?Here’s another example of “riding on a trend”.
As published in Business Insider, “Netflix more than doubled its subscriber growth expectation for Q1”.
When I say “trend”, I’m not suggesting we take opportunity on other’s misfortunes AT ALL. That’s very bad and it’s despicable.
For instance, those who hike up the price for mask during COVID19, shame on them to profit on others like this. Shame, shame, shame.
But instead, think of how you can enhance other’s lives.
Like Netflix, if people are already staying at home, it makes sense to provide a “product” to help them with home quarantine.
As you can see, the right product means business booms.
Next, charge reasonably.
Don’t prey on people’s fear. Everyone is already going through certain level of hardship – we can ease that by charging reasonably. I know, you are running a business, I’m not asking you to make a loss. I’m asking you to continue profiting by serving, but be sensible.
Just like Netflix. In my humble opinion, it’s not expensive, for the value it’s giving. I’m subscribed and I’m a happy user.
Lastly, to thrive during crisis, you must understand TREND a little bit deeper.
If your product is not suitable at this moment of time, you need to improvise your business as quickly as possible!
But not by learning a “better strategy”.
If you are Netflix, a product where the market wants, definitely.
Otherwise, sometimes, it makes more sense to use your resources and time on current trends, then trying to “revive” whatever that is uncertain.
What do you think? Feel free to share your thoughts.
