There is blood in the streets. The rules have been rewritten for the near term. What worked in past recessions doesn’t mean squat. Some examples?
When we think of recessionary times and the traditional sectors that grow during tough times; we generally think of car repair garages, remodelers, health care, discount stores, and sin businesses to name a few. Most of us think of items we won’t do without or products or services that allow more utility out of the things we own, homes and cars for instance, or trading down to a lower level of product. Example, your Tito’s Vodka may now be Platinum or Deep Eddy.
This time around, the rules don’t apply. We’re all facing a new set of challenges. Challenges of which we are all acutely aware. Challenges around staying safe distances away from other patrons, shoppers, and humans in general have forced us into hiding and #shelterathome quarantines.
So what businesses are thriving and how might you leverage these to you or your company’s advantage?
There are some obvious winners.
Zoom of course. This somewhat ubiquitous online conferencing solution was one of several already doing well in the pre-covid economy. Now, these companies are exploding.
Chewy.com, the pet food and supply company is experiencing significant growth.
On the smaller company front, Cleancult, a venture-backed startup that manufactures natural cleaning products in zero waste packaging is having trouble meeting demand. According to Marketplace.com, Cleancult’s manufacturing is located in the Midwest without a “shelter in place” mandate thus far. Production of lemongrass soaps and orange zest cleaners, among other products, has been ramped up to meet demand, shifts have been doubled, the work week has been expanded to seven day.
Farmbox Direct, a subscription service that delivers boxes of fresh produce, woke up on March 14, she thought there was some type of bug in her computer system. “There’s no way we could have taken that many orders overnight,” recalled Tyrner recently, “but we did. We are doubling the company every 24 hours.”Many of Farmbox’s new customers are located in areas where supermarket shelves sit empty.
There are startups on the horizon poised to deliver wine and spirits in new ways.
We’re familiar with a new pet related startup that will find its audience at the ready in this time of uncertainty.
On the healthcare front, Telehealth related startups and funding rounds are bigger and receiving more legislative support than at anytime in history.
Online delivery of anything and everything that may be found and purchased online will continue to rise in hockey stick style over the next few months. Permanent adjustments to the way the world works are in play.
How are you making adjustments? How is your company or you personally pivoting to account for opportunities being presented.
Sure, it may be stressful to pause for a bit and assess the terrain. However, until you scale a tree or a mountain top to reorient yourself to the new vistas, you’ll remain lost.
Our work is built around helping manage these kinds of assessments and transitions. We happen to do so with the use of Blue Ocean Strategy tools and processes.
In our complementary Blue Ocean Strategy calls, we like to help business owners step back and assess what their current product or service offering really is. How might it be tweaked with Blue Ocean Strategy tools and reconfigured to solve a new problem or old problem made new by Covid-19?
Often times, we are so close to our problems, we can’t focus on solutions. If you feel this is possibly your case, click here to schedule a Blue Ocean Strategy Session. Our desire is to make sure you leave with something of value from the discussion. The companies we serve are generally smaller operations ranging from solopreneurs to companies with under $25 million in annual sales.
Click here for your session. We look forward to talking with you.