A silver lining moment has occurred as a result of the Covid-19 shut down. In trying to “flatten the curve,” our government shut down our economy. For entrepreneurs and small businesses not on a government salary or salary at all, this has been dramatic and traumatic. But there is a silver lining as a result of this difficulty: The opportunity to “fatten” your product life cycle.
Huh? The bell curve of innovation suggests that only half of your potential customers and most of your profit comes from your innovators, early adopter and early majority customers. This same adoption curve applies to suppliers and employees as well. The other half are the late majority and the laggards. We all know the type, “Things are fine as they are…” or “Why do I want to do video conferencing when a phone works fine?” These potential customers are rarely profitable, and most businesses drop them from their marketing plan. Not anymore!
The shutdown rudely forced many of these customers, suppliers, and employees into the 21st century. Many late adopters are using technology they heretofore would not have considered. These same customers are also having to pivot their business models to adopt to a new method of doing business. Disruptive, Confusing, Irritating…Yes! A great opportunity for your product or service… an even bigger YES.
The opportunity exists for companies, especially for companies with a servant leadership mindset. They will not only offer their product to these new customers, but will also help these customers understand how to use new technology as a tool for their revised business strategy. The same holds for supplier relations and employees. In times of disruption, serving others always builds trust and sustainable loyalty. And that is a long term profitable approach.
So dust off your bell curve, add servant leadership to your product mix, and enjoy fattening your bell curve.
If you have any questions on this idea or need help with it, feel free to contact me.