11/05/2020 by Sian Thomas 0 Comments
Adapt, innovate or reframe your way through the pandemic
It’s fair to say that this year has been like no other experienced in the lifetime of the vast majority of us (barring some centenarians of course) and it is clear to see that the impact of the pandemic has completely blind sided everyone to differing degrees. After all, who could have seen this coming?
We have been told by our elected administration that we have passed through the worst of the pandemic and are now on the other side of the proverbial mountain but must still tread carefully as, to continue the analogy, the descent can be more dangerous than the climb.
So it is surely to be expected that we would now be receiving guidance from the government as to how we will navigate our way out of the situation and at the weekend we were given the framework of a plan as to how this would unfold but suffice to say there has been a lot of criticism to the government's response about lack of clarity.
It’s not my aim to scrutinise those plans here but rather try and draw some conclusions as to how this will impact my business community going forward.
As a deviation from the themes I would normally cover I want to explore the roadmap from an innovation point of view inspired not only by the constant advice we are seeing on social media as to how we pivot our businesses to turnaround the economic impact of Covid-19 but also following an excellent Enterprise Nation webinar I attended earlier today covering the topic of innovation based on the needs of your customers.
As with most good practical advice for seasoned business professionals nothing really should come as a surprise and no ideas will be completely new or revolutionary here as the real value of sharing comes from serving as reminders and to vindicate your actions or decision making going forward.
So let’s start with the situation that’s right in front of us. From this week construction companies and manufacturers have been told that they can return to their commercial activities however to quote James Durie from Business West, the Bristol Chambers of Commerce, what about those businesses that have experienced a complete drop in demand? Many businesses have lost their customer base so what do they do?
It’s very easy to promote the idea of innovation but just how easy is it to implement?
So getting back to the webinar, what is clear is that we need to find ways to meet the needs of your customers which given how things have shifted could mean how do we find new customers and fast.
To address this challenge, I will outline three possible options which can reassuringly run alongside each other or alternatively can be your central focus depending on your situation and the resources you have available. Please note that this is on the assumption that your current customers have pressed the pause button.
1. Repositioning or reframing the application of your current offer
Are you able to fulfil the evolving requirements of your existing customer base? Are you able to fulfil the current requirements of a new customer base? Are there any conversations you can revisit to position your offer as the best viable option given your potential buyer's evolving situation?Are you able to fast track conversations with those prospects in new markets?
This is the best possible case scenario as to your current situation and something that can be acted upon instantly to yield quicker results in the short term with the right strategies in place.
2. Complete product innovation
This is your opportunity to revolutionise your offer and get your new ideas to market. Do you dare trade off your current customers that are potentially on hold or look for new ones to serve with vastly different requirements?
Clearly this is a high risk, high reward strategy. It could be the most radical thing you do to completely turn around your fortunes however it is an extremely time consuming tact to implement. It would also require a completely new levels of research to develop true insights to provide any information of value. So just how ready and able are you to follow in the footsteps of notable industrialists and business disruptors namechecked in daily parlance?
And finally the halfway house option which sits between the previous two.
3. Adaptation of an idea
This is not as powerful as option 2, as it’s considerably easier and quicker to implement with less associated risks.
Simply take time to pause and reflect on what is happening in the market. Can you adapt ideas from other industries and apply them to your market? Can you collaborate with other businesses to develop a more complete solution to address a wider problem?
Look at the bigger picture as to what is happening within your business community and develop an ecosystem to solve it. Most seasoned business professionals will already have the infrastructure in place to enable so it’s just a case of leveraging it to reach your lightbulb moment.
Ok, I accept the answer is not as easy to achieve as the previous options suggest as there may well be pitfalls in terms of the execution. That said unless the first move is made then the most inevitable scenario is to remain stuck and put it this way that is a challenge in itself as momentum is with us, after all, we are in the process of climbing down the mountain.
I would love to know your thoughts on the topic and irf you would like to chat about your business in the context of the current situation then click on this link to initiate a conversation.
Thanks for reading.