Channeling Crisis to Create Opportunities

The Greek historian, Plutarch had it right; way back in 45 AD, when he said that ‘the mind is not a vessel to be filled, but a fire to be kindled’. The spark of that fire can only be relished  once you are forced to step out of your comfort zone and thrown into the unknown as in a crisis that we are now.

Crisis can fill your mind with doubt, confusion and inaction or it can fuel your mind with the fire of creativity, rewarded by some growth in intuitive knowledge, strengthening of character, or initiation into a higher consciousness.

A crisis, like the one we are emerging from, triggers new needs and habits.

For instance, the 2002-2003 SARS pandemic in China was a huge factor for the rise of e-commerce giants like Alibaba. Duncan Clark, author of Alibaba: The House That Jack Ma Built, writes, “[SARS] came to represent the turning point when the Internet emerged as a truly mass medium in China…. Crucially for Alibaba, SARS convinced millions of people, afraid to go outside, to try shopping online instead.”

Having said that, in this article, we draw inspiration from 5 books that can help change the pattern of your brand, land your victory and get you situated for the long haul.

The Fall of Constantinople by Steven Runciman

The starting of the great Byzantine Empire can be traced back to 330 A.D., when the ancient Greek colony of Byzantium became the focus of  the Roman emperor, Constantine I.  A “new Rome” was born. It lasted for a good thousand years.

The intriguing story spells out how this eastern half of the old Roman Empire managed to survive and thrive for 1000 years. The author illustrates that the reason for its' sustained existence was due to its' complex bureaucracy and intricate diplomatic service at a time when its' enemies were at the best —successful warlords, who were always on the move.

Just to put things in the 21st century context,
GE is the only brand that is listed in the Dow Jones Industrial Index today that was also included in the original index in 1896. And, that is a bit more than 100 years.

In 1892, a merger of Edison General Electric Company (established by Thomas A. Edison) and Thomson-Houston Electric Company created General Electric Company. Today, it is well on it's way in creating Industrial Internet — intelligent devices, intelligent systems and intelligent decision-making — fully merging with physical machines, facilities, fleets and networks. 


Looking Ahead — Creating Commerce for Sustenance of Mother Earth
The Buzz Words — Corporate Sustainability and Ethical Corporate Citizenship

Brands that are suited to survive the long haul will do so, by creating a complex eco-system of partnership, performance and ingenuity.

The result: Mushrooming of small companies that are helping massive corporations navigate complex infrastructure solutions to re imagine entire components of  
their business.

Loop is one such brand that aim to be the solution to the growing waste crisis. TerraCycle,(Loop's parent company) in partnership with 25 participating brands, officially unveiled the Loop platform in 2019.

Another brand, RealReal, a luxury consignment company, is partnering with Burberry and Stella McCartney to  create a circular thriving commerce in fashion.

THE COMMERCE OF SAVING THE PLANET

1929 A Year of Conflict by Hillel Cohen 
There are always 2 sides to a story.
Conflict acts as a catalyst and propagates different versions of the same story.

Cohen points out that “all history is constructed”. He opens the door for two competing narratives of the same riot. However, it is up to you: weigh in on the arguments and come up with your own decision.

Conflict is a tangible per-cursor to usher in an alternative product or service.
Remember, the frustration of waiting for the cable guy to come and set up your TV to work. It not only disrupted your day, it was an exercise in immense patience.
The uncertainty of the waiting gap between 1 PM to 5 PM (or whatever that time interval be) gives rise to confusion and conflict..

Conflict Gives Rise to a Cause.
The result: Video Streaming Service was born.

Brands that are suited to survive the long haul will do so, by studying the conflict that plagues their industry and make innovation happen to resolve it.

Looking Ahead — “Banking that has your back.”
In a world of hidden fees and added surcharges, Chime is one of the fastest growing internet-only banks that takes pride on being totally transparent and consumer-centered.

Of course, Chime comes with the fintech promise of “no  fees”. However, the differentiating feature is, it allows people to get their paychecks up to two days early.
More importantly—it allows people with bad credit to open and use a banking system.
This is specially remarkable when 53% of all Americans have been rejected for a credit card, loan, or car due to poor credit, according to a survey conducted by YouGov/ ScoreSense.

As Chime goes after financially de-leveraged customer base, Aspiration is another fintech bank, going after the green customer segment, with features such as planting a tree for any rounded-up debit card purchase or offsetting customer carbon footprint at the gas pump.

NEW BUSINESS OF NEOBANKS

Russian Voices by Tony Parker
Consorting with Change.

When Tony Parker visited USSR 1990, encountered a country in shambles and the economy barely surviving. People were uncertain about their future. However, today we know that vast opportunities of wealth was created due to this uncertainty. Unfortunately for the “great majority they exchanged too much certainty for too little certainty.”
 
