How to turn a Covid-19 Solution into a Viable Business?

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How to turn a Covid-19 Solution into a Viable Business-01

Summary- This global pandemic has dented industries, big & small businesses, and entire ways of living. It has also created unprecedented demand to accommodate these changes. Turning a COVID 19 solution into reality could prove to be extremely beneficial, if done right.

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Industries have been hit hard because of coronavirus. Successful enterprises ditched growth plans, employees, even offices. This doesn’t imply that the slump has been unanimous. Many companies witnessed unprecedented growth and various struggling domains finally break through, edtech being one very obvious example of this.

The demand for many domains increased organically due to the new ecosystem including Saas, remote working tools, biotech, and many more.

Even though the world has lifted the lockdown veil but the Covid19 impact has created new vacuums and opportunities for small and large businesses alike. Now would be a great time to convert a COVID 19 solution into a business reality.

4 Points to consider for your Pandemic Idea

There are many solutions that make a lot of sense right now but might not survive in the volatile and transforming environment.

Filter the idea through these checkpoints to get more clarity about creating a new business.

1) Is it addressing a long term problem?

There are many solutions that make a lot of short term sense right now. Creating face masks, PPE kits and other protective gear is a great solution for the world right now.

Many organizations previously unrelated to healthcare have started production of PPE kits to meet the growing demand. This does make perfect sense right now but once the situation is more stabilized, will there still be a need for massive protective equipment?

We will have to rely on probability and the growing trends to answer this question. Companies that were already creating PPE’s will just see a decrease in demand once a vaccine is successfully administered throughout the world.

Companies that had specialized services in other domains but resorted to producing sanitizers and face masks as a market response have a cushion to fall back to, once the demand for medical equipment revises back.

Opening a dedicated manufacturing unit only for face masks, face shields, gloves, or only focused around discounted food packages might not survive the test of time.

To put it simply, putting all the eggs in one basket creates substantially more risk in this environment.  

2) Identifying the long-term market

In order to check if the idea will survive the test of time, research about the kind of market before covid19 came into the picture, add the current covid environment to the research, and make an informed decision about the future trends and whether the business idea aligns with it.

Research by CB insights highlighted the reason 42% of startups fail is due to lack of demand.

3) Technology framework

It isn’t necessary to only have a digital solution but it would be wise to adopt one of the following technologies that got a big boost because of COVID19.

  • Robotics
  • Contactless payment
  • Telehealth
  • Machine Learning
  • IoT
  • 3D Printing
  • Drones
  • AI
  • XR – AR/VR/MR

From robot nurses, to contact tracing through AI & ML. Drone surveillance, printing PPE’s, and many more.

Essentially these technologies are self-reliant and fulfill 1 important criterion for today’s day and age – “Contactless”. A socially distant society has embraced technology solutions to prevent the spread of the virus.

4) The Marketing shift

Marketing practices have significantly changed in this post-COVID 19 age. Millions have lost livelihoods, lives, and loved ones. This has changed the way people consume things and how brands communicate with their customers.

Compassionate marketing ~ People expect companies to be more empathetic and address the growing uncertainties. This has become the base of marketing for a world that has suffered the consequences of a pandemic.

Safety First Approach ~ Brands have already started emphasizing on their safety practices that make their products okay to use.

“Pick it up where you left off” campaigns ~ The world loves normalcy, agencies will start campaigns of re-starting life back to the way they were before the pandemic.

In all probability, all 3 of these marketing trends will continue even post COVID 19. Memory and the new cultural trends of this global event will carry on for a few more decades.

A complete step by step marketing plan in line with these changing marketing trends will give clarity for business success in this post-COVID 19 era

Examples of companies that benefited from Coronavirus

There are many organizations that saw a natural hike in the number of customers and revenue due to the direct impact of corona for example- Zoom, Dettol, Slack, etc.

There are some companies that had to step out of their comfort zones and create success during very challenging times. A few examples of such exemplary businesses have been mentioned below.

If you are still unsure about your idea and need some inspiration then here are some companies that were able to turn adversity into opportunity-

HulaGlobal

In a market of uncertainty, pay cuts, and layoffs. Organizations from completely different domains started producing equipment to fight coronavirus.

HulaGlobal is primarily a garment manufacturing company that understood the market shift and started creating surgical gowns, face masks, PPE kits, etc.

They tied up with the government of Bahrain, the Kingdom of Saudi Arabia, Brazil, and Italy to supply PPE kits, substantially increasing their annual turnover.

Homescape

Social distancing, as a new norm and the world working from home, coworking spaces suffered big losses.

Workshaala started the “Homescape” initiative to help in setting up home workstations.

This smart idea proved to be an extension to their core business “providing an environment to work” & that’s exactly what they did.

They introduced both, a B2B & a B2C model for operations. Under the B2C model, they helped individuals set up a productive and comfortable workstation.

In the B2B space, they tied up with organizations and helped their employees with home stations on a subscription basis.

Shree Shakti Enterprises

A privately owned steel utensil manufacturer, Shree Shakti Enterprise found itself in hot water when the lockdown & shift in market demand threatened to halt their operations.

They ventured into unknown territory and started creating touchless soap dispensers & sanitizers. A slight push of the lever from the foot dispensed soap and the second push dispensed water to rinse.

This simple yet extremely useful equipment captured the huge demand created by COVID 19, for safe sanitation.

They received thousands of orders from various government & private institutes including Wipro, Hero Motocorp, the Indian Ministry of Home Affairs, police stations, and many political gatherings.

Top industries expected to boom due to the COVID effect

There are many industries that have the potential to pivot in the current day climate. If you are still wondering if your plan fits into the success equation then consider entering the following industries

Edtech

According to UNESCO, more than 1 billion kids were affected due to school closures. Online classes, web courses & coaching have effectively made its way into societies.

SAAS & remote working tools

Tools that increase employee productivity, encourage collaboration  and help create an environment of connectivity with team members are very important to millions of businesses across the world.

E-commerce & Home deliveries

Once a consumer gets the taste of home deliveries, it is very difficult to go back to offline shopping. Especially for groceries and essential products. A Global pandemic has made it quite clear that e-commerce space has been transformed forever & there is still huge potential for industries to start home-deliveries.

Health & Wellness

When the world is facing a health emergency. Health & Fitness has the perfect setting to establish itself as an integral part of daily lives.

Online Gaming & OTT Platforms

The gaming industry and OTT platforms were already on the rise for the past 10 years. The global lockdown just skyrocketed the demand and interest in these domains.

Life Sciences & Pharma

People are waking up to newer technologically advanced ways of deploying healthcare, medicine, and medical equipment to people in need.

Conclusion

Stories of brands that have successfully transitioned and evolved to capture the new demand make a very solid argument about meeting a pandemic created demand.

Adversity is also an opportunity. Developing a COVID 19 solution is all about identifying the shift in trends and making an informed decision about consumer demand once Coronavirus is out of the picture.