Victim of a “business failure” in the Post coronavirus world?

If the answer is yes, then please read this series where we are presenting some Post Corona Business ideas, the time has come when as a businessman we need to rethink the impacts of Corona in the future world or the contemporary world. A few weeks ago, I deleted 300 posts from this page because most of them were redundant for the world where we are living now.

First, identify the cause of your business failure
Your business failed because an unwanted lockdown toppled the equations of demand and supply. The curve for demand went to zero levels. This caused a panic in the market and further worsened the situation for everyone by declining the sentiment of the market. A few months ago, most of us were not aware of the menacing power of this word “lockdown.” Now we acknowledge it as the biggest economic calamity that the human race has ever faced in the last 1000 years. This lockdown changed two very important aspects, first, it changed the consumption patterns of common people and second it changed the market place where skills of shopkeepers were important to convince customers.  Broadly you can figure out the reason behind your failure under these two heads. Consumption patterns changed because of social distancing. Some shopkeepers failed in convincing the customers because they failed in understanding the new needs of the market.

Rethink about the “business failure” that you are facing, figure out if you lost this battle of business because of any of the above-mentioned factors. If it applies to you then think in the terms of the restoration of the new order of the world.
Consumer behavior will act following the rewind button
India is among the very few countries that decided to sacrifice its economy to save the life of people. Their GDP went to levels of Zero, to restart the markets, Primer minister of the country Mr. Narendra Modi came up with the mantra of “local is the new global.” It is important to understand the fact that the Indian Economy opened up its skies in 1991 after aborting the licensing regime. International brands queued up in India to mint money from the pockets of “The great Indian Middle Class.” Indians learned western ways of living a life where EMI’s purchased the goods of happiness for them. India is not the only country, the emergence of multinational companies, and the culture of rampant consumption under the flagship of a global world changed the consumption patterns of the market.
Welcome back to the old world Charm of the ’90s
Coronavirus has thrown us back into the era of 90’s all over again; now restart your journey from that point. Think about the mindset of people. The keyword here is the consumption of goods. Just close your eyes for a while, feel that “old world love charm” when we were living a life of peace. Brands were not important for us, we were more focused upon our personal needs, and we were not looking for tailor-made solutions.  We were seeking a personalized touch in the services that we were offering. The Internet was out of sight. Fundamentals of “simple living and high thinking” were ruling our heads. Females were not keen on purchasing cosmetics very frequently. Heavy makeup and expensive clothes were reserved for weddings and parties. It was also the time when consumerism was out of the sights. Huge multinational brands were not planning to create needs in market places. Share markets were not accessible for small and mid-term investors. Primarily it was not a money-driven society.  

Post coronavirus world will also follow the same consumption patterns, at least for two years. Survival will become difficult for businesses that are based on phony needs. Now just try to remember the marketing tricks of the product makers of that era and there are chances that you might find a solution. To guide your thinking pattern we can share an example, during the Pre-Corona days most of the automobile companies of the world were promoting expensive cars. Factors like luxury and engine power were more important for them.  However, when you will be reading this article, you will find that most of the companies are now promoting budget brands.
This is how the market is changing; companies are now planning to cater to the actual needs of the customers. You can also follow the suit and redraft your marketing mix accordingly.

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