Throughout the trauma of the Covid pandemic, markets, channels, sentiment and commercials have changed; a £700bn economic output loss is going to hurt – a lot.
Knowledge is power; a phrase that has never been more true than at this critical time for businesses when investment in intelligence and having the bravery to adapt has been essential.
Whilst some companies have changed, pivoted and thrived, or at least survived, others have stood still like rabbits in the headlights and watched the world change around them. Business intelligence, positioning and growth planning are key areas of investment especially in the current business landscape, and leaders that are not investing in research and intelligence run the risk of non-alignment to markets, channels and customers.
The success of Twitter, Nintendo, Starbucks, HP, Instagram and Pinterest amongst many others, are the result of market pivots. They worked out a better problem/solution fit and got the right product offering to the market. To pivot, you need intelligence and market understanding.
The question business leaders need to answer is this, have you really invested time and resource to understand where you fit and if your envisioned future is still relevant to the market?
There has been obvious winners and losers through the pandemic. Hospitality, tourism and travel fell to their knees whilst Jeff Bezos added £10bn to his wealth in one day! But those that survived have adapted. For example, pharma pumped-up their safety messaging and changed their product focus. Restaurants and suppliers opened B2C distribution channels, service companies offered value through advice and support and digitisation advanced operating processes and channels of communication that are likely here to stay.
Success comes from keeping the core strategy but adapting for growth.
Business leaders must now understand a changed market environment, invest in market intelligence, the right positioning and distribution strategy and drive growth from a position of knowledge and strength.