NAVIGATING CHANGING TIMES
Everything’s changed. How can our firm get through this transition period and succeed going forward?
When a crisis “changes everything” for one’s business, then what?
It’s easy to panic. What do we do? How do we keep functioning, keep our business viable?
When economies were first shutting down in an effort to slow the spread of the coronavirus pandemic, we wrote about focusing on your clients and their needs. An approach of “how can we support our clients” would inform how to manage your own internal resources and determine whether you will be needed and relevant. We offered suggestions for both the short term and longer term.
By now, the shorter-term aspects of that approach will have already been worked out. What now about the longer term?
Be useful and relevant to both new and potential clients – with an eye on innovation. Like you, they are experiencing anxiety and change.
“But, how do we do this,” you ask? “In what ways?” Think through emerging market needs:
Who has needs can we satisfy – new customers, new needs, new approaches – both during COVID-19 and in the future?
What emerging market needs are emerging as a result of coronavirus? Which ones can your company’s capabilities support? Just as Zoom and other online meeting platforms helped satisfy a suddenly-increased market need for online meetings, there could be other emerging market needs for which your products and capabilities might be useful. Time to look at the Four Ps from marketing (product, price, place, promotion) – toss in a look at your capabilities – and look at matching up your products and abilities with emerging market trends and needs.
Need assistance looking at emerging market trends?
Give us a call. Burkhardt & Co. will work with you, delivering your market research needs. Investigating market trends, understanding vague or emerging market or economic topics, studying industry dynamics, finding solutions to company-specific challenges, planning future stages of business development…. We are here to navigate getting you to the next stage.