The impacts of the COVID-19 crisis on business are deep and far-ranging. As brands and retailers have been forced to temporarily or even permanently shutter their doors, many are embracing innovative and alternative measures to continue their production, engagement and support to their customers as well as to the greater community.
In the face of difficulty, businesses are finding exciting opportunities to not only survive, but thrive, putting future-forward processes and operations in place to ensure their success long-term, even in the face of uncertainty. There have been powerful pivots brands and retailers are making to create services, products and experiences that meet the quickly evolving needs of consumers in a climate of restriction and crisis. These emerging consumer behaviours and savvy businesses strategies are leveraging creativity, agility, technology and resourcefulness to respond.
1. Embrace the digital way
If you’re primarily run out of a brick-and-mortar store, it’s time to find the digital version of whatever work you were doing. Can you deliver your product or service electronically? If you own a boutique, now is a great time to launch an ecommerce store with a 90-day Shopify trial. If you’re a fitness instructor, you can continue your regular workout classes virtually with Zoom. Ask yourself: what you can provide online?
2. Leverage your existing assets and resources
Leverage your current assets and resources and align them with your customers’ current needs. What could you change in order to fulfil those needs? What do people need most right now? How can your company fill that need with your existing resources? If your business is unable to operate, is there a way to pivot to digital or a business that is deemed essential?
3. Deepen loyalty with existing customers
We’re all in this together. Be real, authentic and transparent about your efforts to serve your customers as best as you can – and let them know how they can support you in return. Loyal customers are champions for your company and brand ambassadors. Continue to maintain a strong relationship with your clients whether directly, individually, in newsletters, and or/via social media. Show them you care. Trust matters (more than ever)!
With people spending more and more time online, it’s a great time to share relevant and engaging content related to your business – figure out the best way to engage with your current customers and do so in creative ways.
4.Explore the benefits of collaboration
here’s an African proverb that says, “If you want to go fast, go alone. If you want to go far, go together.” The objective of collaboration can be new ideas, exploring synergies, and creating new business partnerships, where 1+1 = 5. Partnerships can help give you access to new customers, new products or new markets. What partners can you work with that also have resources you can leverage? Is there a partner you think could help sell your product or service to their customer base? What could you offer them in exchange? Is there an opportunity to bundle your products together? True partnerships and successful collaborations are win-win.
We won’t be on lockdown forever, but we will emerge in a different world, so now is the time to start envisioning different products and experiences.
If your business has been greatly impacted by the current crisis, you’re not alone. It’s important to remember that great companies can be built in hard times. If you think you might want to pivot or have been thinking about it, Brainchild would love to be part of that conversation. Ready to throw some ideas around?
Leave a Reply