There’s no question that these times are having a profound economic impact on both the present and the future. The appropriate word to use would not just be interruption but a disruption on a global scale. It’s the feeling that things are never going to quite go back to normal. Instead many are talking about the new normal (whatever that is).
Disruption is generally bad for business all round. Long established businesses are slow to move and have heavy investment in certain areas. Every change of business direction is costly.
But newer players in the game have an extraordinary advantage. With less historic investment, there is a sense of lightness and flexibility about the direction business can go. Indeed even on an individual level, much of recent wage growth has been due to those changing positions, something typically done by the younger generations.
Gone are the days of working one job for life.
This same flexibility offers a potential opportunity for smaller brands and businesses to gatecrash and disrupt long-established markets. As uncertainty shakes the fabric of society and the economy, strange opportunities appear.
Examples might include the takeaway industry which is booming as lockdown causes the public to stay at home. Add to the list other delivery services, home exercise equipment and premium food and drink. Luxury artisan coffee is shooting up in demand as consumers reflect that they are spending less on flat whites out so why not splurge a little?
The wellbeing and beauty industry is thriving as consumers focus on both personal care and hygiene. Whilst there are a thousand reasons why business could be bad right now, those who are agile are best positioned to find opportunity in the chaos.
It may be about diversification. It may be about reinventing how your product or service reaches your end user. But one thing is certain – without deciding to move with the times, it will be very hard to succeed in this next season.
The digital space provides enormous flexibility to launch new products and campaigns at the click of a button that the traditional advertising space simply does not.
This is the time to embrace social media marketing to take hold of the season.
Struggling to see how you could maximise opportunity in these current times? Let’s have a conversation about how we can help your digital game. We’re here to bring strategy and creativity to your business operations.
Reach at [email protected] and let’s get in the same Zoom (pun intended).