THE NEW NORMAL: NEW BUSINESS MODELS, OPPORTUNITIES AND SPACE 1999

Lo and Behold.

There will be changes to Consumer Habits.

This is called the NEW NORMAL.

When I was a very little, in the late 70s, after dinner, the norm was to sit around the Black & White TV, and the whole family awaits a TV program called “Space 1999”.  Somewhat futuristic sci fi tv series. Not that I understood what was going on, but that was the norm, I felt.

Then in the 80s, “Back to the Future” came.  And we see a teleporting car, skateboards that can fly, was a wow to me. Starting from 2010, flying objects aka Drones started to become a new norm, for individuals consumers and businesses

Today, april 2020.  The effect of covid19, has pushed us to a new normal. Technology has accelerated, lifestyle has changed. 

Businesses have to pivot or die. 

Consumer Habits are going to change, possibly permanently.  

So Business owners have to look into their Business Model

How? Your business model has to accommodate to these 3 important situations:

QUALITY & EFFICACY

The first thing that will change is that Consumer will start to emphasise QUALITY & EFFICACY

This is mainly on food products, antiseptics, cleaning products.

Buyers want assurance that Manufacturers & Sellers’ products can be trusted.

How does this impact your Business?

If your business is in manufacturing and production, other than the above products, you gotta start telling consumers that your product is safe. It's got quality.

Let's say you produce cosmetics. You must signal that it is of high grade and very very safe.

Let's say you run events, you must tell patrons that your place have been spring-cleaned with massive safe products to ensure covid-free environment.

If  you have a barber shop, a service, you communicate how your business premise is cleaned and sanitised.

BUY LOCAL PRODUCTS

The 2nd thing that that will change, is that people will be more inclined to BUY LOCAL PRODUCTS

A research by AC Nielsen shows that 11% of consumers want to to buy products locally and 54% mostly buy local products.

What does this mean for your business? It means more opportunity. People are going now more inclined to support their own local produce. Health drink from own country, Fragrance locally produced, and many other locally produced products & services.

ONLINE DEMANDS

The 3rd thing is there will be a shift to ONLINE DEMANDS Direct to Consumers

People have started to experience more online experience right now.

So consumers are more inclined to use technological solutions.

You see the rise of businesses selling things online.  You see companies providing services online. You see deliveries businesses getting more jobs.

CONCLUSION

These three are going to be the new norms. And as a business owner, you may have to look at changing or adapting to a new business model, sooner rather than later.

That “Space 1999” and “Back to the Future” got us experienced the normals back then, like as consumers we watch TV together as a family 

New Normal this time is somewhat similar to back then.  This family purchases things in a different manner and enjoys new experiences together.

These three are going to be the new norms. And as a business owner, you may have to look at changing or adapting to a new business model, sooner rather than later.

NASH IDRUS

Precession Capital

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