By Manoj Kumar
USE YOUR NEW VALUE PROPOSITION (Tip#2) TO FIT WITH NEW MARKET OPPORTUNITIES. These new opportunities are arising because of the changing behavior of your MUSE with respect to Wellbeing, Home and Digital (Tip#1).
NEW CONSUMER ENTRY POINTS are opening up with consumers looking for new category benefits. Brands can quickly RE-PURPOSE and connect better with their consumers. An ice cream brand for example has dialed up its nutrition message to connect with WELLBEING, and is looking at ways to DIGITALLY connect with its consumers and excite them with DIY recipes which can easily be made at HOME.
NEW PRODUCT AND SERVICES will be needed to meet the emerging needs of your Muse. The explosion in demand for hand sanitizers and face masks is very obvious with many brands joining the fray. Your brand may need to expand to adjacent categories and services to meet the evolving needs of your consumers. For example a cafe selling ground coffee as well as coffee makers to its patrons with masterclasses on a perfect brew.
VALUE CHAIN RE-ENGINEERING will be needed to deliver the best value to your consumer, while keeping the interests of all the stakeholder in the value chain. It will be better to RE-IMAGINE the value chain before re-engineering it. More about this will be covered in my next posting.
NEW BUSINESS/ REVENUE MODELS. In order to deliver your value proposition to your consumer with speed, you will need to collaborate with innovators, suppliers, manufacturers, sellers i.e. with many stakeholders of the value chain. This will lead to new revenue sharing models. With cash at a premium, you may need to get more partners to invest into your business. Business models will need to become asset-light and shift more of their fixed cost to variable costs. For example, the cafe that started to sell coffee makers does it purely on revenue share with zero inventory risk.
BUILD NEW CAPABILITIES FAST! Today, speed is of essence. You will need new capabilities to deliver your Value Proposition. This is not the time to do it alone. Look for as many Plug and Play capabilities to gain headstart versus competition. We will cover over the next few days some of the key capabilities you will quickly need to succeed:
Develop Entrepreneurial Leadership
Re-Imagine the Supply Chain
Go to Market Collaborations
Build Omni brand
Create Multi-Media Digital Experiences