The global pandemic of Coronavirus has changed the way companies used to operate. Companies are trying to mitigate COVID-19’s economic fallout and human toll by ensuring workplace safety, increasing liquidity, and keeping supply chains moving. While the immediate response to COVID-19 seems all-consuming, we still need to think of this pandemic in phases. There are three components to manage business continuity – what we must do “now,” what we must do “next,” and what we must do “beyond” COVID-19 to be in a position to add value for the long term.
Now you not only have to come up with ideas to deal with your competition, but you also have to work towards changing the mindset of your customers to buy your products (or services). As per recent studies, consumer behaviour has changed drastically for a set of consumers, and they have become more conservative now. At the same time, there are a set of people who are not too impacted by the pandemic and continue to live normal lives. Your job as a leader is to study the numbers and come up with a strategy to target the right set of people in the right way. Below are some statistics to help you plan your future strategies and who should you target.
The EY Future Consumer Index finds the following four segments emerging:
The first role the leaders have today is to ensure the business continuity remains. However, the situation is not that simple. So many offices and factories are closed or operating at reduced capacity, employees working from home, resources are available at a premium, and face-to-face business meetings have become impossible. Yet, the leaders have to ensure the profitability continues in these tough times, and when the time improves, they should keep a plan ready to turn the tide. Below are few things leaders have to do to handle current tough times:
The return phase will present an opportunity for companies to rethink the employee experience in ways that respect individual differences—home lives, skills and capabilities, mindsets, personal characteristics, and other factors—while also adapting to rapidly changing circumstances. Organizations can build on the trust that they have earned during the pandemic.
The first step would be to come up with an action plan. Next, you will have to let your team know about the plan and finally execute the plan.
At present, you are focusing on the current need of your organization. Thinking just about the present, may not be sufficient; you have to think about the future and be ready to face whatever situation comes. What can really help here is building an 18-month plan with a goal and having a 3-year benchmark.