Adapting and innovating is key to business growth today. John F. Kennedy once observed that the word “crisis” in Chinese is composed of two characters—one signifying danger, the other opportunity. His accuracy on the linguistics aside, the sentiment was precise: a crisis presents a choice.
The 2020 pandemic was no different. Some startups adapted and innovated, while others got crushed. At this year’s NamesCon, Richard Lau, Founder, LOGO.com, Tatiana Bonneau, Founder & MD, MarkUpgrade, and Krista Gable, Founder, Domain Domme LLC, discussed why some verticals explode while others implode.
Businesses pivoting their strategies
The talk touched upon ‘digital acceleration, a phenomenon where tech and digital advancements that would’ve taken us five to seven years were implemented and adopted in less than two years, particularly those that were already beginning to grow before COVID.
For example, scanning QR codes at restaurants to access the menu and place orders. This wasn’t new technology, but it accelerated with changing demands. Restaurants that didn’t adapt to this trend took a beating.
Another example discussed was a small business in Canada that pivoted its strategy and brought eCommerce and retail together. It took low-cost rental spaces, added a few bookshelves, and rented each bookshelf to an Etsy store. This gave the Etsy store owners their own unique retail space; for the customer, each store was a different experience with different Etsy stores.
The pandemic was brutal, but life is what you make it. – Richard Lau
Impact of good branding
If you’re building a business, you cannot ignore branding. The initial sales promotion may give you a push, but sustenance depends on branding, including your business name, domain name, logo, and more.
For example, if a user wants a logo today, they’re most likely to start their initial search online instead of going straight to a graphic designer. If their search brings them to a business called ‘LOGO’ with a domain name www.logo.com that’s an AI-powered logo maker vs. a company with some vague name that doesn’t immediately establish what it does–who do you think the user is going to pick?
It takes a second for the user to move their cursor and go looking somewhere else. This is why business names, domain names, and logos are so much more valuable today than ever before. There’s a deluge of people coming online to use the business service that you’re providing, but the question is, are they choosing you over others?
When faced with a crisis, adapt!
When faced with a tough situation, take a step back and look at what’s happening in terms of the business you’re in. What is your customer looking for, and how can you help them? Things are constantly changing, and the question is how you can keep adapting and serving your customer to earn their business and loyalty. Don’t wait for things to come back to normal. Focus on right now and adapt.