LUX REVIEW recently published an article identifying eight potential impacts of the COVID-19 pandemic on the lighting industry.
The effects include: some familiar brands may pass on, large brands perceived as stable and enduring will benefit, manufacturers will shed everything except core business expenses, payment terms may lengthen, companies that produce locally will have an advantage, companies that adapt to technological changes such as telecommuting and Cloud-based services will do better, interest in UVC will increase, and changes in vertical building markets will ripple outward to affect lighting.
No argument with any of it, aside from companies shedding everything except core business expenses. Some may do that, but I don’t think they’ll benefit from abandoning marketing during a year when face-to-face sales and marketing are disrupted. In fact, arguably, this year manufacturers should hold onto enough of a budget to strengthen and expand their online marketing and direct contact. LUX predicts manufacturers perceived as stable and enduring will benefit, as they will be seen as being around in the future; a strong online marketing presence promotes that perception.
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