Should I change my business model post COVID ?
If you are thinking fo changing your business model post COVID and not sure where to start, ask yourself these 3 questions.
Are you introducing a new service?
Are you innovating on the existing service/product?
Are you discontinuing a service/product?
If the answer is yes to any of the above- then yes you are automatically changing your business model.
However, even if you kept offering and selling what you had before, you could also change your business model simply by changing the following:
Your customer segments
Your sales channels
Changing your marketing approach
Changing your sales approach
Changing your pricing strategy
Automating certain staff duties
If we looked at our PESTEL or SWOT analysis from last year, we would not have mentioned CORONAVIRUS and the economic effects of the lockdown anywhere, in our business plans.
The lockdown had such a huge effect on the economy ( especially in the travel and events industry) that having the same business model seems risky.
BUT REMEMBER: YOU DO NOT HAVE TO REINVENT THE WHEEL:
You can build on what you already have
You can carry out new research with existing clients to find out their NEW problems and frustrations
You can add an innovation, which is already used in another industry
You can partner with software providers or digital startups that would help you innovate and offer something new
You can launch an e-course about your expertise
You can add in an online consultancy
Experiment with various ideas on the side- now is the time that innovative and creative ideas might take off
Check out this post with a lot of material and inspiration for rebranding and changing your business model and tools you could use.
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