There are Green Shoots of opportunity all around us.
A crisis, like the one we are emerging from, triggers new needs and habits. For instance, the 2002-2003 SARS pandemic in China was a huge factor for the rise of e-commerce giants like Alibaba. Duncan Clark, author of Alibaba: The House That Jack Ma Built, writes, “[SARS] came to represent the turning point when the Internet emerged as a truly mass medium in China…. Crucially for Alibaba, SARS convinced millions of people, afraid to go outside, to try shopping online instead.”
We are experiencing a similar situation following the Covid-19 pandemic. Video conferencing, like Zoom and Microsoft Teams, is now the new normal.
Apptopia reports that Zoom’s daily active user numbers increased by 378% year-over-year. Satya Nadella, CEO of Microsoft, said Microsoft Teams added 31 million daily active users in March 2020 — a 70% jump in one month.
Similar trends are happening with the digital transformation of retail.
According to CNBC, curbside pickup surged 208% in April in the United States, compared with a year ago. By the end of 2020, it is projected that 25% of consumers will have tried curbside pickup.
Our needs have changed. Many of us hadn’t experienced things like curbside pickup six months ago, but now that you’ve tried it can you imagine having it taken away? That’s a Green Shoot!
Today’s needs can become tomorrow’s markets.
If this intrigues you, download my latest ebook, Crisis Marketing. It’s a free ebook that shows you how to recover the customers and revenue taken by Covid-19.
You don’t have to look far to discover Green Shoots of opportunity. Sometimes all it takes is reframing how you deliver your products and services.
There are Green Shoots in Four Zones:
- The Core: Start with your current business. How can you adapt your products, services, or delivery methods to better serve your current customers?
- New Markets: Take your current products and services to new customers and new markets. Look for new places to sell what you already have.
- New Products: Create new revenue streams by offering new or additional products and services to your existing customers.
- New Business: Develop new products for new markets. This is basically like starting a new division or business within your business.
The first place to look for growth is in The Core. It provides the fastest opportunity to drive sales during the pandemic.
Once you’ve maximized The Core, then look to the “corners”: New Products and New Markets. Developing New Products and New Markets may be the greatest opportunity slingshot out of the pandemic.
As you discover a Green Shoot, the next step is to reframe your value proposition. Download the Green Shoots Worksheet for a simple tool on how to adapt your products and services for after coronavirus.
As we emerge from the crisis keep looking at all four zones. There are opportunities to be had in each.
I will say it again, today’s needs can become tomorrow’s markets.
If your company can move fast and take a leadership position on an emerging need, you can gain an immense competitive advantage as the economy returns to growth.
In a Crisis, Strategy Is Everything
As the economy reopens, the opportunities for “Green Shoots” and growth are immense. Learn how to create a “Slingshot Strategy” to come out of the crisis stronger than ever. If you’re interested, call me (Jeremy Miller) directly at 416.479.4403, or check out our Crisis Marketing services.