Business Adaptation to New Normal
With a major disruption to the world economy, many businesses strive to stay afloat and provide the same quality services to their customers.
Businesses push their creativity to the limit in their attempt to adapt to the new normal. Some choose to move their operations entirely online, some reduce staffing, and some, unfortunately, have to close their doors.
At the same time, even in the severe economic recession, many businesses find opportunities to level up their operations by implying innovations, observing their customers' changing behavior, and adjusting their business model to new consumer trends.
With most of the world being in an on-and-off lockdown, companies seek short and long-term growth opportunities by redefining their business.
Adapt your business model
It's unknown if the change towards online shopping is here to stay, but online shopping as a trend sky-rocketed during the pandemic.
Even the healthcare segment adopts a new hybrid model offering services both offline and online - telemedicine - which were previously offered only in some remote locations out of logistics reasons.
Adjust your offer
The entertainment sector has experienced some of the most exciting changes. E.g., theaters worldwide used to offer performances as per their schedule and the sitting plan, and now you can buy a 24-hour ticket to watch a performance of your choice live or within a 24-hours period if you are in a different time zone. The theaters did not only adjust their offer. They expanded their audience.
Reassess your audience segment
Reassessing a business audience is a valuable exercise if a business has the capacity to serve a broader segment with its online offer. With all the online marketing tools in place, a company has an unlimited reach and growth opportunity.
Changes in consumer behavior influence the demand: with many companies practicing remote work, the need for tech products is on the rise. This change is here to stay.
Determine your niche
Going down the path of narrowing your niche means tackling your consumers' changing needs better. E.g., staying at home redefines our exercise culture. This behavioral change is yet another opportunity for businesses to look into.
Be there for your community
It's impossible to ignore the new normal and challenges that consumers experience in these turbulent times. Brands that choose to support their tribe during the pandemic, be that an online campaign to encourage positive thinking, create funds for emergency help, or give out goodies to the front-line workers and those in need, will be trusted and valued by the customers long term.
Having your customers at the heart of your business means sustainable brand credibility and loyalty.
As world history suggests, every recession and economic downtime gives the momentum for growth opportunities despite the accompanying disruptions. Companies can no longer rely exclusively on the traditional business flow, data sources, and behaviors when preparing themselves for the new normal. Pivoting strategies and reassessing every aspect of the business is necessary for both surviving in the downtimes and striving in the new normal.