Claudia Wilson
CEO
BeezStudio
claudiawilson@beezstudio.com
THE FOCUS IS: SURVIVING AND CONTINUING BUSINESS
This pandemic is running and we don’t know when the situation will be normalized, considering the normalize will be something new, certainly.
At a time when the economy is so globalized, the issue of social restrictions and the closure of cities represents a very big impact on the entire world economy. For companies that, were planning, in the short term, to enter new markets, they must rethink the strategy they had developed.
The moment actually calls for a step back, first because business environments and the social environment are in a different scenario. This scenario will normalize, but we have to be aware that it will be gradual, and probably many things will be different. For example, in the health segment, many countries understand how they are transitioning and recovering depends on another market (unique). Some economic analysts affirm that the governments should go review their domestic production economic strategy, it will happen, directly, when we talk about essential items, maybe some countries will go diversity their providers, another should invest in domestic production, or part of some items essential, even it will be most expensive.
The scenario is new, some of the governments should review their domestic production economic strategy, the behavior of companies is new, the organizational culture will have to be adapted! How will be all the new structures? No one knows! But the important is the global economy doesn’t stop!
9 BIG TIPS: BE SURGICAL!
- Virtualize everything possible, and explore the virtual world as much as you can
- Rethink the deadlines…peed is to launch the priority
- Review the budget that was predicted…when economic activities resume, there may be an impact on the values of products and services as there will be an increase in demand for some products/services
- Make an analysis of how much the market to be entered will be affected…other markets may provide better opportunities as we emerge
- Even if you already have a good relationship with your local partner, seek to increase this relationship…speak frequently and build relations
- Establish a win-win relationship with your local partners so that both can support each other in facing this new scenario
- Assess the relevance of your product/service in the current climate…the goal is for the value proposition to be indispensable to your market segment
- If your product / service is already ready for the new target market with the current scenario…CONGRATULATIONS!! but don’t forget to stress the analysis of the regulations that are in force, including some of them that are temporarily are in force …as each country has unique laws, sometimes decentralized on regulations.
- Note that some cultural, organizational and consumer transformations that are being implemented at this moment, they can be perpetuated. It is worth observing the trend of new behaviors to come, and how your company to adjust to it.
In these times of lean mindset (build, measure and learn) the important thing is to adapt. After all with creativity and innovation, we can always identify opportunities and overcome great challenges!
We wish you all the success and calm during this period!
All the best!
Soft Land Partners is a global consortium of professionals and organizations that specialize in helping international companies successfully enter and scale in new countries and markets.