The Post Covid Marketplace

Feb 23, 2021 | blog

This episode.

You know, today I want to talk about, I guess what you could call the elephant in the room, the post COVID economy. I mean, now what, with vaccines rolling out quickly, and everyone’s scrambling to try to figure out what the new future looks like. I think it’s important to understand that there are many, many changes that will occur as a result of the C 19. economy. And I want to categorize them for you today in a way that makes them understandable and approachable. And, and most importantly, what I want to share with you is a way to make these changes actionable within your organization. So I call this the C 19. Economy because it really accelerated the rate of disruption. In other words, see 19 disrupted disruption. And what that really means is that it increased the speed and the size of change. It’s really just that simple. We were already on a high level of acceleration in terms of the nature of change, societal changes, economic changes, emerging technologies, new connection architectures, new economic and value models, all of these things were happening at a very, very fast rate. In fact, these were unprecedented how quickly they were occurring. So what happened when c 19 hit us, it really sort of worked as a multiplier, it increased digitization of everything, it increased consumers pickiness and demands, it increased new innovations in the area of new economic and value models, right. And it also increased competition, meaning that they were maybe less money flowing, yet they were the same amount of people wanting access to that money, that revenue. Okay, so let’s talk about the C 19. Economy and the three big shifts. There are three big shifts that really are your future. And if you can keep these in mind and your strategic planning process and the way in which you deploy your future ready strategies, I think these can really help you in a very, very big way. Now, before I go into the three big shifts, I want to make a very simple proclamation here. And that proclamation is that things are now different. I know that doesn’t sound very profound. But let me say it again, things are now super different. So in a time of differentness, we have to be really careful not to double down on sameness. Now, unfortunately, in my management consulting practice, I see especially a lot of my large clients are really doubling down on their legacy view of the universe. Remember, you can’t get anywhere, if you’re focusing on sameness in a time of different nests. You can’t serve your customers, you can’t find new economic models, you can’t deliver future readiness and scalable growth and profitability. It just is impossible. So if we’re in a time of differnece, we know now or at least I hope you believe me that this is not a good time to focus on sameness. Then that means that we now have to focus on differentness. Oh yeah, there’s another word for that. Innovation. We have to create new ways in which we serve our customers new ways in which we manage our financials stewardship, the way in which we operate the efficiencies of our enterprises, the way we gain access to technologies and products and production and everything, everything has changed. At a time of different notice. We need to commit and lean into innovation. Okay, let’s talk about the three drivers of change the three big shifts. Here we go. Shift number one is what I call hyper consumerization. Consumers now have decided that they expect a lot more because there’s a lot more people wanting their business.

And one of the biggest and anatomical features of the consumer demand the new hyper compute competition landscape is friction. customers do not want friction If your organization isn’t involved in a friction elimination process right now, in my opinion, this should be priority one. How can we eliminate friction? How can we make it easier to do business with us? How can we eliminate processes and, and steps that customers have to go through to make their experience more beautiful. The other element of hyper consumerization is consumers want customization and relevancy to them. They want you to know them as a persona. They want you to know what they love, and what they hate. And then they want you to invent solutions, products and technologies that eliminate what they hate, and doubles down on what they love. simple formula indeed, but one that works with mathematical certainty. Okay, here’s the second big shift, enablers, and connectors. enablers is the amazing stack of technologies that we now have available to us to be able to institutionalize and prove ways in which we connect and communicate and deliver value to our customers. The way in which we drive superstar organizations that are lean and fast and agile. These technologies are cheap, and they are ubiquitous. We need to leverage them in order to drive superstardom and future readiness. Okay, now, here’s the last one, value and economic models. value and economic models means that it used to be that we invented bright shiny objects. But today, today, we need to invent new economic and value models that may take existing technologies or existing products, and existing services and reimagine the way in which we deliver them to a customer that has transparent, real and noticeable value. Those are the three big opportunities for organizations today, hyper consumerization, eliminating friction proving relevancy, the enablers and the connectors. It is said that if something can be connected, it will be connected. And when it’s connected, it will deliver far more customer value. And lastly, new ways to shrink wrap and package our solutions, their new value and economic models. I hope this primer on the 319 or the C 19 economy really helps you think about ways in which you can leverage these incredible enablers to drive sustainable growth and profitability in your enterprise. Thanks for listening. Until next time,

A real human