Call for Leaders – 3Q is a new category where Business Review features our 3 questions with some of Romania’s top business professionals, bringing a positive, insightful, or otherwise constructive view of their markets in the context of the current crisis.
Current conversation: Matei Psatta, co-founder TPS Engage
What are the measures you took for your business during this period?
We’re an ad-tech company for Out of Home, so you can imagine the impact on our core business has been significant – over 3 billion people in lockdown means less people on the streets. We’re a happy case, though, because despite the clear reduction in advertising spend (we’d estimate around -30% for OOH, maybe even higher in certain cases), we’ve seen an increase in requests to integrate our technology. This is because companies are implementing plans to recover revenue in Q3 and they’re being more open to new tech in order to do this.
In our case, we’ve continued hiring processes we already started and have reduced our own communication campaigns while our work shifts to product development and advancing new features we had in the pipeline.
We’ve also started working on solutions made specifically for the crisis – for example, we’re offering vouchers to our partners and SMBs that they can acquire now and claim once the world resumes its day to day activities. We’re already working on this with various companies focused on B2B and SMB sales.
What’s your advice for business leaders regarding this crisis?
Take a deep breath and avoid rash decisions. It seems we are in this for the long run, so despite this being an emotional time, decisions need to be very rational and focused on the future development of your business.
Don’t listen to social media and try to get your news from reputable sources. I’m living in Korea and had the opportunity to see how the outbreak here was handled first hand. However, the stories my friends from the US and Europe have heard about Korea are entirely false and exaggerated.
Be mindful of your sources and make sure you’re placing your trust in the right places.
What’s the most positive business news you’ve read today and want to share?
The fact that gyms and cinemas are opening again in Korea (they were closed for the past 2 weeks). The world economy is entirely dependent on SMBs – so the more businesses are ready to restart their activity and welcome customers, the faster we will return to “normal”. In our case, as well, we’re happy to see that Asia is slowly returning back on the streets and resuming activity.