This survey was conducted to gather information on how UK businesses have reacted to the Covid-19 crisis, how well prepared were they, how have they adapted their business for this unexpected period, where have they invested during the crisis, and do they think this will change how they do business in the future.
Financial Services scored significantly high in their response to all questions about the handling of the COVID-19 crisis. Not only did they view their companies as generally well-prepared, they also saw themselves as adaptable to the inevitable change in business practices regarding digital behaviour. In addition, they seemed to recognise the need for further investment in online sales and marketing efforts.
The survey was conducted between 6th-9th May via the Google Survey online panel which is a Google business product that facilitates customised market research.
The survey collected data from 1660 participants in the UK, aged 25-64, out of which 694 were eligible for participation in the actual survey conducted. The gender breakdown was 51.4% male and 48.6% female.
Eligibility was determined via a question on the role of participants in business life and only those fulfilling the role of owner, partner, director, senior management or employees were allowed to participate in the survey.
In questions 5-8 the participants were shown a scale from 1-7, 1=Disagree 100%, 7=Agree 100%. In the analysis, those answering 1-2 were categorised as “Disagree”, 3-5 as “Indecisive” and 6-7 as “Agree”. These percentages were then aggregated at the bottom of each graph. These graphs are presented below.
The survey found that Owners/Partners are less satisfied with the actions taken by their company in order to survive the crisis. They also considered their business to be less prepared for the crisis than previously thought.
The data shows small companies being less proactive in adapting to the crisis and not viewing it as a catalyst for any significant change in their online operations, with medium and larger companies biasing to the alternate position.
Given the level of agreement for the responses to the previous two questions, it is somewhat surprising that Financial Services is more uncertain about this statement. It doesn’t demonstrate the same level of uncertainty as Business Services perhaps, but neither does it reach the heights of the Tech industry. Such a level of response demonstrates a recognition that the investment level does need to increase and that sales and marketing are undervalued online.
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