Can this pandemic become an opportune phase for innovation?
The arrival of COVID-19 has brought the harsh reality of how most things in our world are temporal. The evidence is convincing enough for brands to rethink how to shape their future.
The pandemic is affecting markets on many levels: changes in consumer behaviour, new competitive opportunities and cramped communication transactions. Brands need to gear up to position themselves on this changing market canvas.
Why is this the best time for brands to explore fresh opportunities and reinvent themselves?
Increased consumer willingness to try new products
Consumers are readily trying new brands when the ones they regularly purchase are unavailable. As a result, established brands with more robust supply chains are widening their reach, giving them a unique opportunity to earn consumer trials and loyalty.1
Shift to digital interface
With increased online transactions, brands are forced to look at multi-channel messaging and there is a shift from traditional approaches which rely on store walk-ins and direct examination of goods. Convincing your customers to trust in your product online requires creating a humanistic virtual space and other attractive experiences. This pandemic opens up the chapter where brands begin to experiment with fresh methods.
Time to go beyond product and solutions
Brands need to carefully evaluate their strategy instead of jumping on the bandwagon. Innovation during the COVID generation is closely linked to the emergence of new demands and opportunities. Therefore, it is crucial to pay attention to value creation rather than inventing a product or a solution.
Rapid Actions
There has been a reversal of fortunes. Skype, once synonymous with video conferencing, which should have come into full force has instead gone under the pile. In these times of remote connections and digital acceleration, Zoom, which came in much later, saw downloads grow up to 740%.2 What worked in favour of Zoom their application for spontaneous situations by making quick moves that were appropriately identified for changing needs.
Zoom’s competitors — Google Meet, Google Duo, Webex by Cisco, Facebook Messenger and Whatsapp came in much later with new features for catering to user needs.
Strategic Collaborations and Co-creation
Voot and upGrad: With the surge of OTT and Online Education market, Voot is giving a boost to Edutainment by partnering with upGrad. Voot is planning a dedicated section of Data Science, Blockchain, Tech and Management content via upGrad, to help working professionals enhance their employability quotient.3
Relevant innovation
As the world has been brought to a standstill amidst a growing crisis, and physical human interaction is almost nil, the online dating sector is experiencing a tremendous boost. On Tinder, conversations have gone up by an average of 39% and the average length of conversations is 28% longer4. Meaningful connections are all the more important now and people are embracing slow dating. As Tinder gave free access to its Passport feature, users can now cross locations to make matches beyond borders. India saw a 25% increase in the rate of ‘Passporting’ to anywhere.4
Tinder’s rival Bumble Introduced the virtual dating feature. Ordinarily this would have been a passing matter, but in the current situation it shows Bumble’s astute and timely understanding of its users’ needs. Bumble saw a 29% increase in messages sent during the week ending March 27 than the previous one and a 17% increase in video calls.4
“Many of our users have given feedback that virtual dating is allowing them to create even stronger connections during this time”, shares Priti Joshi, Vice President Strategy at Bumble.4
Creating New Revenue Opportunities
The ticketing and entertainment industry is one of the badly hit sectors, as large gatherings and outdoor activities have come to a full stop. Majority players have migrated from a physical to virtual environment and from exclusive to freemium models. While businesses are riding the new fads of the hour, they need to carve out plans for long term sustenance.
Paytm Insider has begun charging a fee from those who want to tune into shows streamed live. The shows streaming via Zoom.us are priced at Rs 299-499.5
This pandemic has disrupted the habitual course of thinking and operating, pushing us to explore well beyond our normal perimeters — this is the best thing about the situation.
The time is right for brands to stretch themselves outside their comfort zone and become active change agents in the market, pioneering uncharted ways.
A fresh approach is indispensable for brands to thrive in the changing climate. We can help you observe, analyse, interpret and draw insights on what you need to do by looking beneath the surface. Collaborate with us to see through Design-Thinking lenses to build a long-lasting brand that is stronger with deep roots.
Get in touch with A. Mukherjee at Lopez Design to find out more.
Sources:
1. Zoom’s biggest rivals are coming for it
2. Future Consumer Index:How covid-19 could change consumer behaviour
3. Voot partners with upGrad, expands its content play to edutainment
4. Love in the times of COVID-19: How dating apps have adapted to the current environment
5. Events make a beeline online; looks to cash in on the buzz
Written by Sukanya Panda
Image Artwork: Manasa Krishnan