Sales guru, Brian Tracy, said life is a continuous cycle of problems and crises but exceptional people look out for ways to provide solutions to those problems and get rewarded. No doubt the lockdown has done so much damage to the global economy but it does provide fresh opportunities for all sectors.
The Economic Times, an Indian Newspaper, this week reported that 60% of businesses expect 40% hit to their revenue in the 1st quarter. The realization paints a sombre picture of what is happening everywhere else. Virgin Atlantic, Access Bank, Airbnb, and Airbus are examples of firms presently challenged by weeks of economic hiatus.
However, the newspaper provided a follow-up. Like Tracy, it advised, “Every crisis brings with it some unseen opportunities. Every crisis also tests the limits of our resilience. Amid mathematical models and economic projections, one powerful factor is often overlooked: the power of human optimism”.
The lockdown is going to change the psychology of business and citizens forever. Believe this. People are not going to work, relate and do business as they have always done it. Talent development is going to be the focus of every government now. The focus of organizations or business brands will also turn largely to building more virtual relationship and providing more value.
It is up to business leaders to find ways to tap the opportunities. Here are few of many steps to adopt:
a. Dissect the environment – Consumers are still feeling their ways through. Uncertainly hangs in the air. Until vaccines or proven drugs are found for treating the current virus, they won’t buy:
- What is considered non-essential
- What is too expensive
b. Step up value proposition – Price is what consumers pay, value is what they get. Services and products that offer more value for the same price will attract more patronage this time. Value can be found in added services as well as providing ‘more for less’ in form of ingredients, size, packaging etc.
c. Pivot where necessary – Business models may have to change. Ford is paying more attention to its ventilator manufacturing unit. Some luxury fashion firms are also turning attentions to producing face masks and sanitizers.
d. Create more online visibility – Pinche Gringo BBQ, a restaurant in Mexico City has found a way to keep its employees. While other businesses are laying-off staff members, the restaurant only asked its workers to take pay cut to keep everyone’s employed. But it didn’t stop there. The outfit is paying more attention to online orders, home delivery and a new way of doing business.
Follow the restaurant’s story here
Like PGBBQ and Ford, businesses must take different approach and explore the fresh opportunities provided by the post-lockdown environment.