It is clearly an extremely difficult time for many businesses but we’re always looking for the positives.
We just came off a call with one of our clients, we were discussing “what’s hot right now”
I thought there were some interesting ideas which were worth sharing.
The Working From Home, “New Norm”, that we see emerging as a response to COVID and Lock Down is one of a series of “New Norms” that have taken place over the past 20 years.
Y2K, World Wide Web, 9/11, The Financial Crisis in 2008, Facebook, iPhone/iPad (and our massive dependency on mobile devices), Fibre Internet, Amazon, Uber, Netflix, Air BnB, Tesla (and electric cars) – are all examples of things which have had a deep impact on society and changed how we communicate and how we behave as users and consumers.
It could be argued that the Working From Home model would have happened anyway, but the process has been accelerated by Lock Down.
It seems that if we understand the impact of the “new norms” we can adapt and improve our operation and our service to match the new market demands.
Consider the following:
• Reducing/Optimizing costs: Cash is king more than ever and few want to spend money right now. But paradoxically, now could be a great time to buy because there are some good deals available. Similar logic to there being lots of cheap holidays available now. Because demand is down, then prices are down too. So, if you can offer – flexible pricing/licencing/leasing plans, finance arrangements, pay as you go, SaaS, OPEX vs CAPEX – then this need not be a barrier.
• Reducing Complexity: Reducing complexity by rationalising/consolidating the number of applications, systems, processes, technologies, staff – can all help towards reducing costs and improving the end user/customer experience. Most organisations are using too many applications and systems and need a vast array of effort and resourcing to manage and monitor this. It is simply not efficient. And when you look at a typical Mean time to Resolution (MTTR) some 70% of the time it takes to resolve an incident is spent on simply trying to figure out what has gone wrong. Once this is known, fixing it is quite straightforward.
• Mitigating Risk: COVID and lock down have made organisations even more risk averse than they might already have been. Think how your value proposition might help customers to mitigate risk, then build some messaging around this as it could be a good conversation starter. As well as financial/operational/reputational risk, there is also compliance risk, which is a growing area of focus within businesses.
• Improving User/Customer Experience: Many of us have become used to the same/next day deliveries of Amazon Prime and an almost effortless way to buy things. But few businesses can offer anything close to this kind of experience. Anything that can be done to improve the customer experience is something that B2B and especially B2C business should be taking notice of. Solutions which can bridge departments, silos, channels, geographies can all help. As can providing easier access to your product or service via mobile devices such as tablets and smart phones.
• Changing Pattern of Consumption: There has been a shift in the way users consume their services. Pre COVID, 80% of workers consumed their applications/services from an office via a corporate network and 20% over the Internet from the field or working from home. Now that has turned on its head and this changes how organisations should be thinking about how they deliver their applications and services to their users. In a consumer context, many more people are buying online rather than from the High Street or bricks and mortar.
Really positive discussion, not around profiting from a situation but adapting to first survive and then thrive.
Might be some useful insights in here for you.