If one assesses the economic impact of the coronavirus pandemic, many companies have suffered revenue losses. However, a few have managed a steady growth rate. Well, the difference in performance seems extreme. At a time when some were struggling with bankruptcy, others were struggling with hiring and higher demand.
Why such a difference?
The difference can be attributed to industry-wise impact as well as company efforts to adapt to adverse situations. The individual response of the companies has greatly determined their fate. How do you think has your company performed? Will it stand the challenge of time?
Our research indicates that once everything is under control, several parts of the economy will rebound. However, only 15% of companies have reported positive outcomes as yet.
Here we will talk about strategizing in the tough times so that your business evolves a winner in these challenging times.
Keep an eye out for opportunities
How aggressive you need to be in your efforts will depend on the impact on your business and current state. Any changes in strategy will call for changing the core of the organization and adopt innovation. If you are at a loss for ideas, do not wait for the right moment. Begin by copying strategies from the early movers. It is a high chance that what worked for them will work for you too.
While you may want to apply your idea and move in an all-new space with ambition, that will involve uncertainty. In that case, it is a better idea to move with multiple strategies and keep an alternate plan ready.
Keep looking out for ideas that may work in sync with your brand.
Research well to come up with a strategy
To come up with a winning strategy, it is quintessential to research well and take inputs from all stakeholders. Here are some steps you can consider in the low-touch scene:
- Invite inputs and suggestions from all stakeholders
- Research the industry to assess the impact of similar strategies adopted by other organizations
- Try and create a report of possible future outcomes
- Convey your strategy to all stakeholders and invite feedback
- Come up with a remote leadership team to execute your vision
- Set priorities in the current scenario
- Determine possible growth paths
Result: Determining a clear strategy as this will offer a clear vision about what the coming months behold and how to navigate the difficulties. You will have defined roadmaps to help channelize your efforts.
Major struggles that companies are facing amidst the pandemic and how are they combatting it
Disrupted customer relationships
Most businesses are struggling with broken customer relationships because either a physical point of sale is impossible or customers are not able to interact with sales reps. Some solutions to combat this include connecting with customers through live audio and video or sending realistic images and videos. Those in real-estate for instance are offering virtual property tours over video calls or through pre-recorded videos. Another mode that businesses are using is sending a variety of products for customers to choose from. They then pick back the products that customers don’t choose and send bills based on what has been accepted. The success of these strategies however depends on the industry. Players in the restaurant industry, for instance, are facilitating low touch modes of dining
Dwindling demand for products due to virus scare and paranoia
Sales have gone down for several businesses because clients have safety concerns with products and services. Some organizations have resorted to employing robots and UV disinfection to reduce human contact. Many have also adopted extra screen and protective gear to curb the spread and increase customer confidence without disrupting business.
The current situation has not only forced newer preference but has also increased the acceptance of newer methods and experiments. This is indeed a ray of hope. You can also ride on the wave of a low-touch economy and offer newer experiences or adopt tried and tested methods to sail through these challenging times. Take it as the right time to unleash your innovation and make the most of changed behaviours, changing regulations and higher acceptance of the technology. There are immense opportunities for growth if you are up for them.