16 Sep 2020, 09:37 — 4 min read
The first round of rationalisation has set in. Loan moratorium period has also been lifted up. Buyer sentiment is at an all-time low. Uncertainty of the lockdown resetting exists. Spends both at the consumer and the business level are likely to pick up slowly over the next one year.
What has already been done?
What should be done next?
What is the right mindset?
That said there are specific steps which help in shaping the optimality in business.
Defining key parameters which help in shaping parameters is critical. Pilots help to identify what is workable and enable building up of the business in a tested manner. The thumb rule is to assess the situation on the ground and see if it can be a growth model for the future. If it improves the situation in a quarter, it is likely to qualify as one.
It is always easier to start improving existing operations as a domain is known and progress is likely to be faster. Operations as well marketing need to be oriented to digital mode. In service businesses, the right blend of personalisation and technology delivers value to the end-user. This needs to be done with a view to elevate the experience of the user. This needs to be done to ensure that the digital experience becomes the backbone of your enterprise without relying on an excessive physical presence as is being seen in IT and other businesses. COVID has triggered a transition to every business becoming a digital business by at least 5 years in developing economies.
The idea behind any form of sales is to help people achieve their goals. If you are helping to achieve the goals as an approach the sale is more likely to happen. Focus on resizing the order sizes. That is more likely at least for the year ahead. For eg: Shampoo sachets may sell more than bottles as sentiment is subdued. Pay per use is likely to be a dominant trend across all industries.
If you have a helpful orientation you are more likely to do business with people over the next one year as things improve. Such an attitude is useful in all economic cycles. Diwali is about lighting up hope in someone’s life.
May you be the medium and symbol of growth in these times.
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Posted byAnirudh Anand Gupta
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