Updated: Jun 11, 2020
Right now, most people are panicking about the Coronavirus (COVID-19) and the effect it will have on our heath, our businesses and the overall economy. It’s a real threat, and one that should be taken seriously. Its effects will likely be felt over a period of weeks and/or months.
Most businesses can’t sustain weeks or months of loss. So, it got me thinking. Most of the business success stories I’ve read about or listened to in podcasts have a common theme…that of finding opportunity in the midst of diversity, and solving a problem or a need.
Businesses Exist for the Sole Purpose of Solving a Problem
It’s worth repeating for emphasis: Businesses exists for the sole purpose of solving a problem. The “problem” on everyone’s mind right now is the Coronavirus. Now, most of us don’t possess the know-how to develop the vaccine. We’ll leave that to the experts. But, as business owners, we are experts in our field. So, how can we temporarily adapt, or position our businesses to solve the NEW needs created by this public health crisis?
What are the new “problems” that are being created by the Coronavirus? A need for additional hygiene and disinfecting. Boredom due to social isolation. Lack of emergency supplies. The need/desire to purchase more and more goods online. The need to conduct more business online/remotely. The list goes on…
Success in Adaptability
Take the “problem” of social isolation for example. With schools closed, and some retail stores and restaurants closing, most of us will be practicing some level of social isolation. This means lots and lots of time at home. Unplanned time holed up at home is nice for a few days, but eventually boredom will set in. There are only so many Netflix series you can binge before you get cagey. What will people turn to during their free time? Maybe they will decide to clean out that closet they have been meaning to (Marie Kondo would be proud). Maybe they’ll decide to finally plant the vegetable garden they have had on their Pinterest board for years (after all, why not grow your food to avoid the grocery store).
Bottom line is that people are going to get creative in finding ways to spend their newfound free time at home. How can your business model adapt to help fill people’s downtime? What complementary revenue streams make sense to add to your business?
Now is the time to Get Creative…and to Get Marketing!
Let’s say you are a retailer who relies heavily on in-person traffic into your store. This may be the PERFECT opportunity for you to get your eCommerce store up and running and begin promoting it. Say you are a restaurateur with a large dining space. This may be the time to fire up your new GrubHub tablet and get orders flowing in that way. Maybe you are a personal trainer or own a gym. Consider producing workout videos for your paying members/clients that can be done at home to provide value during this downtime. Perhaps you are an interior designer. People are going to get VERY tired of looking at the inside of their homes soon, so maybe you start a marketing campaign around planning for some home renovation projects.
Once you identify these new adaptations or complementary revenue streams, you’ll need help from a top marketing agency to help execute!
Every one of us hopes this pandemic is short-lived and that we can return to our regularly-scheduled lives. But none of us have a crystal ball to know how long this will last. And most businesses aren’t in a financial position to just sit around and wait. So, let’s be proactive!
And best yet, many business model adaptations and complementary revenue streams can serve your business long-term, beyond just this crisis. Developing new lines of revenue (such as online sales or delivery service) can help a business grow and evolve when things return to normal. Who knows, these new revenue streams and adaptations could be the boost your business needed even in a normal economy!
I hope this article got you thinking about your business, and what opportunities may exist. Just remember; we live in a fast-moving world, and the need to stay relevant is a constant. Therefore, the best, and most successful businesses are the ones that will flex and change QUICKLY in order to evolve and thrive during this difficult time. Thompson Marketing Partners can help you strategize on new adaptations, or complementary revenue streams. We are a 5 star rated marketing agency and can help promote these new products or services.