WHAT CAN BIG BRANDS LEARN FROM START UPS ABOUT OPERATING IN TIMES OF SCARCITY?
What can Big Brands learn from lean Start Ups about operating in times of scarcity?
As a global community, we have come together to limit the spread of the pandemic, to support healthcare workers and the most vulnerable among us.
As marketers, we have a responsibility to keep the economy going. Supported in the UK by the government’s fiscal lifeboats, it must be our ambition to come out of this fighting and avoid any darker repercussions.
The situation we currently find ourselves in, is one of limited resources. We are managing restrictions across finance, time and practical supplies together with taking on additional responsibilities such as teaching, childcare and domestic work.
So how do we maximise the ROI on our commercial time, energy and focus?
There are many lessons to be learnt from the nimble start up community who are experts in pivoting focus via restricted means;
1. In times of scarcity, adopt an abundance mindset.
Reappraise your market opportunities and consider which opportunities are now available to you.
2. Use your tools.
There are many low-cost tools available on the market to help with automation and maximise the time you can spend investing in strategic tasks such as new product development and business growth opportunities.
3. Support your network.
Every entrepreneur knows the importance of connections and providing a foot hold for each other on the way to the top. Now more than ever it’s time to pool resources and work out who you can support during this time period.
4. Listen to what your consumer needs and alter your product accordingly.
If you run a service business, look at what content you can make available online, from recordings to live sessions.
5. Understand your investment opportunities and bring in experts on a project basis.
6. Invest in yourself
When you have automated all that you can, understand that your own personal growth is your true business equity.
7. Prep for the future
As online media consumption goes up 71% (Kantar: 14-23rd March 2020) understand that your audience are craving interesting, uplifting content.
Being an entrepreneur means getting it right 65% of the time but moving at 3x the speed of everyone else. By supporting the economy, community and leaning into this crisis, brands have the opportunity to pivot out of it and ensure that it is not the pandemic that defines 2020 but our collective response to it.
See the longer version of this post, published on BDaily:
https://bdaily.co.uk/articles/2020/03/26/what-can-big-brands-learn-from-the-start-ups-community-during-times-of-scarcity
