15 October 2020 BY • Nathan Testa
Reinventing your product and service offering post-Covid
During times of crisis, we’re forced to reinvent the way we work and what we work on to remain sustainable. From technology adoption to product innovation and blowing up stale processes, a crisis forces us to start with a fresh page and plan for a better, more resilient business.
Four ways to reinvent your business post-Covid:
1. Innovate. Defined as ‘the introduction of new things, ideas or ways of doing something’. What new behaviours or needs exist in your target market and how can you create a new product or service to meet these needs?
2. Re-engineer. How can you change and improve the design of your current offering? How can you produce it better, in a way that reflects your customers’ changing needs?
3. Adapt. How can you change the way you deliver your products or services in this new business environment? Adapting your opening hours, the sales process or your follow up support options are examples that may help establish a new ‘normal’.
4. Widen your lane. Do ongoing supply disruptions or changes to competition provide the opportunity to extend your offering? What expansion opportunities have presented themselves as part of the post-Covid landscape?
Remember, you’re defined by what you say ‘no’ to as much as what you say ‘yes’ to. Test the market, reach out to loyal customers and seek how you could innovate, re-engineer, adapt or widen your lane to continue being their brand or supplier of choice.
Innovation is a key part of your Business Recovery Plan. Call us to see how we can help your recovery through developing more resilient products and services.
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