The coronavirus pandemic has caused huge problems for the digital signage industry. As a digital signage manufacturer, the past few months have been the most difficult period in the company’s history. However, this extreme situation also taught us how to innovate, not only during the crisis, but also in daily basic work.
I want to share the challenges we face, how we overcome them and the lessons learned in the process-hope our experience can help other companies through the difficult times.
Our biggest problem is the lack of cash flow. With the closure of retail stores, the demand for digital signage in tourist attractions, office buildings, schools and universities has dropped sharply. As our distribution network, dealers and integrator partners’ orders dries up, our revenue also decreases.
At this point, we are in trouble. We can increase prices to compensate for insufficient orders and reduced profits, or respond to market needs reported by our partners and develop new innovations.
We decided to require suppliers to provide longer credit periods and higher credit lines, which will help us provide funds for the development of new products. By listening to our partners and demonstrating our sympathy for their difficult financial situation, we strengthened this relationship and built trust in the company. As a result, we achieved growth in June.
As a result, we have the first important lesson: Don’t just consider short-term profit loss, but give priority to maintaining and building customer trust and loyalty in order to obtain greater long-term returns.
Another problem is that people lack interest not only in some of our existing products, but also in the upcoming products that will be launched in 2020. Over the past few months, we have developed new forms of advertising displays, new touch screens and new displays. However, because retail stores have been closed for several months, people are generally worried about touching anything in public places, and many face-to-face meetings have become virtual meetings, so no one is interested in this solution.
Based on this, we have developed a new solution specifically designed to solve the problems caused by the coronavirus. (We combined the hand sanitizer dispenser with the digital signage to create a display with temperature check and face mask detection functions.)
Since then, we will continue to carry out some planned product releases and change our marketing strategy for digital signage . This adaptability will undoubtedly help us maintain operations in the most difficult months.
This has taught us another valuable lesson: Paying attention to changing market needs and adjusting strategies accordingly is critical to success, especially when the industry is developing so rapidly.
Post time: Sep-11-2020
