For many businesses, products, and services, perhaps yours, the best of times ended the moment Corvid-19 locked our doors and turned us into hermits. It’s understandable that in a period of social distancing, perfume, designed to bring people closer together, will lose its attractiveness to consumers. The only liquid a woman is dabbing on today is Purell, and all she’s spraying is Lysol.
Time for a strategy
So, what do you do when the Corona Virus puts a lock on your $120,000,000 international perfume business and throws away the key? What strategy do you put into place when your entire international supply chain is wrecked? When your perfume business is no longer-sweet swelling?
Mark Crames, CEO of Demeter Fragrance, couldn’t take his sweet time coming up with a strategy on how to pick up the wreckage. So, what do you do when your product has no market, your inventory no buyers?
In my recent interview with Mark, he hit on a core reality for these times that affects a multitude of product and service categories:
It was finding something that people needed, not simply that they might want. This is not an era made for wants and desires, especially for small, independent brands.
Cause for redesign?
For many businesses, it isn’t a question of simply making adjustments. The economic downspin will often demand a redesigning of strategies and purpose. For many entrepreneurial business owners, that strategy won’t only apply to the operation. Economic disasters affect personal lives, as well.
Reading the strategies Mark used to overcome the Corona lock-down of his business will give you insights how to unlock yours.