Strategic Growth
We split the Strategic Growth Options into two parts:
first, the PRODUCT EQUATION, and...
second, NEW OPPORTUNITIES
A: Rethinking the PRODUCT EQUATION
The delivery of your products or services provides you with opportunities.
Your revenue may be declining right now, but that does not mean that the value, which you provide is not in demand.
Think about what your product really is about. What is it that you offer?
Suppose a fantasy park is hit by a reduction in travel activities. People don't take as many rides anymore.
But is it really only the rides that the park offers? In the eyes of its customers the park is a provider of entertainment and experience.
If we frame the offer this way, then may come to realise that entertainment and experience could be offered without customers having to visit the location.
May be a virtual reality tour though the park could provide a similar experience?
May be stories, online games, or online communities could offer an experience that is within the scope of the park’s brand?
Take a step back, think about your offer and try to reframe it.
Is there a way to split your products into different elements?
Let's say the reduced physical interaction of consumers has affected another business.
Can we remove the physical interaction from the equation? Can part of the offering be delivered without customers having to go to a store or without interacting with each other?
For example during the lockdown, some hairdressers have provided style-advice through WhatsApp.
Try to figure out what you really offer, and see if that offer could be split into different elements.
Look at other industries to see how they deliver their offer. Is there anything you can learn from them?
B. Seeking NEW OPPORTUNITIES
Finally of course you should explore new opportunities. Is there a new need arising for your customers because of the crisis? Can you fill that need through your products or services?
Make a list of the challenges and new behaviours of your customers. How might you be able to provide value for these behaviours? Can you solve their challenges?
Challenges might arise from:
- remote work
- staying at home over long periods
- loneliness or loss of touch with coworkers, friends and family
- uncertainty in life and work
- an overwhelm with social media and news updates.
New Behaviours may result from:
- new safety and hygiene standards
- all forms of contactless interaction, from communication to payments
- learning to live with less shopping, becoming more independent from the influence of the aspirational society, urging them to shop more.
- exploring different experiences, such as reading books, watching documentaries, exploring new wellness methods or having virtual chats with friends they haven’t seen in a while.