When coronavirus hit, customers and businesses had to adapt to the new normal. Communication and needs changed. The restaurant industry had to undergo an immediate transformation. We saw the rise in hobbies as people began to focus more energy inward and at home. We also saw a change in how businesses and consumers needed access to information. Market opportunities have begun to emerge as customer behaviors and priorities shift to living in this new environment.
Watch the broadcast of our latest Search Sessions here, or read on for some of the key takeaways from H.I.G. Captial’s Mark Fiske, OpenTable’s Anna Fiske, Ancestry’s Kiara Kempski, and Guru’s Britt Bingham here:
Adapting to The Customers’ Shifting Needs
Restaurants were one of the first industries to feel the effects of the COVID-19 pandemic. The changes in the food and dining industry happened rapidly in real-time. With this shift, restaurants around the world had to quickly pivot their business model to adapt to the changing needs of customers. We will continue to see a growth in takeout and delivery. The better the in-home experience is when customers order takeout, the more the customer gets the feel of being in a restaurant. This is a new marketable opportunity for your business.
As restaurants re-open, there will still be social distancing rules in place. Pre-planning reservations will most likely increase, including bars and wineries. Prepare your business to be ready for these shifting changes that won’t go away any time soon.
Understand the mindset of your audience. With more consumers online you need to know your audience and it’’s demographics. With different generational audiences, learn to understand the needs of each. Learn what the new customer needs and figure out how to meet those expectations to maintain and continue the relationship. Media consumption habits are shifting and different media channels are being utilized. The pandemic has brought on a birth of new innovation with agile tactics on the creation of creative.
Not only have consumers shifted in their buying habits, but excess free time is creating urgency for consumers to pick up new hobbies. There’s more family connectivity online. Community health awareness and protection remains top of mind for most of us.
B2B Knowledge Management and Information
It is critical that your business information is up to date. Stale and outdated business information can do just as much damage as no information at all. Now what your customers need more than anything is access to information and the right information at the right time. Knowledge management is shifting. When adapting your resources, you must have efficiency and efficacy in your actions, ultimately driven by knowledge. As things change, the ability to thrive through transition will be a competitive indicator for businesses.
It was originally predicted that remote work may become the new norm with a 30% increase by 2030. Since COVID-19, It’s likely we will hit that sooner. Teams are relying on tools to connect, work efficiently, and proliferate knowledge across time zones and locations. Remote learning and onboarding will be more constant. Companies use Slack and other messaging platforms to drive knowledge sharing more than ever.
Adaptability is critical. Ask yourself, “Am I adapting to something that is valuable to my customers post COVID-19?”