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11 January 2021

Will Your Business Thrive Post-Pandemic? 5 Key Questions

Will Your Business Thrive Post-Pandemic? 5 Key Questions - The Value Engine

Introduction

2020 was a year like no other. We accepted staying at home, we wore masks, we learned how to home school and tragically many lost their lives. In business, we responded to a huge challenge and adapted far quicker than we thought possible. In a matter of days, teams moved to remote working and found creative ways to serve their customers in a different world.

We’re still living through challenging times, but the end is in sight, and we look forward to connecting in person and enjoying the freedoms which we previously took for granted. If 2020 was a year of crisis, will 2021 be the year of changeover as we start to create a new normal?

If so, what does that mean and how should you as a business leader respond?

In this blog, I’ve listed five prompts to help you answer that question.

person writing on screen, remember why you started

1. Do your customers know your Why?

How does a small start-up in San Carlos, California enter the fiercely competitive automotive market and end up being the most valuable auto company in the world in 2021? Is it because the products were always better, cheaper, smarter or faster? No, it’s because Tesla had the vision to change the world and drive a transition to electric cars. 

Customers bought, employees worked and investors invested because they wanted to be part of that vision. They bought into Tesla’s “why” and the rest is history.

So, what about your company? What is your “why”? Do you know your why and do your customers know? In an uncertain world, your customers will want to work with authentic suppliers who they can trust, so it’s vital to be sure of your why.

Want to learn more? Watch this great talk by Simon Sinek, the author of the best-selling book, Start With Why.

keep your customer in your mind

2. Are you relentlessly discerning, understanding and solving your customers’ biggest challenges?

The world has changed and so have your customers – but have you? Be relentless in getting beneath the surface to understand your customers. What are they trying to get done, what would make their day and what drives them nuts?

Doing this well takes time, but those businesses which succeed in the new normal will have a deep (and documented) understanding of their customers, and like an arrow hitting the target, will solve their most pressing problems.

Want a structured process to do this? Have a read of this article to get started.

understanding your customers challenges in the digital world

3. Are you harnessing the power of digital & online to solve your customers’ problems?

“We need to be more digital” is the conversation repeated in businesses up and down the land. But, what does it mean and why will the magic digital pill deliver for your business?

But, find a way that enables digital technology to better serve your customers, solving their problems and making their life easier – well, you might be onto something.

So, get creative and use your deep understanding of your customers to find the unique way in which you can serve. Do this well and you’ll leapfrog the competition, and your customers will reward you with sales and loyalty.

Not sure where to start? Have a read to this article here

customers biggest challenges

4. Will you ride the wave?

In the 1920s, the world was recovering from a World War and the Spanish Flu Pandemic, and yet we had the roaring twenties driven by innovations such as Henry Ford’s cars and electricity. Will 5G and environmental innovation drive growth after the COVID pandemic? 

Whilst we can’t answer that question, we do know that changes in behaviour will drive innovation and growth after the pandemic. And change always brings opportunities to be creative and do things differently. So, ask yourself, how exactly has my customer’s world changed due to COVID, which changes will stick and how can I adapt to be the go-to partner in the world?

act now

5. Are you taking action now?

In my past, I’ve tried surfing (I’m terrible), but one thing I did pick up was the need to paddle hard to gain speed to catch the building wave. Fail to paddle and the wave sweeps past. The same is true for your firm: put that hard work in now and be ready to ride the wave of tomorrow. 

So, don’t go into survival mode and delay investing in your future. Make the most of this opportunity and be ahead of the curve! 

 

#5 Top Tips to take away

  • Know your firm’s greater purpose; your why. Make this your North Star for you, your team and your customers
  • Relentlessly discern, understand and solve your customers’ biggest challenges
  • Harness the power of digital & online to solve your customers’ problems
  • Ride the wave of post-pandemic growth by doing the work today
  • Act now! Don’t let the opportunity slip away

Sound good? How about a bit more insight – free of charge?

As a Digital and Growth Consultant, I work with clients to enable them to get close to their customers, uncovering the insights and creative strategies and smart use of digital to deliver long-term results. I’d love to learn more about your business. Click on the link below to book a free initial consultation. 

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