Or, as Warren Buffet put it:
“It’s only when the tide goes out do you discover who’s been swimming naked.”
As Covid-19 continues to disrupt our daily lives, and our businesses, no one knows for certain which way the tide is going. Some are well placed to make the most of unexpected opportunities. Many others are grappling with the ongoing uncertainty, and need to find a new bathing suit. Fast.
Whether we find our business growing rapidly or struggling in the face of unprecedented challenges, now is the time to refocus priorities and take a look at what we offer. Now is the time to innovate.
As customers’ habits and expectations change more rapidly, and in more unexpected ways than ever, ELSE can help you challenge, develop and explore what more you can deliver for your customers.
Although Covid-19 has had an impact on all of us, every business has their own unique start point:
1. You’ve seen an opportunity emerge
You have an idea. Now you want to turn that idea quickly into a product that can be launched in the market.
2. You want to future-proof your business
You’ve recognized that your current model isn’t fit-for-purpose and there’s a need to align the business around a new long-term proposition.
3. You’re not sure where to start
The last few months have taken their toll and you now need help to identify the most valuable ways forward for your business.
4. You want to explore
You just have a sense that things could be better, and want to find new service opportunities.
At ELSE, we take a three-pronged attack to help uncover new product and service innovations. Whenever your business model is being challenged, or when new opportunities emerge, we’ll help you answer three principle questions:
A challenging place to start, yet more important now than ever. You need to understand people’s current and future goals, and not simply make assumptions based on past behaviours. Only once you understand how your audience is changing can you identify where new opportunities are opening up.
A key area to focus on is understanding the shift in customer behaviour that we can inspire. Do we understand what your existing and future audiences actually need? Then, how can your product and service offering evolve to meet with their needs going forward?
As business models have been challenged in recent months, it’s likely revealed some cracks in how you deliver core customer experiences. You may already see the need to explore new business models that help future-proof your business, or simply have a more general sense that your proposition needs moving on.
Before going too far, it’s important to get everyone on the same page. You can’t skip to opportunities before acknowledging the challenges.
Initially, this is about looking at the competition and seeing who is responding well and what you can learn from them in order to make the pivot you need. Who are the new players in your space? How are they shaking up the market and creating new revenue streams?
It’s also critical we look across into different sectors that, at a customer experience level, share with your business some key themes. What services do you admire, and where can we apply that model to create new products and services?
For more than 10 years, ELSE has been helping some of the world’s largest companies look ahead to new market opportunities —making sure products and services meet changing demands in the market. Covid-19 has intensified our clients need for our expertise in this area. And we’d love to talk with anyone tackling disruption, or who doesn’t fancy being caught swimming naked.