Reshape the business to recover revenues and market share. With the next normal approach, businesses need to rethink their strategy and operational model to remain competitive in a market that will not ( at least for some time) be the same as before.
An interesting exercise used quite often by major companies is what is called SHAPE UP
Where the SHAPE is the acronym for
Start up approach
Human value at the center
Acceleration of data and analytics are used
Purpose driven business with the customer in mind
Ecosystem and how to adapt to it
Start-up approach
Actions are preferred over research, and testing new things over analysis the same process over and over. Establish a regular cadence of meetings to encourage agility and accountability amongst the team with regular follow up and brainstorming however delegating and trusting people to achieve deadlines avoiding micromanaging.
Human value at the center
Companies will need to rethink their operating model based on how their people work best. The right people at right place at the right time.
Acceleration
Of how data and analytics are used in business decision and also the invaluable added value provided by the digital channel.
Trends have already shown exponential growth of digital during these Covid 19 times, however the next step is to utilize accordingly all the data coming from it, like shopping behaviors, buying frequencies, key categories and so forth. This to bridge the gap between products or services and the end consumer.
Purpose-driven customer approach
Businesses and Brands need to understand what customers will value, when shops will reopen and create that so often misunderstood added value in both product and level of service provided, creating a shopping experience that will make the difference.
Ecosystems adaptability
In these unprecedented times adaptability is paramount . That will mean relooking at the ecosystem the business operates and considering nontraditional collaborations and approach in every operational aspect.
UpBiz 