Fiona Stevenson and Shelli Baltman, The Idea Suite’s Presidents and Co-Founders, respond to the current COVID-19 coronavirus, and examine how businesses can thrive during these uncertain times.
The recent outbreak of the COVID-19 coronavirus has caused an unprecedented public reaction. As such, while we don’t feel equipped to offer any comment on the epidemiology of the virus, it seems important to respond as business leaders, and to recognize that the impact of the outbreak is going to be broad-reaching and deep.
Whether the collective reaction is going to be seen through the rearview mirror of history as panic-fuelled overreactions, or as sensible, forward-thinking safety precautions remains to be seen; however, there is increasingly little doubt that they are having - and will continue to have - a massive impact on business and the economy.
In these uncertain times, we believe that what will separate those businesses that thrive from those that struggle – either during this downturn, or after life returns to “normal” (as it no doubt will, even if the coronavirus becomes part of our pattern of life) – will be the ability to maintain focus, and to keep business agendas moving forward, in the face of an ever-more extreme set of consumer behaviours and business mandates. Those who falter and lose focus in the face of these challenges are much more likely to fail.
So how can you keep your business moving forward in these uncertain times?
Proactively test your remote systems – You or your workforce may not yet be working from home, but if tougher containment measures were imposed, ask yourself this: Could you and your colleagues do so without losing momentum? One of us recently had a conversation with a business owner who made his entire company work from home for 48 hours in order to test their remote working systems, and to ensure that they were fully prepared in the event of a quarantine. Then, he took this approach one step further, asking his clients to conduct all meetings remotely for a one-week period. We were inspired by this exercise that both has the potential to demonstrate the possibility of remote solutions, while also identifying any gaps or glitches that needed to be addressed, before they are urgently needed.
Don’t abandon your customers – This is not the time to walk away from understanding your consumers. A new mindset (and, in some cases, an extreme set of behaviours, attitudes and habits) is almost certainly arising in response to this unprecedented market landscape, which will inevitably impact virtually every category and industry across the globe. This, then, is the time to fully understand the specifics of how this adjustment in consumer behaviour and attitudes will affect your specific sector, and also to examine your target consumer’s evolving relationship and interaction with your brand. As an insight-led agency, we believe that identifying a powerful new insight about your target consumer, and linking it to a benefit that your brand or service provides, can create a significant competitive advantage. This is all the more true in a challenging period of time such as this.
Look for new opportunities arising from uncertainty – There are, of course, categories and stocks that will thrive during this downturn – this has been the case in every previous recession. Similarly, there are opportunities to be found in many sectors to better connect with consumers, and to stand out from the crowd. We’ve all heard of the “lipstick effect”, where cosmetics thrive in a slow economy. What, though, are the parts of your category or business that might experience an uptick with consumers spending more time at home, and limiting travel, social activities and business gatherings? Home delivery? Home entertainment? The recession-coined term staycation? How can you, and your business, think creatively about applying your resources to an emerging consumer need?
Lead when competitors are reacting – Even if your best strategy turns out to be weathering the storm, you can still take the opportunity to lead while your competitors may be wasting time and energy focusing on or reacting to the situation in a non-productive way. Even some of the most traditionally steady businesses may well react to the coronavirus outbreak by cutting spending and activity – which then offers a huge opportunity for a challenger brand to seize the moment, and to get ahead of a competitor who has always been out in front.
With this in mind:
We believe that those companies that find creative approaches, and new virtual tools that allow them to continue to progress their business agendas, will find ways to thrive in the face of this adversity.
We believe that those companies that prioritize (rather than walking away from) understanding their consumer in the context of the current environment, will be able to uncover and capitalize on new insights about their target consumer and their relationship with your brand or service – allowing them to connect on a much deeper and more emotional and level.
And, crucially, we believe that those companies that seize the opportunity to lead in their categories and industries, while others falter, will be well placed to win when the world returns to its “new normal”.
The only real question? Whether your business is one of those companies.