There is no remedy or solution in sight for COVID-19, but we are starting to have a better understanding of the risk we are facing. We can’t pinpoint the specific date on which everything will go back to usual, but we are starting to have a good sense of what the trail leading to this date will be.
Most likely, we are looking at a method with a long end. Countries will begin to carefully lift internal sanctions, starting with essential services.
Having choices of freshly brewed coffee is still a while away. If all goes well internally, international pathways will start to open back up. New outbreaks of COVID are more likely than not, so we should expect some difficulties as well.
By now, your business has gone through the first two most immediate steps:
1. Keep your staff safe
2. As a result of (1) move everyone to remote work, set up remote work plans, and attempt to go back as much as possible to business as usual.
There are things up in the air, many fish to fry, and any other colorful description of your choice that points in one direction: business leaders need to make a host of critical decisions and make sure their businesses stay afloat.
With a laundry list of items that demand a decision, it is essential to remember one crucial fact that is true to all businesses. Whether you’re a startup that’s just raised its seed round or a corporation with offices in every capital of the world, this rule applies to you.
Companies sell products, and they are only as good as the products they sell.
My company, your company, her company, we are only as good as the products we sell. And our products are only as good as the problem they solve.
What has just happened? COVID-19 brought the world to a near standstill. This disruption is redefining the priorities of companies and how they do business. Things are not as they used to be, and as the start of this piece suggests, it will take time to go back to normal. Even then, we are starting to understand that the future “normal” will be different from yesterday’s “normal.” Here’s one example that for many companies was unthinkable and is now a reality: working remotely. Many companies are now learning that working “remotely” is a) possible, and b) in some cases, preferable.
All of these changes mean that companies are back at the draft table. Priorities, plans, and strategies are changing. What was critical yesterday, has been downgraded, and things that sounded imaginary are now at the top of the list of priorities.
With all of these changes and disruptions in motion, can you say with great certainty that your company’s product still has Product Market Fit?
Products People Want Now
First, there has to be an obstacle. Next, there has to be a solution to the puzzle. This solution has to be desirable – meaning people should be interested in having it. Next, it needs to be available – we need to have the technology and operational expertise to build, service, and support this solution. Finally, there has to be a viable business model that justifies bringing such a solution to the market. When we follow all of these stars, we have a product people want. It is only at this moment that we can begin to contemplate scaling our solution.
As we know, these “stars” are not stationary. New problems emerge every day, and people’s tastes and desires change. Technologies are not fixed; they evolve. We discover new business models. To this end, Product people need to be continuously evaluated and re-evaluated.
COVID-19 has forced us into a vital storm. Everything is changing. With such significant changes, does your company still have a product people need? Is the problem that you set to solve is at the top of your client’s disturbances? Are there better emerging – opportunities your company can help resolve? Can new technologies help solve the problem your product is addressing in a better way? Does your business model still float in a post-COVID-19 world?
Companies sell products, and they are only as good as the products they sell.
My company, your company, her company, we are only as good as the products we sell. And our products are only as good as the problem they solve.
What has just happened? COVID-19 brought the world to a near standstill. This disruption is redefining the priorities of companies and how they do business. Things are not as they used to be, and as the start of this piece suggests, it will take time to go back to normal. Even then, we are starting to understand that the future “normal” will be different from yesterday’s “normal.” Here’s one example that for many companies was unthinkable and is now a reality: working remotely. Many companies are now learning that working “remotely” is a) possible, and b) in some cases, preferable.
All of these changes mean that companies are back at the draft table. Priorities, plans, and strategies are changing. What was critical yesterday, has been downgraded, and things that sounded imaginary are now at the top of the list of priorities.
With all of these changes and disruptions in motion, can you say with great certainty that your company’s product still has a product people need?
Here is a list of valid questions any industry leader or owner should consider right now:
1. What has to be right for your business to prosper?
For a business to succeed, several things have to be true. Take, for example, a detergent company. For such a company to succeed, dirt and filth must exist. Staying clean has to be a priority for most people. There has to be access to make soap. This typical soap company will need to change, as well. Think about your company. What “truths” needed to exist for your product to be successful before COVID-19? Which of these truths has COVID-19 changed? There may be easy fixes you can deploy to meet these new gaps. You may need to reconsider more significant changes, or maybe these gaps can help you identify new business opportunities.
2. Stay close to your clients: Your product has users, and your users are affected by COVID-19. Understand what is changing in the world today. Learn how they plan to respond to these changes. Under these settings, and considering their changing priorities, does your product still have a need? What gaps begin to open between your product offering and the new preferences of your end-users? As before, it’s time to fix, pivot, and jump on a unique and better opportunity.
3. What are your focus abilities? Companies build, ship, and service-specific products. The exciting thing is that by doing so, companies also develop unique skills. Sometimes, the skills are more sustainable and vital than the products they support. If, by taking the above steps, you will realize that your products are not needed, have an honest look at your core capabilities. Consider what the market needs and how your core capabilities can serve as a portal for identifying new opportunities.
The world is changing today, and we must change with it. Take an in-depth, solid look at the products or the service you are providing. Follow your stars, set your products on the right path, and, by doing so, regain the resources your business requires.
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