How coronavirus could be an opportunity for your business
The coronavirus pandemic has changed the world
There’s no doubt about that. The pandemic has many of us working from home, proving that you do not necessarily need a centralized office space to have a productive workforce. This could be a trend that carries on after the pandemic is over, enabling businesses to move to smaller premises and slash their overheads. Alternatively, people might be sick to death of working from their homes and be beating down the doors to get back to the office.
Lockdown has also changed the way people shop. The NPD reported surges in sales of exercise equipment which makes sense if people are stuck at home, of course, they are more likely to finally find the time for that exercise routine they’ve been talking about. But what about after the pandemic is over? Will these good habits have stuck, or will people go back to their old ways and leave their new exercise equipment to gather dust in the corner?
There’s no doubt about that. The pandemic has many of us working from home, proving that you do not necessarily need a centralized office space to have a productive workforce. This could be a trend that carries on after the pandemic is over, enabling businesses to move to smaller premises and slash their overheads. Alternatively, people might be sick to death of working from their homes and be beating down the doors to get back to the office.
Lockdown has also changed the way people shop. The NPD reported surges in sales of exercise equipment which makes sense if people are stuck at home, of course, they are more likely to finally find the time for that exercise routine they’ve been talking about. But what about after the pandemic is over? Will these good habits have stuck, or will people go back to their old ways and leave their new exercise equipment to gather dust in the corner?
It is all in the data
Bill Napier has written before about the importance of analytics in marketing, and this is especially true now. By using analytics, you can learn what is true for YOUR target audience and use this information to predict new trends and get ahead. You could be the next Beyond Meat if you can get the analysis right.
This poses another problem, though. Most of us quite have enough on our plates just trying to navigate re-opening our businesses, let alone trying to find the right analytics tool, working out how to use it and going through endless trial and error until we get the information we need. Especially if analytics is not something that piques your interest, you could be facing a lot of soul-crushing hours! If this sounds like you, it could be worth thinking about bringing in someone who you can trust to help you navigate the process. For example, IT consultants at INFINIT Consulting, Inc. are experts in data services and can plan and implement your technology roadmap. They can worry about the technology and leave you to worry about your business, and what you do with that precious data.
Coronavirus has levelled the playing field. As they begin to reopen, businesses of all sizes are starting from scratch. If you can observe your customers and ascertain what they are doing, why they are doing it, and what they really want, you can get out in front of your competitors and really make this crisis into an opportunity.
This poses another problem, though. Most of us quite have enough on our plates just trying to navigate re-opening our businesses, let alone trying to find the right analytics tool, working out how to use it and going through endless trial and error until we get the information we need. Especially if analytics is not something that piques your interest, you could be facing a lot of soul-crushing hours! If this sounds like you, it could be worth thinking about bringing in someone who you can trust to help you navigate the process. For example, IT consultants at INFINIT Consulting, Inc. are experts in data services and can plan and implement your technology roadmap. They can worry about the technology and leave you to worry about your business, and what you do with that precious data.
Coronavirus has levelled the playing field. As they begin to reopen, businesses of all sizes are starting from scratch. If you can observe your customers and ascertain what they are doing, why they are doing it, and what they really want, you can get out in front of your competitors and really make this crisis into an opportunity.
Identifying emerging trends could put you ahead
California based Beyond Meat has seen their stock price triple since lockdown began which some analysts have attributed to the fear of shortages of pork and beef brought about by the pandemic. If this is the case, then their success is likely to be short-lived. However, if coronavirus has actually prompted a longer-term trend towards plant-based diets, then Beyond Meat’s success may be long term. Depending on which of these theories is true will dictate the best strategy for Beyond going forward. But how can they know which is correct?
As Bill Napier and Ed Tashjian showed in their discussion of the furniture industry, it’s possible to apply logic and come to completely rational and yet opposing conclusions on the topic of outcomes of coronavirus, because this situation is unprecedented. We just don’t know what will happen.
As Bill Napier and Ed Tashjian showed in their discussion of the furniture industry, it’s possible to apply logic and come to completely rational and yet opposing conclusions on the topic of outcomes of coronavirus, because this situation is unprecedented. We just don’t know what will happen.
