Although the end of the health crisis may be in sight, it would be a mistake to return to business as usual. Instead, it’s time to rethink your value proposition from A to Z, using ideas that aren’t necessarily new, but which – when taken as a whole – will help you emerge from the mayhem in a position of strength.
There’s no need to rehash all the events of 2019-2020 to realize that value propositions have been severely tested by the havoc caused by the health crisis. But even if you think you’re starting off at a disadvantage (as established multinationals are compared to start-ups or primary and secondary sectors compared to the service industry), you can regain your former competitiveness and level of performance – provided you reinvent your value proposition from top to bottom. Here are five ideas to help you.
Based on
Beyond Great Nine Strategies for Thriving in an Era of Social Tension, Economic Nationalism, and Technological Revolution by Arindam Bhattacharya, Nikolaus Lang and Jim Hemerling(PublicAffairs, 2020).
Think collectively (deliver great performance for everyone)
Performance at any cost is an outdated performance model, appreciated by neither customers nor employees. Companies that have managed to reinvent themselves have adopted a purpose rooted in holistic growth that benefits everyone: not just shareholders, but also employees, customers, partners and local communities, which are often overlooked.
But where can you find this much-vaunted growth? One of the things you can do is leverage technological innovations to make your products and services accessible to as wide an audience as possible.
Example
Mastercard wanted to do go beyond its existing philanthropic initiatives, to serve communities deprived of financial services. Partnering with governments and NGOs, Mastercard devised mobile applications that can be used, for instance, to make micro-payments. So, in Uganda, parents settle their children’s school fees on a daily basis, since monthly payments would be beyond their savings capacity.
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