Preparing For A Wave Of Pent Up Demand
The impact of the pandemic has been unpredictable and unequal in the way that it's impacted businesses, so if you're one of the lucky few whose demand has held on, or even increased, keep scrolling (looking at you, Jeff Bezos) — there's lots of good stuff for you after this section.
If, however, you're one of the many businesses that saw its customer base dry up nearly overnight and yet you're still here fighting, first of all: Well done. I have nothing but respect for the creativity, the grit, and the entrepreneurial spirit that it's taken to get here.
The good news is that, if you can make it to the other side, those same qualities that got you here are going to give you a huge advantage in the next market cycle.
There are a few things that we know for sure:
The market is going to return
When it does, it will look different than before
Hard hit industries will have lost some, or even most of their competitors
There's going to be a surge of pent up demand
What we can't control is when that demand is going to arrive, what we can control is how we prepare for that wave. What we do now will determine who is poised to thrive in the new market, and who will miss out. Here are a few things that you can start doing today:
Invest in relationships now — I wrote about the value of relationships during a downturn back at the start of the COVID lockdown, and the importance has only increased. I'm not just talking about customers and influencers – the relationships that you're going to need to lean on most will be your suppliers, distributors, partners, and even your competitors.
Focus on your internal customer first — Last week we talked about your internal audience being the most important, and least appreciated. Consider the days when the phone is ringing again and you're back to operating at, or beyond, full capacity. In those moments, the people who are going to live the story that you've been telling for months, and who you are going to need the most engagement from, will be your internal teams.
Get your digital presence dialled in — We know that the world has accelerated towards digital, and many businesses have taken this as an opportunity to enhance the way they do business online. When the market comes back, your competitors will each have a better, faster, and stronger digital presence. Now is your opportunity to make sure that you're not left behind.
Clarify your message — A recovery is no time for ambiguity. Be clear, make it easy for people to understand your value, and get ready to tell your story.
Written by Conner Galway, Junction Consulting