The impact of the COVID-19 pandemic has been significant on business and the economy. The crisis has badly battered some companies and presented opportunities to others. In either case, managers across the globe have scrambled to adapt to a changed world.
In fact, the pandemic crisis, by forcing changes upon us, may be a blessing in disguise as it has pushed us out of the comfort zone and challenged many of our long-held assumptions. We once thought face-to-face meetings and interactions were imperative to closing serious business deals. But during the pandemic, even important international treaties were negotiated and concluded via video conference. Art lovers used to think the best way to appreciate a piece of art like the Mona Lisa was to see it at the Louvre, even though many of them ended up only seeing the back of heads of the visitors in front of them. Now they find that with a virtual reality app on their smartphones they can enjoy the painting and examine its details from different angles in an unprecedentedly intimate way.
But how do you determine whether your makeshift models or practices will outlast the pandemic and set the trend for the future, or whether they are just sub-optimal solutions that customers will discard once the crisis is over? Which elements of your crisis-time business solutions can be retained and built into your future offerings? Will the pleasant surprises you have created for your customers during the pandemic be economically viable in the long run? During lockdown, for example, botanical gardens in some countries began to admit visitors based on time-slot reservations to control the flow of people and maintain social distancing. Many customers loved this new system, as it enabled them to not only avoid the line at the entrance, but also enjoy the gardens without a crowd around them. Can this insight help managers at these attractions rethink their post-pandemic services? In the crisis-stricken hospitality industry, some hotels have offered their guestrooms for office use to local clients in need of quiet, comfortable and private workspace free of domestic distractions. Will this line of business continue to thrive in the post-pandemic era? What will be the cost impact and buyer value implications?
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