Francis Kong talks about the right mindset in the post-COVID economy
Doing business and marketing in the post-covid economy entails a change of mindset.
I have always been a hopeless romantic and an optimist about business opportunities. And through the many crises I have experienced in my lifetime, two things are consistent: 1) Every crisis passed; and 2) Every crisis opens up immense opportunities that can be explored and exploited only by those who are prepared and ready.
This is why I never call this situation “The New Normal.” I call it “The New Possible.”
And now that we are preparing for the most important quarter of the year where businesses earn most or at least recover revenues for all the slow months of the year, we need to focus on increasing sales, growing the business either by expanding the purchases of our existing customers or creating new ones. Here’s how “The New Possible” can help:
Another term for this is “Kinship Economy.” After two years of isolation and lockdown, the world now longs to belong. The more time we spend online, the more lonely, isolated, and depressed we feel. This is why inherently, the desire to be part of a community permeates not only in terms of social structures but even in the business landscape as well.
Marketing expert Michael Schaefer shared an idea but I shall amplify them and add some personal commentaries of my own: “Brands and businesses should help connect people to the world. Use the brand as a platform that amplifies human expression and creativity.”
Instead of focusing on brand features and attributes, we need to think through why a person would “hire” your product to perform a specific task. We can help people “belong” to our brand if we connect to their emotional needs instead of beating our chest about product features.
Mining big data for meaningful micro-trends and then coming alongside consumers in critical cultural moments. Values shift – marketing is less about demographics—customers are co-creating new products with them.
This is where we align our business and shared meaning to earn customer loyalty.
A good way to illustrate this is to ask questions:
Should the brand be generous and minimize harm to the planet? Yes?
Should we focus on purpose and take a stand? Maybe.
Your “who” and your “why” guides your “how” and your “what.”
What are your core business and your origin story? This will guide you toward your purpose.
Who = Values
Why = Purpose
How = Process
What = Products
Shortly, the “New Possible” may be reaching consumers in the metaverse and beyond. Web3 is an exciting, immersive innovation of new places, new products, and new identities. This is what businesses look like in the immediate future or perhaps they are already happening and evolving now.
The business world today is complex. The people who populate this world are made up of not just street smart, book smart, and must even be heart smart. This is why business leaders need to constantly update and upgrade their leadership skills to grow their people and grow their businesses. Businesses need the use and help of technology to achieve business growth and reach out to create more customers.
Two years and many months of intense challenges to businesses and business owners. But then those years are behind us. New challenges may be ahead of us but the bright spot is that we are approaching the most interesting and exciting time of the year when we recoup. We may also see opportunities ahead of us that offer opportunities to do more business or gain more customers.
It has been said that “Technology is best when it brings people together.” And the best becomes even better when it leads us to grow not only our businesses but our ability to serve and become better people ourselves, too.
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