Pivots and product or price innovations have helped businesses seize new opportunities amidst the coronavirus crisis. The next challenge on the horizon will be finding out whether these changes are sustainable in the long term.
With the coronavirus crisis set to continue into 2021, business leaders need to think about how their coronavirus response can evolve into a long-term strategy.
- What other businesses are doing to turn pivots into sustainable business models
- How to take a fresh look at your business, sales and customer base
- The opportunities available in online marketing and selling overseas
Businesses that have been shaken, either on the supply or demand-side, will be focusing on maximising revenue and stabilising incomings and outgoings.
Whether you’re looking at product or price innovations to create new value or reshaping your go-to-market model for a leaner business, this guide can help.
Like many restaurants, Waterlooville-based Koop+Kraft offered a takeaway service during the crisis. Now, managing director George Purnell is looking at how that revenue stream works after lockdown.
“It got to the point where we realised we had to adapt and understand that this is the new normal. This isn’t just a freak occurrence – this is actually something that’s going to be normal for a while,” he said.
Mark Holden transformed his three pubs in Cornwall into home-delivery and takeaway food outlets during the first lockdown.
What this rapid change of tack has done is give Mark two new income streams – powerful ones, it turns out – during the months that his pubs have been unable to welcome customers in the traditional fashion. “These new revenue streams will remain as we go forward and will hopefully allow us to survive when we open, as they will compensate for the potential loss of clientele that might not return,” he said.
Some businesses have thrived in 2020, but for the majority it’s been hard work. No matter whether your business has been severely affected by the coronavirus or not, almost every company is likely to face new challenges – and new opportunities – in the coming months.
Consumer habits have shifted, maybe permanently in some cases. Adoption of technology has accelerated and ways of working are altering. Parts of the economy look very different today compared to the start of the year.
If you think it’s time for a fresh look at your business – your model, your customers, your sales and your revenue – then this is the guide for you.
Afro hair brand Afrocenchix was on target to have its products stocked in 200 new stores this year. But the coronavirus crisis meant many retailers stopped listing new products.
When the company started marketing its ecommerce offering instead, they realised there was untapped potential. Co-founder Rachael Twumasi-Corson explained how she plans to capitalise on new opportunities.
Office Pantry launched delivery service Home Pantry during the first lockdown. The aim for co-founder Giles Mitchell was to keep staff employed and the business alive.
The delivery service was up and running in 24 hours and a website was built in less than a week. Like most businesses that pivoted, Home Pantry served the lockdown world perfectly. Now Giles needs to look to the future.