COVID-19 pandemic has plunged the entire world into a crisis. Uncertainty hangs in the air as the stock market takes a plunge, oil prices go into free fall, and several businesses panic, not knowing what to expect. The fact is, uncertainty is a constant element. It is always there, and like the weather, it is out of people’s control.
At this stage, businesses have two options to either get swept up by the uncertainties or take charge and innovate to create value for their customers in new and important ways.
Handling Uncertain Times as a Business Owner
During uncertain times, leaders are bound to make reflexive decisions such as halting hiring, reducing investments, cutting marketing and brand investments, and even ceasing decisions completely. These defensive measures are entirely reasonable and may even be necessary for survival in these uncertain times.
However, they could be counterproductive in the short and long term. Such decisions could also put companies at a disadvantage in the aftermath of the crisis when situations improve.
The Solution
An effective solution is to adopt the right approach and mindset. Instead of reacting instinctively to the news and situation resulting from the COVID-19 crisis, businesses can act quickly and proactively to change their path and follow another. This path can include focusing on new and innovative ways to add value to their customers. Ultimately, when it comes to value, prospective customers are the ones who can determine what counts as value and what does not.
To create value, business owners need to understand how their customers define value and how they can meet those demands. This means understanding how the current situation is affecting them and thinking innovatively. Customers often have major considerations about value, including:
- Cost impact
- Revenue impact
- Risk impact
- Value impact
Cost impact
Customers want to cut down on unnecessary expenses. When developing new solutions, business owners need to consider how much money their customers will save by recognizing and adopting the change over the status quo.
Revenue impact
The value proposition should offer potential customers an opportunity to increase their revenue. They will be more willing to adopt changes if ignoring the new value offering means that they might miss out on potential revenue.
Risk impact
When thinking of new ways to deliver value, business owners should look for ways to mitigate or eliminate risk factors that customers may face with the current products or services.
Value impact
New values should help customers achieve their goals faster and more reliably. This also means allowing customers to realize the impact of adopting new values on functional, corporate, and personal goals.
Stay Informed
Business owners need to understand what drives the value determination of their customers and key stakeholders. This also means assessing and exposing the costs, limitations, and risks associated with their present situation. It demands carefully aligning with the most critical aspects of the purpose, approach, and capabilities of the business with the things that matter or are valuable to the customers. With the uncertainty caused by the COVID-19 pandemic, now is the time to get innovative and create new and necessary value.
Doctor Genius, located at 2 S Pointe Dr #200, Lake Forest, CA 92630, provides a range of services for practice success. We seek to meet our clients’ needs by providing a variety of marketing, SEO, practice optimization tools, and coaching to transform the healthcare experience. Though we work to provide the most accurate information, the content found on this website is solely intended for entertainment purposes. Therefore, we cannot guarantee that the information provided is entirely correct. You may not use the information on this site to cure, prevent, or diagnose a perceived medical issue. If you have healthcare-related needs, please speak directly to a healthcare professional. Never self-perform medical treatments discussed on this website. All images displayed are also for entertainment purposes only, and personal experiences may differ. Please note that the business tactics mentioned on this site might not be applicable to your industry or practice.
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