Speakpipe 4 How to enter the market during the pandemic and high inflation rate? Anonymous
Thank you so much for your question, Ms. Anonymous. Historically, growth is born during tough times. The best way to figure out a business model in tough times is to look for a general problem you want to address.
Take Zoom, for instance. Zoom has grown exponentially during the pandemic. It solves the problem of companies that need to continue collaboration but in a remote environment. Work cannot stop during the pandemic. Collaboration, meetings, and brainstorming are still required.
Other companies that thrive in challenging times are; Slack, Github, Twilio, Okta, AppDynamics, Freshworks, Nutanix, Zscaler. Even my personal favorite, Netflix, grew exponentially.
Even though department store sales went down, grocery revenues skyrocketed. Sales of alcohol, face mask, toilet paper, and bottled water also had a good ride.
There will always be opportunities. I suggest you seek these opportunities through the lenses of problems you can solve. Please revert to the lean business model. A successful business solves a specific problem of a targeted set of customers using a unique approach (unique value proposition or UVP). Your solution is better if it’s uniquely different from competitors.
Difficulty produces better focus. You will need to be more careful about your strategies and use of resources. You are more cautious with your tactics and activities.
Challenging times develop better and more resilient entrepreneurs.
Find a problem to solve Ms. Anonymous for a target niche of customers. Solve it in a manner that’s different from your competitors.
Thank you for your question. Please feel free to send in more “voice in” questions as I enter the ones in the pipeline.
Have a good day Ms. Anonymous.