As COVID-19 uncertainty and restrictions continue, the new normal after the pandemic is still pure speculation. Therefore, it is essential to take the opportunity of the “new now” to adapt business models and to systematically identify new business opportunities to compensate for revenue decline. What currently counts most is to better serve the changing market and to wisely invest in client relationships under new premises. In other words: There is no better time for reinventing your business in an agile way than now!
Why to act now?
The current disruption offers excellent insights into current market dynamics and changing customer behavior, providing a solid foundation for turnarounds. Based on a recent research by McKinsey in 13 major economies, consumers have become more price sensitive, more focused on value and have shifted their spending to essentials. In Germany, a market not being hit by COVID-19 as severe as others, even 50% of the interviewees already have adapted their buying patterns. And as research further shows, a lot of changes are here to stay: A minimum of 65% of all respondents in Germany are planning to continue new habits after the pandemic. Can you afford not to meet client expectations and to not be prepared for what is ahead?
Where to start?
Besides widely seen cost and cash management measures, it is now essential to verify and adapt the business models in a structured way, to better meet customer expectations and to differentiate from competitors. Experience shows that the most promising drivers for staying competitive during the current shift of demand can be found by systematically analyzing buying behavior changes which result out of shifts in social trends and in corporate eco-systems. Once clarity of the new buying patterns is reached, the current business models needs to be modified in three dimensions: products/services offered, organizational setup, and marketing approach.
Want to learn more?
Contact firstname.lastname@example.org for further information on the attractively priced Covid-19 Vitality Workshop to make your business more competitive and future-proof.
Boston Consulting Group Article: “How Marketers Can Win with Gen & and Millennials Post-COVID-19 (June 16, 2020; Website access: November 25, 2020)
McKinsey & Company Article: “Consumer sentiment and behavior continue to reflect the uncertainty of the COVID-19 crisis” (October 26, 2020; Website access: November 25, 2020)
McKinsey & Company Survey: “German consumer sentiment during the coronavirus crisis (October 26,2020; Website access: November 25, 2020)
McKinsey & Company: COVID-19 Germany Consumer Pulse Survey 9/24-9/27/2020
(n=1.053, sampled and weighted to match Germany’s general population 18+years)
zukunftsInstitut: Trend Canvas Covid-19 Impact-Analyse (Website access: November 25, 2020)