Three emerging business mindsets of the pandemic.
As we help businesses navigate the pandemic, a few mindset patterns have emerged during consultations.
- This looks like the new normal, at least for a while,
we need to adapt for the long term.
- We have hunkered down for several months, and things aren’t improving,
what can we do to get by, until things get back to normal?
- We have taken a wait and see approach, and we have spent our reserves,
what can we do now for almost no money?
Mindset 1- This is the new normal.
For businesses with the first mindset, we have helped them take over their entire categories, even edging out Amazon. We helped them grow from 10% market share to 85% during the pandemic. With their increase in revenue and profits, they are now expanding their market presence into closely related and complementary categories. This is an excellent opportunity to leverage the Warren Buffet quote of being “fearful when others are greedy, and greedy when others are fearful.” As fearful competitors pull back their marketing and advertising, it opens up new opportunities at lower expense rates.
Mindset 2 – Playing it safe is no longer an option.
For businesses with the second mindset, we certainly can relate to the hope that things will get back to normal soon. However, it is looking more and more like the old normal is history. This experience has reshaped buying patterns and behaviors and will leave a lasting change on everyone. Recognizing this fact, the choice is to continue a wait and see approach or make a transition. It is essential to realize that the transition involved focuses more on digital selling either alone or in conjunction with in-person or in-store experiences. The pandemic did not cause the forces pushing for this change. They have been progressing over time, and the pandemic pushed them to the forefront. Today, you are either playing to win in digital or hoping the trends reverse themselves. Our opinion is that whatever comes into focus as the new normal when the pandemic is behind us will involve a more robust digital presence tied with a unique and enticing in-person experience. We believe businesses with this mindset are well served by investing in digital.
Mindset 3 – Out of easy options.
Unfortunately, some businesses had taken the wait and see approach, and now are running on reduced revenues and dwindling reserves. The changes they need to make are both more urgent while the resources available are more scarce. Facing this situation, businesses need to make some difficult decisions on how to get to the next step in their life cycle. We believe that acting now, there is still an opportunity to make the leap. We have tailored some custom programs to help businesses in this situation as our way of paying it back. That being said, we would much rather see more companies with the first and second mindset, instead of seeing some of the struggles being faced by the third.
We are optimists, but not fools. The challenges facing businesses are brutal in some cases. We can’t help everyone, but we are striving to improve as many as we can. We have developed a rock-solid program that rapidly and affordably helps businesses thrive in good times and especially harmful. If you are interested in learning about how we can help your business, please arrange a complimentary consultation.
We are offering special pricing and financing options for businesses in need to help give back. If we can’t help you directly, we may also be able to point you in the right direction to additional resources.
“Most people fail in life not because they aim too high and miss, but because they aim too low and hit.”
― Les Brown