The X-Factor Companies

As we move through uncertain and unprecedented times, we come across umpteen cases of struggling businesses, where surviving each day is a challenge. There is hardly any sector that is not hit by the Covid-19 crisis.

In what we have learned to call the ‘new-normal’, people are mostly working from homes, their couriers are delayed, meetings with their customers are restricted and their company interactions are no longer the same. The list of changes may seem never-ending.

But as always, there exist those rare breed of people for whom every crisis is an opportunity and this one is no different. We had the privilege of consulting a few of this innovative and never-say-die category of companies.  

An SME based out of a small town called Palakkad, was operating in the packaged food industry, targeting foreign markets. During the spread of Covid, as exports got hit, so did their business. However, within a short span of time, they assessed the situation and with the resources at hand, they started manufacturing face shields. The face shields were made of polycarbonate material and thus were sturdy and transparent. They approached us for market research and digital marketing for the product. We were able to brand the product and market it through online platforms. A call centre was set up for prompt handling of the enquiries. The target market and target customers were identified through secondary research given the constraints. Within two months of launch one lakh plus units of shields were sold. Demand continues unabated even as this article is being written.

Another client of ours, who were developing innovative kitchen appliances, suddenly found their business staring at a temporary dead end as the movement of resources came to a standstill. Rather than waiting for uncertain times to end, they pondered on how to best utilise their expertise in 3-D printing in the new circumstances. A few days of brain storming brought about a new product that could be utilised to open doors, use ATM machines, carry hand bags; all without contacting these with your bare hands. The product was marketed aggressively through online platforms and gained sales of twenty thousand units in the first month.

There are more such examples and many more of such companies with whom we are working side by side to help them reach their goals and potential. Let’s call them the ‘X-Factor’ companies – ‘X’ being the secret inherent ingredient they had in them that propelled them through these tough times and helped them come out even better than before. ‘What were the traits that kept the X-Factor companies a class apart? What enabled them to gain an edge in such an adverse scenario? Well, among many, the notable ones would be:

1.      Adaptability to Change: If things are running smoothly, then nobody like change, especially in companies. But for the X-Factor companies change was nothing new and this was not the first time they were re-inventing themselves or adapting to a new scenario. They had done it before and everyone in the team is truly gelled with this culture. This helped them to pool in new ideas in a short span of time as everyone in the team contributes to carve out practical ideas.

2.      Speed to Market: The X-factor Companies see to it that once the idea is conceived, absolutely no time is wasted in bringing the product to the market. This is crucial, because there would be many other players innovating and the one to reach the market early is most likely to get the major chunk of sales. Also the market conditions may change drastically in a short span of time and hence any delay can cost you dearly.

3.      Use of Technology: Almost all businesses that have thrived in this crisis had relied heavily on technology either in part or full. The X-factor companies were no different. Right from brain-storming for conceiving the idea to marketing the product, use of technology was visible in every step. Online platforms were extensively used in the marketing of the products. The X-Factor companies were not new to digital marketing and online platforms. They knew its efficiency and effectiveness prior to the crisis and also the flexibility the platforms offered. Hence to shift from marketing their core products to the new ones didn’t seem arduous to them.

4.      Flexible Work Environment: The X-factor companies were habituated with operating in a flexible environment even before the crisis. Thus work-from-home did not come as a new challenge to many of these companies. They were able to adapt to the new situation while many other companies struggled. They were also in a position to think through the crisis and come out with better ideas than many of their counterparts.

5.      Brainstorming as a practice: The X-factor companies always had brain storming sessions whenever they encountered issues. It was through these sessions they came out with solutions and also devised road maps for moving forward. Hence, when faced with the crisis they could easily assess the situation and find better practical utilities for the resources at hand.

The X-factor companies are many in number. They shine bright when an adverse situation surfaces as they begin to showcase their core strength and rise above others to ‘make the best of the situation at hand’.