A recent survey conducted by this magazine shows that the ongoing COVID pandemic has significantly changed the industry – both during and in how businesses plan to adapt afterwards. Responses came from all regions of the country, and 84% of respondents had been in business 11 or more years. Product lines of respondents showed a wide variety and versatility in businesses. Here is the breakdown:
Product lines:
Awards and engraving 56%
Personalized gifts 40%
Signage 36%
Decorated apparel 32%
Other 26%
Promotional Products 24%
Coping with COVID
Some businesses did not make any changes related to the pandemic. Several modified their hours. One person said he “hibernated.” Here are the numbers and most common changes made:
- Changes to Cope with COVID
Closed for a period of time 54%
Adopted social distancing 54%
Had to lay off employees 18%
Sold more product online 15%
2. Changes in Sales Volume:
The average loss in sales volume by the respondents was about 50%. However, many commented that the percentage was much higher – which averaged closer to 80%. However, 12% of respondents said their sales volume actually increased.
- Percentage of sales lost due to COVID:
Down 50% 43%
Down 25% 24%
No change 14%
Down 10% 7%
3. New products or new marketing
Many industry businesses adapted to the situation by selling new products or trying new types of marketing. A versatile 64% did more sales or marketing online. Others sold COVID-related products like masks or signage. Comments included: Getting out to sell anything was problematic; Made more retirement awards; Increased our floor graphics and COVID-19 signage to businesses; Pushed more promotional products; Did marketing for 2020 census.
- New products or new marketing adopted:
More online marketing 64%
Sold Printed masks 44%
Sold social distancing signage 28%
Sold promotional products 4%
4. Future after COVID
What will business be like post-COVID? We asked respondents and got a range of answers. Some commented that there would be no change or no effect on their business in times to come. Others said:
“Stay the same for five more years, then retire.” “Looking into adding online store to our website.” “Not too sure. Hard to tell. Seems like 2022 could swing back. Might have to change perspective of industry or sector altogether.” “Might close business. Many of my repeat customers built up over the last 20 years have gone or are going out of business. I didn’t want to retire but I might.” “Keep doing what I’m doing. If it isn’t broke, don’t fix it.”
- What will the future be like after COVID?
Will expand business online 61%
Will reduce size of business 42%
Will change product line 19%
Will close and do something else 11%
5. COVID Connections
We asked how many people you know who got COVID. The average was 1.875 people, but more than a quarter of respondents did not know anyone with COVID.
- How many people do you know who got COVID?
Zero 27%
One 14%
Two 14%
Five 10%
Six 8%
Ten 8%
Four 4%
Eight 4%
Seven 2%
Twelve 2%
Fifteen 2%
Twenty 2%
We have all had to deal with COVID in different ways, but it has impacted our industry and our personal lives. Thank you to all those who took the time to complete the survey. You have given us a snapshot of COVID’s influence on our businesses. Every situation is different, but, if you can, we encourage you to be persistent and move forward with your business, considering any new approached that may be necessary. When we change, we grow – and that goes for our businesses too.