Uncertainty sometimes creates panic (as seen in the toilet paper craze of the past week), but importantly creates disruption to an otherwise thriving marketplace.
So what does this re-emphasise? What do we learn from such a critical time? The importance of and need for diversification.
This is often something we as businesses have in our marketing strategies to remain competitive, keep up with changing times and consumer demand. But are we ready when major disruption occurs and forces change NOW and sees consumers forced to purchase in new ways unconsidered?!
Taking what you know about your consumers and what you do best to instil confidence during uncertainty is critical to continued success and navigating market downturns. Navigating turmoil may equally expand your reach and ability to enter markets otherwise untouched.
- To reinforce your leadership position and ability to respond.
- The likes of Blockbuster dissolved, because it failed to protect against mail and online streaming formats.
- Amazon used to be a book company and survived 2009 by focusing on the long game.
- Be quick to respond and be a stabilising influence, but don’t lose focus of who you are and what you represent.
- Disruption is when adaption and innovation occurs.
- Embrace: curiosity, service, responsiveness, kindness, and mindfulness.
- Avoid: greed, judgement, self-servingness, reacting, and fear.
- Be prepared to learn from others who may be more experienced than you.
- There is always a silver lining: be prepared to identify and accept it when recognised, but stay humble.
May we all continue to come together, challenge ourselves, and support our industries and consumers with leadership, reinforcement, and reassurance.
To find out more about end-to-end physical, virtual or hybrid event management from Outsourced Events, please call Denise Sharpe on +44 (0)330 460 6007 or email us today.
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