Business

4 stages your company will go through before reaching the post-coronavirus world and how to react

6 min read

The opinions expressed by collaborators are personal.

“The storm will pass, humanity will survive, most of us will still live, but we will inhabit a different world,” says Yuval Noah Harari, historian and writer, in an essay on “The world after the coronavirus.” To inhabit this different world, Rodolfo Ramírez, Founder and CEO of RedBox , invites you to create a new mindset within companies to see how we will approach the post-coronavirus world.

4 stages your company will go through before reaching the post-coronavirus world and how to react
4 stages your company will go through before reaching the post-coronavirus world and how to react

During the first live classes “Innovation as a way to overcome crises” organized by and IEBS through the HomeSchoo initiative l , Rodolfo Ramírez reports that as an innovation consultant they created the Plan Fénix platform that seeks to help their clients traverse through the different stages that companies will go through during this crisis.

“Without a doubt, the challenge has to do with acting quickly and then we have to think about responding to the emergency ; that is, how to solve the short term ?, but we also need to reinvent ourselves when the future comes . And today, every action you take will help prepare you for the future, ”he explains.

Rodolfo warns that in order to act quickly we first need to “recognize reality, accept that it will be very difficult (economically and socially) next year and help our brain activate the prefrontal cortex to be able to think and react in time.”

In its Phoenix Plan , RedBox considers 4 stages that companies will go through before reaching the post-coronavirus world. But before delving into these stages, Rodolfo ensures that a fundamental ingredient must be used: build a new narrative to guide your team . The same that is created by adding two elements: 1) Think about what its transformative purpose will be and 2) Accept the obstacles and look for the evidence that they can be overcome (examples of how other companies in the world are reinventing themselves).

Once you have the correct narrative, you should work on creating an innovation plan for the stages explained below.

1. Tension. (From April to June)

Create defensive strategies

These will be the days with the highest number of cases registered by Covid-19, the consequences of isolation will begin to be seen, economic tension and political paralysis will grow. In the consumer market it is going to shrink, consumer needs are going to change in terms of priorities. To face this situation, Rodolfo recommends that entrepreneurs ask themselves the following questions:

a) How are you going to handle the situation with your team to keep it aligned and motivated?

b) How will you support the community at this stage? “Now it is more than essential because if we do not support it to people who lose jobs and opportunities today, the economic ecosystem will be much more compressed,” he says.

We have an example of how we can support it at Cervecería Modelo, launched by Academia de Meseros to offer training and incentives during this stage.

c) How are you going to handle the communication of your brand and your organization with your clients? If we send a message that is not consistent with what happens, you leave a bad precedent.

d) How are you going to reconfigure your offer to adapt to the change? For example Amazon Prime Vide or is supporting so that the films that were to be released in the coming months are shown through its platform and, in addition, it is broadcasting festivals.

2. Thawing (July, August and September)

Create defensive strategies

People are going to have to reconnect with the world and they are going to live the consequences of isolation, they are still going to be afraid of going to places with a lot of people and they will continue taking good care of themselves.

What should you do? For example, ChargedUp , a station company to recharge your phone in a restaurant, is already proposing to offer cell phone cleaning service.

3. Reactivation (October, November and December)

Create offensive strategies

The political and fiscal situation will be complicated, but you can already implement some strategies that you planned in advance to stimulate your consumer. For example, in 2009 Hyndai launched an Assurance program, which let you buy the car and if you couldn't pay you would return it.

4. Final transformation (January 2021)

Create offensive strategies

In 9 months the needs will have changed and people will be more inclined to consume local to support their community. At this stage you should recap what did you learn in the other stages? How have the behaviors changed? And generate a new “flexible business” model.

While we are facing the greatest challenge we have faced in the modern era and all industries will be affected, there are opportunities for everyone. “Take 15 minutes a day to panic and then get to work, otherwise the brain is caught in the bad news, and we have to reinvent business,” he said.

How to see the opportunities? Rodolfo's recommendation is for every negative figure you find he sees an opportunity. For example: “7 out of 10 adults suffer from obesity problems, here is a market that will look for ways to exercise and change their eating habits. This is an opportunity. ”

Finally, he pointed out that the recovery curve will be between 1 and 3 years, and many opportunities will arise so they must be taken quickly.

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