Rapid change, fluctuating governmental regulations, and an uncertain future are just a few of the major challenges that businesses are facing now, and these challenges will almost certainly stick around for the near future. Challenges always arise in equal measure with opportunities, and now is the time for innovators to respond with creative solutions that can help them stand out in an economy transformed by the pandemic.
New marketing techniques will be required, but messaging is timeless
Digital marketing has been a well-established practice for quite some time, but just as radio and TV advertising didn’t kill print marketing strategies outright, digital is not ending any of the earlier practices either. In fact, plenty of businesses of all sizes and throughout all industries still drive great value from holding in-person marketing events, partnering with community organizations, and doing live demonstrations or handing out physical samples.
So what’s a business leader to do in a pandemic-stricken world that has reduced or eliminated many of these opportunities for the foreseeable future? Use the conveniences of digital technology to engage your leads through innovative experiences such as live events delivered on social media, socially-distant pop-up collaborations, and more.
Remember that no matter what tools you are using to deliver your marketing materials, the messaging behind them adheres to the same principles it always has. Tackle specific needs the customer has, focus on the unique value proposition of your product, and give them an easy way to complete their buying journey. As long as your messaging is sound, you can use whatever methods make the most sense for your business to reach people, even in these unprecedented times.
Industries that have been slow to adopt digital tech are ripe for change
Some companies and industries have resisted the wholesale adoption of digitization, and have incorporated new tech only partially into the business. However, the arrival of the pandemic has accelerated the need for these companies to join the ranks of the digital pioneers and find new ways to shift their operations away from an analog model.
In these industries and companies, savvy entrepreneurs will find willing customers who need help to adapt their model to the new normal. Consider an industry such as healthcare, where many organizations (especially smaller ones not connected to a regional healthcare network) rely on analog record keeping, accounting and patient experiences. As healthcare strives to create the perfectly integrated patient record, for example, and in an industry where telemedicine and remote interactions have been accelerated by the pandemic, those who have been slow to embrace new tech need help from reliable and innovative partners.
The future of “work” has yet to be decided
As the immediate effects of the pandemic began to emerge, businesses reacted as if they were plugging small leaks in the Titanic after it had struck the iceberg. They were patching together what solutions they could to survive in the short term, but the next step is to rethink the safety of the ship altogether.
The new rules that will define the nature of work for the rest of this century have yet to be decided upon, but there are plenty of innovative businesses trying new things, and still room for more disruptors to enter the picture as well. The shift to more remote work is only the beginning; companies and workers will find that data collection and digital monitoring will be enhanced to make up for a lack of on-site supervision, as is already happening. Organizational complexity will be transformed to exclude the structure of the physical office environment, and security strategies will be rewritten.
Entrepreneurs who can create ways to add structure and coherence to remote working while still encouraging – indeed, harvesting – innovation and flexibility will offer tools to help any company stand out as a coveted employer in the new competitive environment.
Big data and digitization are keys to building resilience into a business model
Resilience is the new watchword. We’ve shifted from a world where many of us were confident that cyclic changes could be forecast, and that futurists could interpret warning signs with relative accuracy. We now inhabit a world where we are no longer sure what the next disruption will bring.
Finding new ways to leverage the power of data, and creating flexibility in operations with digitization measures will be key components for companies looking to incorporate a baseline of resilience into their strategies, building for uncertainty in order to weather the next unknown storm.
Innovation is a strategy for enterprise but a necessity for startups
The global business environment is in a state of flux perhaps not seen since the industrial revolution, and the thought of competing against established companies with massive reserves can be daunting. But for the entrepreneur, when was it ever any different? It’s simple to know how to form an LLC in California with a few clicks, but the struggle of competition remains.
Entrepreneurs have an advantage against even the most long-standing enterprises, in that the concept of innovation and disruption is central to the very core of the startup model. Larger companies, on the other hand, usually have to fight to swim against the current. All companies are battling against similar circumstances, but startups have an advantage with nimbleness and risk-taking to find better ways to create unique value for buyers.
