Yesterday someone asked who will get through this crisis unscathed…BUT I don’t think businesses OR customers will come out of this ordeal without MAJOR change.
In fact, I believe three kinds of businesses will emerge out of this crisis.
- 1. The FAILED business: These will not be able to make the shift that will be needed in order to connect with customers who have a whole new set of habits, hopes, fears and desires. They will simply go out of business.
- The FLEXIBLE business: These will pivot their strategy and tactics to meet the new expectations of their customers and adapt to the new normal. They may change their business model or even switch fields entirely, whatever it takes to be profitable. The downside is that in doing so they run the risk of losing who they really are in the process.
- The FOCUSED business: These businesses will remain true to their core Purpose because they know they exist for more than money. It’s this focus that will enable them to not only successfully change along with their market, but gain a HUGE amount of loyalty form their customers and credibility in their industry because they stayed true to their Purpose and kept serving their core customers well.
How about you? What are YOUR thoughts on the changes we’re all facing?