Innovate or Die
Tom Tapping
Strategist at Exit Right | Assisting owners with profitable business exits
Who really saw this coming?
Never before, and hopefully never again will we witness such a swift, devastating and damaging crisis impact our everyday lives. No one is untouched. Of course, some are thriving (supermarkets, transport etc.) as their services are put under enormous strain to keep up with a scared and uncertain public.
Then there are those that have the much-admired but unenviable task of looking after us. Nurses, doctors, teachers, police or even those at the supermarket helping us panic buy cans of food, rice, pasta, meat, milk and of course, the totally irrational destruction of the toilet paper shelves!
Many of us have gone from hero to zero in terms of revenue, and therefore income, literally overnight. As a local sports broadcast business, we had literally tens of thousands of dollars wiped off our projected income in the space of 72 hours as every sport at every level followed suit and cancelled at least part, if not all of their 2020 seasons.
This has hurt, but we are luckier than some. No expensive retail premises, stock, full time employees and the rest that many people in retail, hospitality, events and entertainment have been totally wiped out - many to never return.
Innovation is often created out of adversity, mainly though the need to survive or new market needs. We are seeing some astounding pivots - liquor producers turning to outputting sanitiser as an example.
I started this business a number of years back with the objective of creating niche, special interest radio stations online. This was a space I first explored back as far as the year 2000 - but technology, computer, software and connectivity soon proved that what I had in mind couldn't be done. It closed and I moved on to other areas of the media.
Around 5 years ago I rebooted in the space knowing the idea of 'fragmenting' the media was already well underway with streaming video services starting to appear and TV networks commencing digital stations with more specialised content.
In radio terms, podcasts we starting to create waves and improvements in software, broadband and the advent of smartphones ensured we were going to have far more specialised and personalised content available in written, audio and video formats.
So how does this help you?
Most businesses spend significant money of traditional media still, as well as increasing their digital spend. But how do you get cut through? And how do identify, engage and reach your target audience?
We have developed a platform to create a personally tailored radio station - think along the lines of Coles Radio on Digital Radio. A mix of music and specific content - your messaging, no competitors and perfectly crafted to appeal to your audience.
This can apply to sports, individual clubs, aged care facilities, local government, business groups, charities, schools or communities.
Imagine a local radio station that can, live and in real time give you update of when you run out of, or replenish your stock on your shelves, offer discounts to locals for stock items remaining late in the afternoon, advise of traffic issues (planned or unplanned), promotion of the local restaurants offering home delivery to stay alive. Even live entertainment by now out of work artists with a 'donate now' capability like 'virtual buskers'.
This can be done incredibly efficiently and quickly to support your local community or organisation.
Stay in touch with your customers, even if you are closed to deliver messages of goodwill and support and update on your plans for when you reopen. If you're a club, use the time to give your players a voice to connect with the local community.
Local government has a part to play in sustaining local business by helping them promote through this and when things return to some level of normality. They need to act swiftly and decisively to embrace this type of opportunity to deliver vital local information about resources, facilities, closures and support, whilst engaging with local residents to provide practical information and bring them together with local business.
Local government has the opportunity to build a bigger sense of community through this crisis than they would otherwise. Importantly, they at the same time provide a valuable civic service, have a delivery method for their messaging, provide a sense of stability to residents and practical support for local business.
Think outside the box. Don't try and compete in mass media with the mass of news and information that is currently bombarding us. If a business, club, sport, community group, charity or local government requires some assistance to communicate meaningfully and to their market, please feel free to reach out to me at [email protected] as we are providing these services to all at bare cost to do our bit to assist in this testing times.
Look after yourselves and each other. If we communicate and reassure each other, we can build a stronger sense of community that will last a lot longer than this damned virus!
Contact me for assistance at [email protected]