You might have been one of those lucky entrepreneurs who plowed and won during the pandemic. If so, you will need to review your strategy again.
Consumers will be returning to the market as the pandemic subsides, and there is a chance that demand for services and experiences in person may rise. This means that you might need to reevaluate your priorities and policy. This is something that larger companies already do.
Zoom, Peloton, and Netflix are just a few examples. All three of these companies survived the pandemic. However, they are diversifying their product lines to meet changing consumer tastes.
Zoom: Building an Ecosystem
Zoom can now be used to meet people face-to-face. It is not just a tool for family chats and kindergarten sing-alongs. It will now be an area for business as remote workers and hybrid workers can continue to use the videoconferencing app.
Zoom could take inspiration from Salesforce and Slack, and become an all-in-one shop for business requirements. This would lock them in to an ecosystem over the long-term. Zoom is currently a stand-alone product. However, if Zoom could be integrated into a business with complementary and improved services it can have greater success. Zoom acquired Five9, a cloud-based contact center platform for $14.7 billion. This acquisition will allow the company to expand its offerings to enterprise and business customers.
By creating their own ecosystem, businesses can take lessons from Zoom. A business can attract more customers by creating an ecosystem that is an integral part their day.
Peloton: Second album – The hard part
Peloton, on the other hand is having trouble following-up and living up to its first product’s expectations. Although its exercise bikes are a well-known brand, safety concerns around Tread by Peloton have made it look like the company tried to expand its product line too fast in order to capitalise on its initial success.
Peloton should look beyond treadmills to continue to grow its online and app success. Peloton could do a lot better with social features, and extend the community aspect of its platform.
Peleton continues to innovate, including an in-app gaming game called “Lanebreak”, which aims to take advantage of the growing market for games. However, it remains to be determined if it will fit with the current user base or if it can bring in new users.
This is a lesson for companies to learn: Having more rigorous testing and customer feedback helps you avoid bad reputations. Companies should not jump on the bandwagon to get one product that is successful, but instead look for long-term growth features.
Netflix targets new audiences
Netflix is the North American streaming leader, but it will be challenged by the likes Disney+ and HBO Max. According to reports, two-thirds (or more) of Netflix’s growth in subscribers came from Asia-Pacific in the past quarter. This shows that Netflix must focus its efforts on international expansion. It should commission new content and update its website in a variety of Asian, European, and African languages.
It’s not surprising that Netflix is taking a similar approach as Peloton to explore how gaming could help them reach new customers and keep existing ones happy.
Netflix plans to include mobile video games in its streaming service. However, the key to their success is how they work with game developers who have strong brand equity. It could however be an opportunity for Netflix to leverage existing franchises in the Netflix ecosystem and hook up gamers, given its track record of developing original content.
Netflix is an example of how to behave and operate globally to provide great content for all countries. Businesses looking for growth can take advantage of new markets.
It remains to be determined if Netflix and Peloton will continue to thrive in the post-pandemic period. However, it seems clear that these companies have the resources and expertise necessary to adapt. Businesses in the post-pandemic environment that have not been as fortunate can learn from these three companies, and consider expanding their offerings into other areas. They will be successful if they are able to focus their efforts on providing meaningful and relevant services, products or experiences within this new environment.
Publiated at Tue 27 July 2021, 07:42.51 +0000