As part of our new series, ‘Marketers Playbook for 2020 Post Covid-19?, Anirban Sen, VP and Head of Business (Chewing and Confectionery), Godfrey Phillips India talks about changes in economy and leadership post-Covid, in the new normal As businesses and their leaders prepare for a roadmap ahead, here are some of the essential factors to look at…but again every country, every business has its own unique characteristics and therefore will have to look at how they respond to the current situation and beyond…... Macro Trends, Globalization To Localization A deep understanding of macro trends and its impact on your business needs to be understood first. The key question is, where your consumers are in the economic landscape and what impact will the slow-down have on the cohort. The possibility of low earnings coupled with hyper-inflation and migration may delay the return to normalcy longer than what has been anticipated. A larger worry looms around cross border exchange of goods and ideas with countries going into self-isolation and exerting policies on each other. In the last few decades there has been a global integration of economies, some countries became manufacturing hubs, and others specialized in supply of commodities, some others in services, technology and so on. While this created cost advantages, it also led to interlinking of economies globally. This crisis however, forces businesses to think of which aspects of the value chain can be easily disrupted in future and re-design them for higher self-sufficiency with local substitution. This varies across businesses, but a local value or supply chain needs very serious examination. This aspect of localisation becomes even more critical because now the governments can play a more intrusive role in restriction of supply of particular products and services across borders depending upon situations that may arise. Though complete localisation may not be possible simply because of the natural distribution of resources across geographies, it’s time now to Re –Plan Global Dependence. Developing An Advanced Warning Intelligence System And Network Despite advanced research, the world was unprepared for the Covid-19 pandemic. So, looking ahead, should there be more investments into research? It is vital to develop a multidiscipline network of early warning systems so that a better response system can be prepared. For such a system to succeed, it needs to be global and transparent with a focus on conservation of humankind and a balance with nature. To be effective, the advance warning network needs to be multi-disciplinary, focusing on epidemics, climate change, oil prices, or even geo-political changes. Leadership During Covid-19 And Beyond A big focus area for today’s leadership is ‘preservation’, preservation of oneself, their partners and the larger society. This calls for a ‘competitive mindset’ to be temporarily balanced with human values such as support and service. For this, leaders must reflect upon their organization’s values which allow employees to go beyond their ordinary or regular work pattern. A leader has to be forthright and transparent and needs to allay the anxiety of the employees and partners. Small victories should be celebrated, extra ordinary efforts appreciated and a space created for employee voice. Leadership also need to focus on areas of cost control and risk control during these times and govern effectively. Partnerships, Shared Value Creation This is a good time to recast business models and widen the horizon while re-organizing the core business. Look closely at adjacencies and complementary businesses to rethink the future course. Covid-19 has forced us to think whether our focus should be the core business. It may be meritorious to reconceive a wider portfolio of offers for different consumers and different markets. Active partnerships and local integration is likely to help organizations support each other for future disruptions and maintain stability. Shared value creation is a concept that organizations need to reflect on. The premise is that if there is enough investment for society and the local community, it will ultimately benefit the commercial businesses. Though this does blur the lines of profit and non-profit a bit, however in the long-term it helps create a “higher consciousness of development” and balance with nature. Re-invigorate the portfolio. Maintaining Brand Integrity, Companies’ Invaluable Assets Brands are essential links between organizations and consumers and without their patrons brands lose their meaning. Communication in these times can completely change the way consumers look at brands. Brands have the opportunity to tell simple stories as well as stories focused on building trust. Brands can infuse hope, optimism and cheerfulness during this uncertain time of stress. If done successfully, these brands would have built a momentum for rejoiced “anticipated-reunion with consumers post Covid-19. So, keep brands energized. Digital Half Life The digital arena is constantly evolving and digitization has helped digital become an essential part of everyday life. Crowd sourcing will help businesses get their consumers on board and make them part of the business cycle. With crowd sourcing, companies can create two-way engagement and keep consumers in the core center while developing and sustaining a world around them. Use of real crowds or sub crowds to resolve problems, respond to demand, and co-creation of a future roadmap, this will make sure that consumers are integrated and remain loyal to what businesses and organization has to offer. So, adopt and strike a balance with digital life. Towards Wellness And Balance The lockdown has resulted in clean air and water but the irony is that we are stuck at home and unable to enjoy the tranquility. The task of cleaning up the environment was seemingly an enormous task before Covid-19 but in two months we have seen nature in its pristine condition. While the global powers continue to fight over carbon footprint, the natural balance has been restored at a very high cost. As we move forward, imbalances will be back unless we are conscious of it every day. It’s time to think holistically.
Developing A Roadmap Post Covid-19
As part of our new series, ‘Marketers Playbook for 2020 Post Covid-19?, Anirban Sen, VP and Head of Business (Chewing and Confectionery), Godfrey Phillips India talks about changes in economy and leadership post-Covid, in the new normal As businesses and their leaders pr
