With startups and companies just setting their sights on surviving the economically impactful virus outbreak, the idea of splurging on innovation may sound like a crazy idea. Interestingly, Bill Gates has an article about this. According to him, innovation is the only way we come out victorious from this whole ordeal.
And he isn’t wrong.
Studies tell us that, of all the factors and contributors to permanent and sustainable change needed to overcome the pandemic, innovation will be the key for organizations and institutions to survive these tough times.
As a matter of fact, a report cites that, historically, companies that made an effort to invest in innovation appeared stronger and more prepared for longer-lasting growth post-crisis. This is because once the new normal finally takes its course, our former ways of getting things done may no longer suffice.
If you’re a business leader, here are a few ways you can continuously wring your creative juices at a time like this:
Think like an anthropologist
The most imaginative entrepreneurs are obsessed with studying the present market landscapes. What do people clamor for during difficult times? What are businesses putting out in the name of solutions? How are their offerings stacking up against present market demands? How are prices evolving, and why are they evolving that way?
The questions one can ask are limitless.
In observing how communities are panning out during crises, creative business leaders think like anthropologists. This is important because, when businesses actively listen to the needs of their consumers, market segments feel like they have a firmer grip on turning the situation around.
For instance, during 2020 alone, a great number of health institutions fortified their remote check-up services. This allowed more patients to consult with medical experts safely from the comforts of their own homes.
Adjust your business model
It’s no secret how in-store purchases have dropped tremendously in recent months. Online shopping has not only been therapeutic for buyers but has been incredibly helpful for business, too. Through stronger e-commerce efforts, thousands of startups and corporations were able to keep going.
And today, though many countries are starting to loosen their restrictions again, it’s evident that electronic shopping is still king.
Another fantastic example in this context is Spotify. Before the coronavirus outbreak, the streaming giant extensively relied on pop-up ads for revenue from their free users. When the pandemic struck, it was noticeable how brands were slashing their budgets. To keep the hype high, the Swedish company considered other revenue-generating streams such as offering exclusive podcasts on the platform.
All that mentioned, creative entrepreneurs don’t shy away from constantly assessing whether or not their present business model flies. Pivots have not only become crucial in continuing brand awareness and dominance but it’s also been exponentially important to help retain as many employees as possible.
In other words, business leaders have to keep thinking of ways to keep the venture alive. The goal isn’t just sales anymore—it’s relevance too.
Automation, automation, automation
It’s hard to write an article about keeping abreast during difficult times without acknowledging the encompassing help of no-code tools. Among our many advancements, automation has most definitely helped us move forward the most.
Whether contact-tracing or ordering food, our capacity to get things done through tapping and clicking has helped us become more efficient.
That mentioned, no-code solutions like Bubble, Squarespace, Wix, AirTable, and Notion, to name a few, have been a tremendous help not only in business settings but in the academe, as well.
Gone are the days when we had to brutally push through tedious administrative work to filter data and generate reports. Through the optimization of no-code tools, more teams have been able to solve problems and effectively breeze through what would have been hours of tedious paperwork and corporate red tape practices.
There are thousands of routines and processes we can automate now. The challenge is to keep finding out which ones they are.
What’s Next?
Ultimately, how we think and what we ask are solid determiners of how we power through times like these. Whatever industry you may belong to, remember to always prioritize innovation to consistently keep up with the times.
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