As the fallout of the pandemic forces you to rethink your product line and customer base, consider diversification as a solution.
Over the past few weeks, as restaurants have had to stop serving customers on premises, many have analyzed their strengths and weaknesses and concluded they could continue to service at least some customers by diversifying. Many have shifted some resources to a new or enlarged pick-up service. Some have focused on serving their existing clients and local communities; others have targeted new groups, such as the health workers and other essential workers. In many cases, they’re doing good while doing well: they’re paying the workers to help prepare food they are donating.
Others are discovering new products or services they can offer. Several restaurants realized they had access to fresh produce and groceries that were in short supply in traditional stores. For instance, Panera Bread opened a Grocery-drive in service; it also introduced a month coffee service. Other companies have accessed their alcohol and fabric supply chains to provide hand sanitizers and protective gear. As I write this, one B2B specializing in competitive intelligence is considering how to take its enterprise level service offering, and diversity with a new SAAS service + consulting service to help small companies access their capabilities.
How innovative is your team? How can you diversify your product lines and/or serve a wider customer base by carefully taking stock of your competencies and capabilities and analyzing customer groups that are under-utilizing your services (including not at all!), and then inexpensively and quickly extending the business scope? Share with us what you are doing through the pandemic lockdown and recovery, so we can share it with others!