Fortune favors the brave
If sitting it out is not the solution, what is? The classic digital disruption dynamic – move or be moved – applies perfectly to economic downturns, since it's not only your landscape that has changed; it's the landscapes of your customers and competitors too. All the data that organizations have collected over years might have become obsolete almost overnight as customer priorities have shifted.
To emerge as a winner from the economic downturn, organizations must play offense. The last pandemic proved that organizations can innovate rapidly and with incredible creativity when they have to.
Below, we have gathered our five favourite tips for emerging from the turbulence as a winner.
Innovation can, and should be, facilitated. Economic downturns have historically been successful times to launch new services and products that are suited to the changed landscape. Did you know that during the recession of 1949, the McDonald brothers closed their barbeque restaurant to turn it into a cheaper hamburger joint that would also serve directly to cars? Or, that Anheuser-Busch originally introduced Natural Pilsner as a low-cost alternative to their flagship Budweiser brand during the early 1990’s recession?
Three new innovation-led revenue streams
Innovation doesn't always need to mean moonshot projects, but it should always lead to impact. Here are three examples of innovation-led approach producing new revenue streams for our clients.