Boston Consulting Group identified steps companies can take to assess and act on opportunities even in challenging adversity like COVID-19

Produced by:

Sensing and Shaping the Post-COVID Era

Spotting New Market Opportunities – Boston Consulting Group identified steps companies can take to assess and act on opportunities even in challenging adversity like COVID-19

Summary:

Boston Consulting Group wrote an article on how to spot new market opportunities while in adversity brought by COVID-19. Their recommendations include:
  • Expect Change and Look Ahead – Refrain from being myopic during a crisis and consider implications to future such as what is next for company, what are consequences and what opportunities there may be coming from current challenges
  • Understand Broader Social Shifts – Listen to customers to identify opportunities coming from their new needs and frustrations, as well as those they may not be aware of yet but may have lasting changes to their behavior and consumption
  • Identify and Address Weaknesses – Crises can expose need for greater preparedness, resilience, agility or leanness in different parts of organization, as well as require renewing products and business model, and serving customers better
  • Study Regions to Understand Trends – Analyze what happened in other territories to understand which changes occurred, remained, or were shaped by the crisis
  • Learn from Mavericks – Look at how small innovative firms are creating opportunities from situation, analyze whether their strategies are gaining traction, and determine which to investigate further, replicate, exceed, act, or buy with high priority
  • Examine New Habits to Solving Problems – Watch for habits or problems customers want solved, such as unnecessary delays, costs, complexities, mismatched needs or other inconveniences related to offerings
  • Maintain Hope and Growth Orientation – Companies that grew during economic downturns created value by focusing on innovation and re-investing in growth for post-crisis future
To read more on article for free, visit https://www.bcg.com/en-us/publications/2020/8-ways-companies-can-shape-reality-post-covid-19.aspx
Company: Boston Consulting Group (BCG)
Categories: Customers, relationships and channels, Revenue protection and opportunities, Strategy
Source:

Original publication date: April 3, 2020

Date last updated: April 29, 2020