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PANDEMIC PIVOTING

NO CRISIS SHOULD GO TO WASTE

 - Winston Churchill

NO TIME TO WASTE

Protecting your revenue and gaining market share in a turbulent landscape takes heroic courage. The unique actions you take right now to end your pain, stave off risk and develop a war chest of cash can make the critical difference in achieving victorious outcomes of this economic rupture.

Seek Dynamic Relevance though strategic refocus, shifting resources, increasing agile digital marketing, and honing remote leadership skills to unify and empower your team brilliantly execute.  ​

GRIP HANDS​ 

ALONE WE CAN DO SO LITTLE; TOGETHER WE CAN DO SO MUCH

-Helen Keller

By now, you’ve already developed a proactive interim strategy – doing everything within your power to reduce how customers and consumers are affected. Your board and your management team are on high alert and present until permanent solutions are in place. Nerves are fried, anxiety is running high and everyone is exhausted.

In this high intensity situation, there’s no time to waste.  Get the right people in place. Make sure you have the best problem solvers on board, and if you don’t, get them there quickly.​  Protect the core and pivot to new opportunities.  Commit your leadership team these two guiding principles: act now to protect and run the business today, and plan now to retool the business for dynamic relevance in the future.

RESPONDING TO CRISIS 101​
WELCOMING PANDEMIC PIVOTING 101​

LEAD YOUR BUSINESS THROUGH THE PANDEMIC CRISIS

IN THE MIDDLE OF EVERY DIFFICULTY  
LIES OPPORTUNITY.

-Albert Einstein

A crisis doesn’t imply immunity from performance management. As we seek to understand and react to and learn lessons from the unanticipated twists and turns, the following 12 lessons for responding to unfolding events, communicating, and extracting and applying learnings. 

1. Update intelligence on a daily basis

From communicating updates every 72 hours, or moving to a daily cycle, not only for updating data, but also for reframing your overall perspective.

2. Beware of news cycles

Stay steady to take a more calibrated view, vs, under-reacting to initially overlook weak signals, to overreacting to emerging issues.

3. Don’t assume that information creates informedness

Creating and widely sharing a regularly updated summer of facts and implications is invaluable, so that time is not wasted debating facts.

4. Consult Multiple Experts and Forecasts

Use iterative, empirical approach to what’s going on and what works.

5. Constantly Reframe Your Understanding of What’s Happening

A living document, with a time-stamped “best current view” is essential to learn and adapt in a rapidly changing situation. 

6. Sidestep Bureaucracy

Multiple layers of review typically are a slow, cumbersome process. Assembling a trusted team to make rapid tactical decisions is critical. Overly managing communications can be damaging. 

7. Balance Your Response Across These Seven Dimensions:

1. Communications  

2. Employee needs  

3. Travel

4. Remote work  

5. Supply-chain stabilization  

6. Business tracking and forecasting  

7. Consider how your business can contribute to the broader solution 

8. Use Resilience Principles in Developing Policies

The key goal in managing dynamic and unpredictable, changing, and potentially unfavorable events.

9. Readiness Assessments to Prepare Now for the Next Crisis

There is one variable which is most predictive of eventual success – preparation and preemption. Evaluate their business continuity program against a best practice standard and identify where gaps may exist.

10. Intellectual Preparation is Not Enough

Scenarios should ideally be backed up by war room gaming to simulate and learn from behaviors under stress.

11. Reflect on What You’ve Learned

Rapidly evolving situations expose existing organizational weaknesses, like an inability to make hard decisions or an excessive bias towards consensus, which constitute opportunities for improvement.

12. Prepare for a Changed World

Once the urgent part of crisis has been navigated, consider what this crisis changes and what has been learned so you can reflect them in their plans.

*Harvard Business Review, Reeves, 

Lang and Carlsson-Szlezak

WHEN YOU SEE A FORK IN THE ROAD,  
TAKE IT.

- Yogi Berra

WELCOME THE OPPORTUNITY TO PIVOT​

opportunity rarely knocks on your door.
it's knocking now.

                                                                                                                                                                      - Luminous Brands

In this time of urgency and uncertainty, developing a Pivot Strategy for your business and brand to survive and thrive in the coming months and years ahead is more important than ever.

Here are four pivots companies are making in 2020.

1. Cutting Down on Non-Essential Costs

Many companies are leveraging budgets to pause non-essential processes, to cover customer retainment strategies and tactics that they know will still generate revenue such as prioritizing sales and marketing because they drive demand for the rest of the business.

Some businesses have also decided to move budget from physical in-person processes into digital or virtual tactics.

Focus on strategic decisions about where to invest resources. Specifically, some of the common line items that business leaders say they plan to cut or have already cut include non-essential hiring, processes that don't yield high ROI, physical events, field sales, and team support.

2. Re-Budgeting Immediate or Long-term Tactics

Many brands are focusing on online resources, social media tactics, email marketing, virtual events, or digital customer retainment strategies. They are also adjusting their brand messaging to ensure that they are being thoughtful and not coming off as "tone deaf" to their audience.

Some are doubling down on marketing and product development activities that will provide an edge in the months after the lockdown period (and the possible 18 months that will follow), which we see as the consensus for when things will return to normality.

Marketing programs are short-term focused to maximize pipeline generation potential in the short term. Everything is mapped out in 30, 60 and 90-day priorities.

Mitigation initiatives may include activities such a shifting budgeting from fixed costs to variable spending to provide flexibility in times of uncertainty. 

3. Tactics Marketers are Leveraging

Postponing or Virtualizing Events

Creating online resources that’s can be valuable to both current  customers and potential prospects 

Time to invest in pivot content to provide better value to customers at this time

Quickly rethink your overall messaging and position to adapt to the new landscape

Adjusting marketing messaging

By now, many business leaders are adjusting their brand's messaging to relate more to what their customers

are going through right now. Shift focus to emphasize more of the WHY -- not just your own WHY as a 

business, but the bigger WHY for your audience.​

Many companies are shifting investment from Advertising to empathy, philanthropy, facilitating community 

connection, and inspirational content. Stories Matter. Art matters.​

4. Brands are empathizing with Consumers Who Need Solutions -- Not Pitches​

Astute business leaders are seizing on pandemic-inspired opportunities for creating goodwill. ​

Companies Are Focusing on GREAT EXPERIENCE for Current Customers and Consumers. Retention is the new acquisition and helping is the new selling. The RE-positioning of products from pure revenue growth to a more defensive posture to focus on helping businesses curtail losses and retain customers longer. Seek to be more nuanced in targeting within the market at large.​

*Pamela Bump, 

Hubspot

BE AN OPENER OF DOORS...

- Ralph Waldo Emerson 

LUMINOUS BRANDS © 2020

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