Have you been able to stabilize and get your business under control after the first major wave of coronavirus?
…And we might get a second wave this fall, and possibly even a third wave next year. Maybe not. Who knows?
Undoubtedly this will be one of the most challenging 12-18 months in your business career.
As you struggle through all the chaos, how do you approach understanding coronavirus’s impact on your business model?
Here’s a simple framework suggested by Harvard Business Review:
1. Assess Customer Demand
What has happened to demand so far? What do you think will happen next? What are the possible scenarios, given that coronavirus could come in a second strong wave (or not) this fall?
Should you consider marketing yourself in new places online so you can access more customers you couldn’t before?
Could you offer new products or services in response to coronavirus to help you stabilize or grow your revenue?
2. Has Your Value Proposition Changed?
Do you offer top-notch customer service and training so your customers can get the most from your products?
If so, how can you continue to deliver that while still respecting your customers’ need to avoid in-person interactions?
Remote video conferencing services would make a lot of sense.
But don’t just stop there. How can you differentiate and offer value that your competitors don’t?
Because, after all, they’ll do the exact same thing to start.
3. How Do You Demonstrate Your Value?
Traditional marketing channels like trade shows, conferences, and in-person meetings have gone by the wayside.
So how’re you going to market to your customers, who still want your products and services, but in a way that respects social distancing?
Again, you’ll likely be forced online.
So how do you build web pages loaded with text, video, and graphics to give nearly the same value that your in-person marketing does?
4. Assess Your Capabilities
You’re losing staff. Everyone’s adjusting to working online from home, so productivity may take a bit of a temporary dip.
You don’t need to focus on physical maintenance of your buildings so much anymore because no one uses them.
And now you have to make the shift from doing things in-person to doing them remotely or online.
Of course, you’ll have your own unique idiosyncrasies in relation to your capabilities.
So, what are they? And how can you make the most of them during the coronavirus pandemic?
Frameworks help you understand and clarify your situation so you know exactly where you’re at and can strategize what to do next.
And hopefully this simple one helps you deal with the coronavirus pandemic.