Creating value differently during Corona Pandemic

Never before situation around the globe:

By now Corona has claimed over 100000 lives and number of infections has crossed 1.8 million worldwide. China, where the virus started is now at lowly 7th place in terms of infections and even lower in terms of deaths.

World is debating its impact on business and economic loss. With numbers still pouring in, it may take some time before people can even put on table the total damages.

At an individual level lot has changed too. Humans are in cage and for a change we have let many animals take their rightful place in the nature around us. Lot has changed in terms of customer expectations too.

In this testing times lot is being unlearned and many fresh insights have emerged…And surely many more will emerge as impact on various dimensions of tragedy unfolds.

In France, Mr. Macron has predicted “this period will have taught us a lot. Many certainties and convictions will be swept away. Many things that we thought were impossible are happening. The day after when we have won, it will not be a return to the day before, we will be stronger morally. We will draw the consequences, all the consequences.” He has promised to start with major health investment.

In Germany, the former Social Democratic party foreign minister Mr. Sigmar Gabriel has lamented that “we talked the state down for 30 years”, and predicts the next generation will be less naive about globalization.

Everything is up for debate – the trade-offs between a trashed economy and public health, the relative virtues of centralized or regionalized health systems, the exposed fragilities of globalization, the future of the EU, populism, the inherent advantage of authoritarianism.

As customers, our demands have remained but priorities have changed dramatically… Suddenly everyday needs have become a luxury and short distances are looking light year away.

Unique situation demands unique solutions:

Small and big businesses have changed their ways:

1.      Create a basket for weekly needs: Vegetable vendors have standardized a basket for fruits, vegetables etc. Keeping in mind needs of a family of 4 many options have come up. Idea is to minimize time for ordering, streamline collection process and focus on minimum physical handling

2.      Offer associated products : Milk vendor started giving eggs, bread and all other breakfast needs

3.      Expand home delivery options : From mangoes to medicines everything is available with home comfort

4.      Eliminate layers of communication : Direct connect with customers help in better understanding of customer needs and reinvest that time and cost in logistics

5.      Have local demand aggregators: Nobody knows local market than kirana stores or smaller shops. They give combined orders and help in distribution to reach households quickly

6.      Care, care and care : Nothing is more relevant than taking care of all employees, customers (particularly the elderly ones) and all stake holders in community

7.      Minimize physical handling: One of the biggest challenges to be sure that the goods that you receive are free of any germs or are suitable to touch. And this needs be visible to customers

8.      Building customer loyalty : In the times of downturn, many have reinforced customer loyalty through digital service, spending on community needs, being more flexible are some of the examples

9.      Deal with order cancellations differently: Like rush orders, order cancellations are “new normal”. Dealing with genuine cases with “softer” approach is an option chosen by many particularly in travel industry

10.  Treating less fortunate with compassion: Many daily wage earners are worst hit in present environment. Continuing to support them is a strategy adopted by leading organizations  

Learning for all of us:

We all understand value as what customer is willing to pay.  Adding and creating value takes different meanings. Sometimes it is quality. Some other time it could be speed of response. On many occasions it could be service as well... And many times it is a combination of all.

Today, focus on Experiences and sensitivity is becoming key differentiators. We all also need to recognize that they build on each other. We cannot experience anything if we are not sensitive and we cannot develop sensitivity unless we undergo variety of experiences. Sensitivity is not an abstract aptitude but is a practical skill that can ripen and mature only by applying the same in practice.

Agility, Adaptability and Alignment with customer needs are the most important aspects on business today.  Whether we aggregate demand or reach customers homes or show care towards weak and needy … All add to experiences and sensitivity with every transaction.

I am sure those who adapt of this challenging environment will not only emerge stronger but will also lead different business model for others to follow.