Many of the leaders I’ve spoken with over the past few weeks are suddenly faced with the task of reinventing their business.
Some of the top challenges they are discussing include:
- Finding new revenue streams
- Understanding how their customers’ needs have changed
- Adjusting their current products, services and business models to match the current environment
- Refining their product portfolio to maximise revenue and margin
- Determining the best way to communicate in the new world
If this wasn’t challenging enough, they are having to make these decisions in weeks if not days. These are complex decisions that would usually take months—however, the luxury of time has now been taken away. Making the wrong decision under pressure creates real risk. Taking the decision-making approach we would usually take, isn’t likely to work. The data you have been collecting may no longer be relevant or useful to where you stand today.
Without the right information, organisations may be tempted to rely on gut feel and intuition. It's not really a risk worth taking—especially when getting it right the first time is paramount.
Here is our advice: Understanding the real customer problem you are solving hasn’t changed. At this time, getting the basics right for your customers is more important than ever. Good decisions require good inputs. There is no substitute for deeply understanding the combination of your customers’ needs, your staff’s needs and the new macro-environment we are now operating in.
As the pioneers of Service Design and Growth-Driven Innovation in Australia, we are uniquely qualified to uncover the insights you need to equip your organisation with a foolproof plan to not only get through to the other side but be well-positioned to stem the churn or even grow in the current environment.
