Post COVID-19 era: Stoppage and the turning point
There are no precedents comparable to the current crisis caused by COVID-19. The main global economies have come to a standstill, and this has generated a lot of uncertainty among economists and businessmen.
There is ignorance and the decisions made at the global level have been very disparate and nobody has been right. There is nothing that serves as a paradigm to follow.
And now that?
Faced with this VUCA environment, the vast majority question what is in store for them now, both for workers and companies. And is that, a large number of them are running out of space today. Many companies cannot continue with their activity.
The attitude with which to face this new paradigm will be one of the key factors: realism, in the face of pessimism or optimism. This attitude is linked to entrepreneurship and intrapreneurship, since an opportunity for change may arise within a company that can be led by us. You must have a proactive attitude at all times since the search for opportunities after COVID-19 will be what companies value most in their employees.
Crisis or opportunity?
Many companies have had to radically change their activity, as well as the people themselves. The coronavirus crisis has shown one of the most frequent mistakes in startups and companies: “believing yourself more than you are. ” This can be applied on a personal level. It is important to know how we can stand out to find our space within the company and thus add. Not everyone is ready to lead, but everyone has to know if they want to lead or not. Knowing where the added value can be found is crucial, both on a business and personal level.
“To face what comes to us, it is necessary to understand what are our strengths and what are our weaknesses.” – Christian Rodríguez
Companies like Uber, FedEx, Airbnb or Microsoft were born in times of crisis. They are a clear example of how a crisis can be synonymous with opportunity.
New values and priorities
It is from the moments in which we can detect any change that opportunities begin to emerge. And it is that any crisis supposes a point of inflection on which changes arise, like it or not. Depending on how it is faced, the crisis will present itself as an opportunity.
After the coronavirus crisis, great changes have emerged: values, priorities, socioeconomic level, as well as structural. After confinement, many people are choosing to change their residence from the centre to a more remote one; they value the option of teleworking in their positions, etc.
The way of thinking of consumers is no longer the same. The purchasing power has dropped dramatically. Now it goes “at a price.” Consumers do it less, but they are more demanding.
Another of the changes that emerge are the legislative ones, which will mean opportunities after COVID-19.
Distributors have also changed their minds. Now they agree to collaborate with companies that get a percentage for offering their products or services.
The biggest problem is believing that things will remain the same as they were before. You must bet on the reset dynamics and adapt to the new reality.
One of the concepts that will help detect business opportunities after COVID-19 is ” Market Sophistication “, each market has a specific maturity level for the adaptation of products and services. The sophistication in many cases goes through the technicality.
An example of this was the launch of the first iPad, at the advertising level it was sold as a device with which to read the newspaper from home. Years later, the advertising claim was the retina screen. The reason people were going to switch tablets or iPads became the quality of the photos they were allowed to take.
Market Sophistication is an indicator to follow to know if the model arises in a suitable context, or if otherwise it is out of date or does not meet the needs of consumers.
6 factors for opportunity analysis
- Offer. It is necessary to understand that there are enough customers for the product or service to be successful. There are older people who had never bought online and now are. This has meant an expansion of the market.
- Demand / Product. There are many people who are going to do things that they were not willing to do before. Negotiations and new needs to innovate and seek new opportunities to promote them.
- Distribution. New distribution channels. They can change radically at any time.
- The complicity of great agents. Big brands and players are going to bet on these new opportunities that arise after COVID-19.
- Legislation. New needs make it necessary to adapt the legislation. An example of this can be found with teleworking and the management of resources to work: internet, office supplies …
- Technology. Technology can be a revolution and a trigger for change.
The phases for companies to see and take advantage of the opportunities that exist are: