From every crisis, opportunity can be found
In times of uncertainty, what could we be doing more of, and more importantly, what should we be doing less of? As businesses, consumer behavioural changes mean we may have to start thinking outside the box and look at our business in a different way. Inevitably, business events and conferences have been cancelled, coupled with severe social distancing restrictions, but this doesn’t mean innovation needs to be stifled. What opportunities are out there that we can take advantage of?
It has become increasingly clear that the current pandemic is having a huge impact on the economy, with the full effects still unknown. There is no doubting that this will have an impact on all of us but remember this too shall pass and it is how we react and take control of the situation that matters.
Adjust to new customer habits and rethink the customer experience
If your customer can’t come to you – get the product or service to them. Food outlets and DIY stores are offering deliveries or curbside pick-ups, whilst eat-in restaurants have switched to online take-outs. If you’re used to having face-to-face conferences and workshops, bring these to the world-wide-web and create an online knowledge community.
The entire concept of the ‘customer experience’ has dramatically changed – think creatively and flexibly to adjust to the needs of your target audience – and above all, make it fun. We’re so tired of sitting at home all day every day that we appreciate the companies that go one step further such as providing virtual happy hour kits or hosting online pub quizzes. Think about which newly adopted habits might stick in the long run and adapt your offerings.
Seek ideas from others and collaborate
Conduct surveys or ask questions of customers, staff members and other external stakeholders and brainstorm ideas off the back of this feedback. Think about the challenges faced by your customers and the solutions you can provide. For example, if you are no longer able to see customers face-to-face, identify a solution that will allow you to conduct effective video meetings that diagnose the issue.
Expand your current network, communicating with a wide range of individuals who can offer different kinds of knowledge and creativity. This way you can cross-fertilize ideas and help each other grow.
Listen to what your employees have to say re your current workflows and if they have ideas to streamline them, so you are better equipped to deal with crisis conditions. Doing this will allow your business to gain a competitive edge and keep you ahead of the curve.
Keep your eye on the prize
Whilst it’s important to focus on the here and now and what you can do to adapt in the current conditions, it’s also vital to keep resources for long-term innovation. Be aware of allowing today’s lens to disproportionately impact your long-term goals and wider strategy. When we are no longer focused on the short-term damage limitation is when we can really push forward with our innovator brains.
If competitors shift their resources away from long-term innovation, this is where we can create a meaningful advantage – by putting a little investment aside and continuing to innovate in the background for when the storm has passed.
Embrace the change
Some of the changes we see are in direct response to the crisis and will revert to usual levels once the virus is contained. However, some changes will continue on and shape businesses for years to come.
Pandemics and recessions accelerate innovation, and this is something we should take advantage of. Times of upheaval enable us to reflect, refocus and rethink our ideas. We’re no longer stuck in rush hour traffic or running around like headless chickens, trying to find more hours in the day. We have time to stop and take a breath, and to think more freely and clearly.
Above all, our health remains the top priority. This pandemic has been a huge shock to every one of us so we need to look after ourselves first to ensure we have the resilience to survive – and thrive.
“When written in Chinese, the word ‘crisis’ is composed of two characters. One represents danger and the other represents opportunity.”