Do we really want to go back to ‘Business as Usual?’ Or rather, should we go back to ‘Business as Usual?’
COVID-19 has forced organizations to become more agile in their business and operations. Companies are making faster decisions with less people. Remote collaboration and digital communication have increased. Planning and new idea generation is happening in real time.
Innovation is the New Normal
So how do we continue to innovate and not revert to the past as we ‘Open the Economy?’
Organizations exist for one reason – to meet the needs of a human being somewhere. Just a few short months ago, we understood customer purchasing behavior. We understood what customers would buy and where they would buy it. We had developed customer personas and aligned our products, services and supply chains accordingly. Scene change; enter a global pandemic.
The COVID Pandemic has constricted demand and customers are focused on acquiring what they consider to be essential. Acquiring these essentials looks different now, too. Business has truly experienced an unprecedented disruption in the course of less than one quarter. So, how do you as a business leader make sense of this and win the recovery?
While the pandemic has driven change in consumer demand and behavior, business strategy as a discipline has not changed. In order to win the recovery, companies must continue to understand their customer, how that customer buys, who and where their competitors are and how to establish barriers to entry. In our global digital economy, technology is a key asset, but it must be leveraged appropriately in service of new ways of meeting consumers where they are.
Change is Required
Companies that began as digital companies like Uber, AirBNB, and Casper started their companies with few barriers to entry. While they grew quickly in a pre-COVID world, their business models are easy to replicate. Moreover, how customers interact with their services has dramatically changed. As companies start up again, their focus needs to be on understanding what customers ‘want or have been missing’ and make that a ‘need’ – think Starbucks making the ‘triple, venti, soy, no-foam latte’ a need rather than a want from a consumer perspective.
Now is the time to reimagine your organization; leave behind the product or service lines that are not showing expected return while establishing your investment priorities. You must refine your sales strategy to meet the new needs of customers, identify (possibly new) competitors, and align your talent accordingly.
Focus is Key
At Trissential, we have built our reputation on helping organizations respond to critical changes. We focus on meeting our clients where they are and helping them build the capabilities required to drive their business strategies. As we partner with our clients to win the recovery, we are leveraging proven tools and methods in new ways. We’ve been collaborating and delivering remotely for years, continuously improving our approach to meet our clients’ changing needs. Our strong grounding in organizational effectiveness and learning and development have proven vital to delivering the results our clients have come to expect. We’re ready to explore the possibilities.
Laura Dotseth: Chief Essentialist, Solution Delivery