HOW TO SUCCESSFULLY STEER YOUR BUSINESS THROUGH A CRISIS.
Every business is worried about the crisis – how things would look like post COVID-19 or if they could even survive.
Understandably, most companies have been slashing their budgets given the uncertainty. We have seen that many have been taken by surprise and are struggling to cope.
But the ones that will come out of this crisis on top are those that keep pushing. We will see that those businesses that are looking at this situation as an opportunity to move forward and explore ways to adapt are the ones that will eventually win.
Here are three tactics to successfully steer your business through this crisis –
#1. Pivot to cope with an evolving world.
The world, as we know it to be, is no longer the same. Because of COVID-19, we abruptly changed our ways – how we behave, work, socialize, purchase and consume. The same has been happening to businesses. All of a sudden, they need to change their game plan, the channels they are using and even the products they are selling.
Olive & June is a nail salon business in California. Instead of just stopping their operations because their clients are home-bound, they creatively went online and offered manicure bootcamps. They sell the manicure boxes that women could use as they participate on the Instagram live bootcamps. A simple yet effective effort to ensure that they stay in business.
Especially since no one really has the answers when this would be over. What if the quarantine measures are extended? What if no one would want to visit physical shops, even if they are open, in the next coming months? A lot, for sure, would not survive.
Currently, we are working on a project to re-assess a brand’s product portfolio and come up with new product offerings and new sales-driven efforts / channels. As a small company, even when the immediate response could be to just accept status quo, they took the decision to pivot their business as it is critical to succeed in the new normal.
#2. Think and act quick.
When governments enforced lock downs and quarantine measures, a lot of businesses were also forced to close. But during a crisis, one must always remember, time is of essence.
Jollibee, the Filipino version of McDonald’s, was one of the brands that quickly offered new products. Knowing that no one would really visit their restaurants and a lot would still be scared to avail their delivery services, they started selling frozen variants of their menu in supermarkets. Their customers loved that even on a lockdown, they could cook and enjoy their favorite Jollibee dishes.
Businesses need to get creative and explore new ideas. But in order to up their chances for survival, it is critical that they think and act quick.
#3. Forge partnerships.
One of the silver linings of this crisis is the collective work in our communities. We see it with people raising funds to support front liners and victims, volunteers who help ensure the survival of those who are at a disadvantage and even businesses coming together to help each other.
In the case of THEKRE8TIV Brand Studio, we are working with other smaller agencies to survive this crisis. Instead of just focusing on our strengths, we collaborate and co-create with other partners to ensure that we come out stronger.
Two days ago, working with YOUSTN, we organized a 29-hour hackathon with participants from five continents with diverse skill sets. The organization and innovative ideas that came out of the hackathon have impressed mentors and jury from different companies like Volkswagen and OTTO. The success of the hackathon is a great example of the power of collaboration!
If we always look at other businesses as competition, we would lose out on the opportunity to co-create amazing things. And yes, even amidst a crisis, it is possible to build great partnerships.
I always say that this crisis would be what we make of it. If we look at it as an opportunity, then it would be. However, it is important that we are open to pivot so we remain relevant in the new normal, think and act quick and strengthen our offerings by co-creating with others.
THEKRE8TIV BRAND STUDIO is a full-service agency that helps build your brand and accelerate the growth of your business. Aside from leading THEKRE8TIV, Andrea also instigates the #brandovercoffee conversations on Instagram where she helps individuals and businesses with their brand questions. Follow her at @andreaa.ferri.