Stand Out in the FAD League

2 out of every 3 startups believe that the pandemic impact will last up to 12 months and 54% of startups are looking to pivot into new areas, according to a report by NASSCOM (1).

The world is rebooting itself in a start-up mode, as new opportunities are arising with evolving ways to do things, businesses are tapping into new sectors as well as establishing new verticals and ventures.

While some businesses are coming up out of the immediate opportunities, only strong and proactive ones will survive in the long run. That is why it is very important to take well informed and critically analyzed decisions so as to not end up being just another fad.

Here is some good news for brands, what are the growth opportunities in crisis?

Common Ground of Opportunities and Threats

The COVID19 pandemic is one of the most alarming external risks businesses have encountered that is affecting the global economy in every aspect, although the field of opportunities remains common for all. Digital operations have contributed to a huge increase in new data for brands to observe, analyze and leverage to execute the next strategy. The key differentiator between the brand which will sustain itself and the ones which will disappear is untangling the knots of data in the right way.

Eased Up Consumer Trials

Consumers are willing to try new brands and products due to the sudden unavailability of their preferred ones, creating an opportunity for brands to get consumer trials and feedback to plan and adapt accordingly. It is thus necessary to create a responsive business structure to thrive in the changing market and shifting user expectations.

Care Overgrowth and Profitability

Due to financial setbacks, plans of business for growth and profitability have been disrupted, also new definitions of success are appearing as consumer priorities are shifting.

India ranks the highest in the global anxiety index, Deloitte with 48% of interviewees have reported being anxious over people from other countries. Consumers are highly anxious about returning to work, going to restaurants, families' health, losing jobs, and many more reasons (2).

Brands need to embrace, care, and empathize to connect with their consumers and add value to their lives through digital mediums.

“64% of consumers said they will buy from brands that have responded well to the crisis. The Indian shopper is thus loyal to the demand fulfillment and authenticity of brands much more than brand loyalty during a crisis.”

Deloitte (3)

The Early Bird Gets The Worm

As and when nations, markets, and locales get normalized and the world resumes as before, there is bound to be thrust on consumerism. Companies that are able to resume operations faster, cater to and address consumer needs quicker and scale up in a more agile way are bound to gain market share over peers. It thus becomes critical for firms to utilize this time to better prepare for the race that lies ahead.

We at Lopez Design, have experience of over two decades to develop brands that consumers remember through continuous study and human-centered strategies.

Reach out to us to find out how we can work with you to provide value to your business and help you build long term connections with your consumers at nb@lopezdesign.com.

Sources:
1. NASSCOM Start-Up Pulse Survey — Q1 2020: Reviving The Indian Tech Start-Up Engine During COVID 19
2. Deloitte state of consumer tracker
3. Article: Deloitte State of the Consumer Tracker
4. COVID-19 pandemic radically changing consumer behaviour in India: Survey

Written by Sukanya Panda
Image Artwork by Manasa Krishnan