Everyone is worried about the future of their business? While surviving is the key, staying indolent is not the solution, therefore, acting as an innovator has paved the way for many.
The COVID -19 pandemic teaches us many lessons; people have recently picked up new habits, behaviors, and routines in the wake of COVID-19.
As the blood of the business is people (customers and employees); businesses need to be more agile and come up with interesting ways of engaging their customers as well as it’s employees during these difficult times.
When it comes to innovation, there is no formal training to become an innovator, thinking differently, at the right time makes you an innovator.
If we look, there are so many ways businesses are innovating, while everyone struggle with supply chain and logistics during this pandemic, Amul ensured a seamless milk supply. Between April and June, Amul launched 33 new products. Amul made this possible by announcing cash incentives for all their partners who were working during the lockdown and to avoid labor shortage, food & stay arrangements were made for workers inside dairy plants.
Siyaram’s Textile Company comes with Anti-Corona fabric, in association with the health guard, Australia. Such a move at the right time gives them leverage over there competitors! Though still needed to be confirmed if this product actually works or it’s just a marketing gimmick.
Car companies such as Skoda, Audi, etc. are investing heavily in creating virtual showroom and even looking into VR to provide test drives for their new car models.
Here are four recommendations to help you improve the odds for success;
Get closer to customers
In tough times, consumers may change what they want and can afford, they are adopting new habits and also trying new products which they never used before. A Downturn is an opportunity for marketers to learn even more about the consumers, what they are thinking, feeling & doing, especially the loyal customer base.
It is the time when companies shouldn’t be assuming that the future will be like the past. And I mean that in fundamentally every dimension whether it is new products, economic growth, value proposition, or the level of government regulation and involvement.
Online survey & engagements, study complaints & compliments, Conduct focus groups, digging deep in your existing data can be the solutions to get closer to the customer. Having all your business data in one place will enable marketers to easily interact with customers while focusing on social distancing. Creating new memories with your customers will also aid you in the long run.
Run an innovation challenge internally
Employees can be a source of ideas for improving and launching production, product, and services. Toyota claims they encourage their employees to submit about two million ideas annually, over 85 percent of which are implemented. Kodak, Milliken, and other firms give monetary and recognition awards to their employees who submit the best ideas. Facebook and other tech companies do hackathon challenges to get creative ideas for their product and services. Your existing agencies and partners can also help you find the right innovation.
A company can motivate its employees to submit new ideas, with a friendly work environment and positive communication by setting clear innovation goals that correlate with your strategic business objectives. Top management is another key source of ideas. Some company leaders, Former Intel CEO Andy Grove, take personal responsibility for technological innovation in the company.
Stick to core or go for more?
Well, that’s an important and open question you have to answer yourself. The very basic of utilising the current trend is to work towards what is trending. Keeping your product and services relevant around the current scenario will give you better return. Not just new product segments but in sales, productions and marketing. If you never thought of selling online, think about it again. Everything will move online.
Add the situational value to your product category. Recently, Instagram launched a video music remix feature to finally fight back against Chinese social rival TikTok. Airbnb added online experiences into their service to stay afloat. This is how versatility in ideas, help the business to survive in odd times.
Offer the most compelling value proposition
One mistake in a downturn is to be overly focused on price reductions and discounts, which can harm long-term brand equity and price integrity.
Marketers should increase and communicate the value of their brands’ offers even more, making sure consumers appreciate all the financial, logistical, and psychological benefits compared with the competitors. The more extensive the product or service, the more important this value framing becomes.
Nike has made its workout video streaming service NTC Premium accessible to all “at no charge” in a bid to help people keep fit during self-isolation. Nike doesn’t go for the price reduction of its product instead of it they provide free workout sessions to promote the sporty spirit, which leads to the boost in online sales.
It’s important to keep fighting in the uncertainties and qualms surrounding COVID-19 don’t let this crisis paralyze you. Enabling your team to understand your customers and act based on timely visions is the key to win. And if you haven’t reached out to your customers in the past months, now its time to do so. A strong online presence and connectivity allow your company to gain credibility, that you need to attract more customers and provide solutions for their problems. We at kormoan, help businesses to create a centralised platform that simply collects and organises the massive information laying across your business which can help you automate your business so that you can reach more customers.
If you have any queries, feel free to write to us at hello@kormoan.in.
