is the targeting of new markets or customer types. Almost 60% of business leaders say they have shifted messages or value propositions. More than 55% have made the deployment of new digital marketing capabilities part of their recovery plan.
Adding New Products or Services
More than half of the participants say they have added new products or services in their bid to recover their business. Over 30% have adjusted their pricing. Just under 30% of CEOs have made the creation of special offers part of their business recovery plan.
The key messages from Chief Outsiders’ research is that, as markets reopen, it’s time to rethink business models. Businesses should be prepared to adapt and innovative in order to capitalize on new opportunities. By adapting and innovating, businesses are geared towards responding to changing market conditions.