Anti-Crisis Strategies For the Hardest Hit Industries
April 10, 2020 5 min. read
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Currently, it seems like some industries and businesses are in free fall and headed toward a complete collapse with no end in sight. However, any crisis always yields unique opportunities and we’d like to bring some light to the dark by sharing anti-crisis strategies for navigating the changes within industries that are being negatively impacted by the pandemic.
In these times of uncertainty, it’s hard to know exactly what the right thing to do is. The bad news is that there are no right or certain decisions – every decision you make for your business will be hard and its implications unpredictable. The good news is that there are ways to navigate these difficult times even for the industries that are being negatively affected.
Here are some key strategies for the businesses and industries that have taken the hardest hit:
#1. Form partnerships that strengthen your offers and solutions and reinforce efforts.
One of the best ways to support each other in times of crisis is to form partnerships between companies that offer robust and multi-functional solutions. You can either partner with companies that have products that might complement your solution, and by doing so strengthen your position on the market or partner with companies in your industry that are weathering the storm now because their services are tied to offline activities, but they might have relevant resources and infrastructure that can strengthen your company.
For example, cloud-based event management software companies can join forces with live streaming services to offer their existing customers services for organizing virtual events.
#2. Refocus your marketing efforts towards resilient industries.
Some industries are definitely weathering the storm better than others – travel is down, but interest in online workouts and food delivery is up. Use data to identify the resilient industries in your addressable market and focus your outreach efforts towards them.
#3. Move fast and pivot quickly to launch new products or services that are going to be in demand.
That means going back to the drawing board with a cross-functional team and taking some time to hammer out your new product development strategy or plan out new service launches to meet the changing needs of your customers.
#4. Take time now to reflect and understand the new context of the world.
Do research to analyze current trends in your industry. You can use AI tools to identify growing trends or demands for specific products or services in your industry or other industries to see how you can pivot quickly and most efficiently.
Taking advantage of such tools can help you track hypes and predict the strength of developing trends to meet the needs of the changing marketplace. You might not see it yet, but there are many scenarios where companies have used their current developments or products to pivot to a different industry with minimum investments and experienced unprecedented growth in the new sector.
#5. Automate certain processes to reduce your current operational expenses.
Brainstorm with your team to see which areas of your business or tasks can be automated. There are many great tools for marketing automation, competitive analysis, influencer research, and outreach that can be used to maximize your ROI with fewer investments.
While doing a pivot, make sure your sales team understands that their job is to act as an advisor and consultant to your customers. Once you’ve identified a possible strategy for a pivot, you will need to implement a customer acquisition methodology and make sure your new offer satisfies the market. Teach your sales team to empathize, to ask open-ended questions, and focus on: customer discovery, customer validation, customer creation, and company growth.
Navigating Challenges Together: Signum.AI’s Assistance for Businesses
At Signum.AI, helping our community—it’s what we do every day. We’re committed to supporting each other through tough times and growing together.
That’s why we’re sharing Trend Newsletter every week. It’s free for everyone. These tips will help businesses use what they have to launch products or services that people need right now. We’re focusing on industries that are struggling the most.
Our goal? To help businesses make smart choices, survive tough times, and get ready for better days ahead.
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