Content Marketing | 3 min read
The Ever Changing Business Landscape
In the past topics, we discussed changes and struggles in the personal and business sectors. The existence of COVID has changed lives and how the market and businesses function. Today’s topic will discuss how it has affected morale and everyone else’s views.
Let’s talk about what you can do if you are thinking about creating new ideas but are not sure what to do with the continual change in the market
What is the mood, trend, and morale with the lockdown?
People in Australia were a bit optimistic after the first few lockdowns, maybe because of the government's help. Assistance and incentives helped people get up and start their lives again. However, when the fourth lockdown was implemented, it broke the people's morale. Somehow they stopped their interest in improving or living their lives.
Some people may view the situation casually and just shrugs their shoulder. Still, the reality is that they have lost interest because their momentum is shut down each time a lockdown is implemented.
It is a different story in the US since they approached COVID differently after a year since it's widespread. Most people returned to work and tried to return to normal lives despite the threat. They lived along with the virus and the challenges.
Living through it in one instance could have been better than trying to avoid it because the virus is not something that can be outrun. The investment and the momentum lost during the time when everyone was in lockdown could have been avoided if everyone had been consistent. The numbers did not decrease despite people in isolation.
Australia had tremendous support from the government, and even businesses were able to receive assistance. However, those that continued to operate were not eligible for incentives. Therefore, their business became flatlined.
How do you know you got a great idea?
The first thing to remember is not to ask your family. Remember that they are not the market, and they love you. They will support and agree with you all the way. Nowadays, gathering data is easier today, regardless of the restrictions.
Researching or acquiring market researchers can be utilized to find out how the market is going to react to your product. You can also gather information on how much, in terms of percentage, people will be using the product you are introducing to the market.
Conducting surveys and collecting information on what chunk of the market will most likely use your product. You need to look at the idea, research the market sector, build your steps and create a timeline
Time is your enemy. Don't reinvent the world, just perfect it. Don't create new markets, be the one that services the new market.
Published on August 27, 2022
