Reinvent your business model to avoid being left out

  • Coronavirus crisis has forced brands to squeeze the most out . Check out these 5 inspiring cases to reinvent your business model and not be left out.

  • The entire current situation has led us to a very complicated scenario that has exposed the shortcomings of many companies in terms of digital transformation. In other cases, despite being businesses that have worked very well with their online presence, it is the model itself that suffers from the limitations of governments and markets. 

    Given this, there are companies that choose to stop, wait for normality to resume and evaluate damages. Others, on the contrary, take action and reinvent themselves from the ground up, using the resources they have and adapting to new needs and cases allowed by law. 
  • 5 cases of companies that have changed their business model

  • We are going to see a handful of examples of the latter, highlighting those insights that we can make our own so as not to be left out. 
  • #1 - IKEA switches to food delivery

  • For IKEA, the base of everything is in its retail stores. In fact, they have always been very reluctant to sell online. 

    In this blog, we have long devoted ourselves to analyze the successful story of IKEA, a company that sells much more than furniture because it has been able to focus on the user and turn the shopping experience into something very complete, almost a family event. 

    Part of that experience is curiously found in gastronomy. It seems that they have thought at length about how to maintain the relationship with the customer. For this reason, they have reached an agreement with Just Eat to deliver their usual knuckle and meatballs home, among other Swedish delicacies. 
  • INSIGHT: This movement may not bring great economic benefits, but it is a way to keep part of your structure going while working on the sensory part of marketing, because ... who does not associate their dishes with a day of purchases? 
  • #2 – Instagram Food Orders

  • Food delivery is one of the sectors that have been most reinforced during this crisis. For many restaurants and bars, there is no alternative to total closure, which means little help. 

    Instagram has launched an initiative that can be very useful for establishments that are delivering food directly to customers' places. This is a sticker that, once configured, allows purchases to be made directly from the Stories: one more step towards selling on Instagram that had already started with shoppable tags
  • INSIGHT: Now more than ever you have to keep in touch with your community. Instagram, Facebook, Twitter ... they have to know that you are still in the fight and, if you can also achieve sales, you will pay off all that effort. 
  • #3 – Nannyfy

  • Let's put aside food and think about other types of sectors. Nannyfy is a tool to hire caregivers for children. But of course, these babysitters right now cannot go to homes, so everything would lead towards closure. 

    To avoid shutting down digitally, they have proposed a series of new services that allow them to maintain contact with children while they play or do homework online, assisted by their staff. 
  • INSIGHT: We are in full confinement and struggling with telecommuting. This means that the need to care for children not only continues to exist, but in fact becomes more crucial. Many parents have found in Nannyfy a bit of air to find a balance between work and family life
  • #4 – Caterings

  • Yes, we do. We are going to talk about food companies, which are the queens of this situation. Because company and social events are stopped-bye bye to wedding season, for instance, many catering companies are closed from one day to the next.  

    Considering the fact that there are not many promising expectations for mass meetings, but many individual users are locked in their places… reorganizing seems clear: We have to sell to individual clients to try to reduce the effect of the crisis

    Even the case of businesses like  Catering en casa, that already offered this service, have had to reorganize. In general terms, they worked with at least 12 dinner guests at home (what is impossible today)They have launched a ad hoc menu during the lockdown with a lower price and quantities according to the new reality.  
  • INSIGHT: If you have the capacity of producing, you can always adapt that production from massive to domestic
  • #5 – Auxiliary industries

  • Of course, there is also a B2B business, not everything has to be sold to individuals (or B2C). Keep in mind that all those companies that are reconverted will also find new needs to cover and that they had not initially considered. 

    An example related to this post and several of the cases we have discussed, we can mention the company specialized in packaging for stores and shops Kartox. It  is giving a special boost to its line of boxes and trays for home delivery that, as we say, it experiences a great demand due to all those establishments that either did not provide this service or were not required in the same measure.
  • INSIGHT: Can you offer something for companies that are converting? Do you have a product in your catalog that meets new needs? If not, it is worth taking a tour and talking to your suppliers. Maybe you are giving up a business opportunity. 
  • Finally, and to conclude, just remind you that we live in times when everyone who can help should give a hand as best they can

    Within this transformation of your company, surely there is some space to exercise corporate social responsibility and make life a little easier for others (this is something that always returns to the company in the form of more loyal users and a stronger brand image). 
  • Surely this post has been an inspiration to you and you are already thinking hard to reinvent the business model of your company and thus not be left out, right?

  • Images | Unsplash and brands linked.

Miguel Nicolás

Miguel Nicolás O'Shea is a life-long copywriter (more than 15 years working in agencies) and a specialist in Search Marketing (SEO and PPC). From now on, he will contribute with his online marketing experience to Oleoshop, publishing regularly.

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