“Trust is a fragile thing – difficult to build, easy to break. It cannot be bargained for. Only if it is freely given it can be expected in return” –
The COVID-19 pandemic has devastated many industries, but perhaps none as swiftly or as severely as the travel industry. As borders shuttered and lockdowns came into effect worldwide this spring, reeling airlines grounded flights across the world. By April, IATA estimated that passenger traffic dropped by 91%, forcing airlines to cancel over 80% of their flights and sending dozens of airlines into bankruptcy. Major carriers including Avianca, LATAM, South African Airlines, and Virgin Atlantic filed for bankruptcy protection or were forced into receivership.
As airlines struggled to cope with the devastation, they reverted to life support mode. They massively laid off staff, grounded entire fleets, and set to work cancelling thousands upon thousands of flights. And they were left with a massive cash flow problem when, suddenly, they had to cancel virtually all of their flights and refund their passengers. So much money going out, with no money coming in? That spelled disaster. And they panicked.
Continue reading “The fragility of trust: Airlines and the COVID dilemma”
I’m writing this about nine weeks into lockdown, during the biggest pandemic of the century.
2020 wasn’t supposed to be like this. The year started with optimistic projections. The global economy was healthy and robust, with the OECD projecting lofty growth among both G20 and developing countries. It was to be an Olympic year. Unemployment was down. Living standards were up. Digital advertising revenue was forecast to grow by nearly 11%, to a whopping $326 billion.
And then everything changed.
Continue reading “Marketing during COVID: A 4-step plan”
In times of extraordinary change, how should businesses navigate and interpret the massive quantities of data coming their way? My team of strategic planners, analysts, and insights specialists spend all day every day interpreting numbers. But what happens when those numbers suddenly seem to become irrelevant in times of massive upheaval or change?
Right now, we’re facing unprecedented times—in the midst of this COVID-19 crisis, it seems like things are changing so quickly that one day’s numbers are no longer relevant by the next. We’re accustomed to looking at 30 or 60 or 90 days of historical data to make forecasts, but that feels impossible now.
Many businesses who rely on big data for decision-making are struggling with this right now. So, I’d like to propose a few guiding principles to help data-driven decision makers cope with a crisis of this scale.
Continue reading “How to be data-driven in a crisis”