The Third Industrial Revolution witnessed a service driven era when electronics and information technology automated production. The arrival of the Automated teller machines (ATMs) in the 1970s was a disastrous proposal. Yet, branch jobs actually increased over time as branch cost went down, becoming less transactional in nature and more about managing customer relationships.

Don't get me wrong. Each industrial revolution has brought in massive disruption, and the fourth wave will not be any different. “We must remember this and use what we have learned to manage the change.” However, the management guru, Peter Drucker would oppose it and say, “One cannot manage change. One can only be ahead of it.”

Today, as the pandemic has confined everybody within the limits of their own circle, the Fourth Industrial Revolution is moving ahead with mighty gusto...

The result:  Artificial intelligence has emerged in the forefront of this crisis and is being deployed in almost every industry from customer call centers and finance to drug research. While clinical trials can take years, in a matter of weeks, Stanford Institute of Human-Centered AI identified a drug that could be helpful in the fight against Covid-19.

Brands that are suited to survive the long haul will do so, by embracing change, doubt, uncertainty and every sentiment that comes with it.

Looking Ahead — To stay ahead of change, the critical question today is how can brands simultaneously prepare for unprecedented social, political, environmental and technological challenges—both imminent and distant?

THE THIRD WAVE OF ARTIFICIAL INTELLIGENCE

The Past is Myself by Christabel Bielenberg
The Resolve of a survivor — play the cards that you are dealt with.
Make intent and ingenuity your new allies.

An account of the writer —  an English woman married to a German bringing up three children in Berlin during WWII, and what happens when her husband is arrested by the Gestapo after the July bomb plot.

“Surviving isn't around us, but in us.”
At the turn of the 21st century, the African continent was in the grips of the worst food crisis in history. Today,  AGRA report confirms the steady revival of African agriculture. Seed and Science worked together to bring about this change. If sustained, the 21st century agricultural revolution will play a key role in dispersing new technology in the wider economy.
 
The 2008 financial meltdown ushered in the business model of “sharing and caring.”
Airbnb emerged as a platform for the eroding middle class. For everyday families, it has  generated substantial supplemental income.
Fast forward 12 years, the disruptor is now being disrupted!
Last year the brand was estimated to be worth more than US$30bn.
It was scheduled to go public in 2020. Then came the Covid-19 pandemic.


Brands that are suited to survive the long haul will do so, by adapting and acknowledging the changing needs of their target audience.

Know who are you surviving for. Get to know the pain and peril of your target audience.
Covid-19 has put a complex twist to your marketing efforts. We are living in rapidly changing times. Anxiety and uncertainty are our daily companions.


The result: Here are 3 ways to stay relevant during these rapidly changing times


The Matter of Immediate Context
As business owners and marketers, ask yourself, “In what instances are we comfortable putting our brand alongside the ever changing news content?”

Think about the time frame of your communication – are you specific in your message about the current events? If so, consider how you will need to adapt to stay relevant.
Are you speaking more broadly about challenge and resilience? If so, your message will enjoy longevity.


The Matter of Your Brand Purpose
Whether you’re creating work for an essential service or not, it’s important to accentuate your brand purpose with the right tone and expression of your message.

If you want to inform and educate, keep it simple. Consider the human context and emphasize the problem that your brand solves.
If your brand is not anchored on purpose, maybe it’s a community-based message that you go with.

Purpose, Fusion and Participation — the 3 ingredients of brand authentication.


The Matter of Creative Coherence
Tone, visuals, copy and keywords, are to be carefully assessed.
Obviously, re-evaluating creative that shows interactions like hand shakes, hugs, and high-fives makes good sense. Because, now physical distancing is an important tactic for slowing the spread of illness. Think twice about phrases that might carry different connotation — “virus checks,” for instance, have taken on a whole new meaning in light of this moment.

HOW BRANDS ARE FINDING OPPORTUNITIES IN THE MIDST OF PANDEMIC

Wrapping up with a Question

How will you use this moment in time and pivot your brand to serve the bigger context?

Amazon didn’t change the face of global retail market by replicating a physical store online. It created something new, using technology as the launchpad to change the industry entirely while putting consumers’ interests first.

Jack Bogle did not create another mutual fund. He introduced Vanguard’s at-cost quasi-nonprofit structure. Vanguard index fund gives all cost savings back to shareholders.
Started with Vanguard and spurred on by Robinhood and Wealthfront, these financial companies have taken what “was an expensive, elitist, analog and slow process and made it the opposite: accessible, affordable, digital, and instantaneous.”

And it does not end here. Science and technology is carving up new frontiers.
Rainmaker that harvests fresh water from humidity in the atmosphere is directing their business towards becoming a major global water utility company. It’s model: water as a service.
Now, that is a contextual and purposeful business model, given the fact that by 2030, 47% of the world will fall into severe water stress. (source: OECD Environmental Outlook, 2008)


Thoughts and ideas are welcome.
Until next time!