Revenue Stability Under Crisis: Empirical Evidence for the Multiplicative Revenue Resilience Model (MRRM)

This paper provides an empirical assessment of the Multiplicative Revenue Resilience Model (MRRM), a framework designed to explain how firms maintain revenue stability under conditions of economic stress. Building on prior conceptual work, the study examines how coordinated adjustments across key operational drivers, including traffic, conversion rate, average transaction value, and margin, influence overall revenue dynamics. The analysis is based on firm-level data focusing on distinct crisis periods rather than continuous longitudinal coverage. It includes two primary case studies: a digital marketing agency during the COVID-19 disruption and a food service business during the subsequent period of geopolitical and macroeconomic instability. These cases capture different types of external shocks and corresponding adaptive responses. During the initial COVID-19 period, the agency experienced a sharp contraction, with margin collapsing to -60.6% in April, followed by a strong recovery driven by rapid operational adaptation, cost optimization, and market reallocation. The findings suggest that firms applying simultaneous incremental adjustments across multiple revenue drivers demonstrate significantly greater resilience compared to those relying on isolated optimization strategies. The results provide empirical support for the multiplicative structure proposed by MRRM and highlight the importance of coordinated operational flexibility in crisis management. The study contributes to the literature on firm resilience and offers a practical framework for evaluating adaptive capacity in small and medium-sized enterprises. An earlier version of this study was released as a preprint: https://doi.org/10.5281/zenodo.19219827