OPPORTUNITIES AWAIT ON THE OTHER SIDE
Modern Tools for Winning Customer Loyalty & Growing Your Market Share
With the devastating loss of lives and livelihoods, it’s strange to hear prognosticators speak of “opportunities in the New Normal.” But history tells us it’s true.
Let’s start by comparing the coronavirus global pandemic to the 2008 global financial crisis. Those who were in the workforce at the time will tell you it felt like the economy was utterly derailed in 2008. Whether you worked in a neighborhood restaurant or a global bank, the impact of a 1.7% decrease in global output (per the International Monetary Fund or IMF) felt like a freight train flying off the tracks and hitting a brick wall. In a much shorter period of time, the IMF tells us global output amid the pandemic will fall 5.0% this year. Maybe even 7%.
This global recession is unquestionably deeper and more protracted than the one in 2008-09. But the organizations’ behaviors are similar.
During the previous recession, a majority of organizations cut staff and slashed budgets. Many hunkered down and waited for the inevitable recovery to begin. A smaller number of organizations invested in two things — innovation processes and digital technologies. A study of those companies, conducted by McKinsey, shows the impact of a resilience and investment in terms of shareholder value.