COVID-19 opportunities: Where is the money?

You need to work hard to find opportunities in a recession, but innovative agencies will always sniff them out. Fortune favours the brave.

In a recent post I wrote about how to scale an agency out of lockdown. In this post we explore new business opportunities and growth sectors.

In the agency market there are opportunities that have been created by COVID-19. In addition, the UK’s Industrial Strategy sets out longer term investment opportunities with comms potential attached.

Agencies exist to provide specialist skills or scale. As we emerge from the crisis here is where I have spotted opportunities for growth.

1. Work without boundaries

Any market that previously relied on geographic proximity has been disrupted by COVID-19. Location is no longer a limitation if you have access to good broadband connectivity and tech. Regional agencies have access to global markets and talented freelancers are building virtual teams to tackle projects.

2. COVID-19 proof categories

Some sectors have been wholly unaffected by the COVID-19 lockdown and are booming. That includes broadband, cloud services, DIY, gardening, groceries, and online retail. Here the opportunity is growth and new markets.

3. Disrupted categories

Other sectors have been devastated by the crisis and need a complete rethink. Culture, entertainment, and sport need a hard reset. Some activities have moved online but the disconnect with the audience mean that they don’t work. Watch for innovation and move fast to help brands capitalise.

4. Rethinking events

Corporate events will never be the same again. New applications and platforms are emerging for meetings. Digital design and production skills are in demand as physical events shift online for the remainder of 2020.

5. Future of work

The debate rolls on about working from home versus in an office. The future is likely to be a mix of the two which will mean investment in shared community work spaces and home offices. Home office design and build is a burgeoning market opportunity.

6. Education

Campus and classroom education is going to be different with social distancing measures in place. It has already created a boom in design, content, and production for online learning. Organisations have realised that you can’t transfer a workshop lasting longer than 60 minutes online and expect it to work.

7. PPE and COVID-19 consultants

Organisations need help understanding the crisis and protecting their staff, customers, and supply chains from the virus. PPE will be a reality until a COVID-19 vaccine is available. It has given rise to the COVID-19 consultant armed with a combination of health and safety, psychology and communication skills.

9. Strategic communication

If internal and external communication was not on the management agenda prior to the COVID-19 crisis it is now. Executive teams have relied on communication teams for research, listening, engagement and evaluation.

10. Sales

Organisations have a huge hole in sales for the height of the crisis in Q2 that they need to fill. Longer term brands need to realign with their markets and the communities that they serve. Any brand that went into the crisis focused on profit must examine its priorities.

The UK's Industrial Strategy

The Government’s Industrial Strategy is focused on four Grand Challenges, namely: Artificial Intelligence and data ageing society clean growth future of mobility. These are likely to be reappraised following the crisis to provide a platform for recovery.

Each of the challenges provide a focus for investment and a rallying cry for innovation. The government will lean into these areas to drive growth following the crisis.

The UK’s 38 Local Enterprise Partnerships have been tasked with creating local industrial strategies. Seek these out and find the organisations and brands that can contribute to these markets.

They will almost certainly need agency support.