Over the past month, we have witnessed somewhat of a ‘return to normality’. However, the lasting effects of the COVID-19 pandemic is clear for all to see: face masks, hand sanitiser, working from home and the apparent death of physical B2B interactions.
As society begins to start up again, companies are noticing that their customers’ behaviour has changed or that they are no longer interested in purchasing their products.
Most experts suggest that the ‘low touch economy’ is the new normal and that it will take years before we see a full recovery. Even then, the landscape of the post-COVID-19 world lies blurry on the horizon.
What will follow could better be described as a ‘high touch economy’: one in which personal touch screens will increase in importance and where society as a whole will become increasingly empathetic with regards to our planet, social systems and health. The crisis has also taught us that we cannot live without physical human interactions. This is something that cannot be substituted with video calls and will return to our societies assuming the threat of COVID-19 has been eradicated.
It may well be the case that your business model no longer fits the emerging paradigm and that it will need to be adapted to changing markets and customer needs. Recognising this is the first step, but the tricky part is understanding how you can adapt your innovation strategy from survival mode to success.