The world has changed. From one day to the other and without much warning for most of us. The virus has redefined what separates success from failure. And sent some industries into a deep depression (tourism, arts and entertainment), while others (food delivery or gaming) are experiencing a steep growth.
For those businesses such as ours, the ones in the middle, the key question is how to react. I believe the world will never be the same again even when this crisis is over. It is impossible to predict how long the situation will take to normalise. Some say the recovery will not come before 2021. So laying low and waiting for the storm to pass will be a recipe for a failure.
I believe there is an opportunity for reinvention in any kind of crisis. Something we have to find and embrace to emerge more resilient and stronger. One defining trend already emerging from this situation is that the world has gone online. At a staggering pace, from one day to the other, just with temporary hiccups of online platforms overload.
Aside from the art of mastering video conferencing, we also see a major shift in consumer behaviour. Widespread movement restrictions, social distancing and closed shops everywhere, web and mobile channels are now often the only source of new customers for many businesses. To survive, one needs a digital communication and sales channel tuned to perfection, enabling personalised experience and offers tailored perfectly to individual consumer needs and their context.
At Colours of Data we have been working with our clients to help them with just that. Becoming customer centric. For almost all of them, digital channels had been important before the crisis. Now, they have become absolutely essential. Those who will learn to master them, will have a chance to navigate the storm. This is the opportunity this crisis offers to all of us.