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“This is a conscious shutdown of our economy, trading jobs for saving hundreds of thousands of lives. It’s almost inconceivable that you can have the same business model today as you did 30-days ago.”

Steve Blank

Steve Blank is recognised for developing the customer development method that launched the lean startup movement, a methodology which recognised that startups are not smaller versions of large companies, but require their own set of processes and tools to be successful. During this time insights from Steve are assisting businesses to pivot using foundational tools.
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COVID19 WEBINAR SERIES

In just a few very short weeks, society has already undergone a major overhaul in the way people live and work, in turn dictating how businesses can operate. It’s truly impressive how adaptable man-kind can be when it needs to.

That’s not to say this new world will be better or worse. JUST DIFFERENT. With many isolation-induced behaviours becoming ingrained habits that usher in a whole new set of societal norms. During this period of flux, some businesses will thrive in this change and reach accelerated success, while others will struggle to find their footing in all of the chaos.

No matter what. We are all in store for a period of rapid learning, marked by plenty of ups and downs and economic uncertainty.

This webinar series is introducing the "LOW TOUCH ECONOMY" concept to enable businesses to RE-IMAGINE themselves and test the relevance of new business models, practises and products against "THE OTHERSIDE" of this virus.

The biggest comfort amongst this crisis is we are not alone. The Low touch economy tools have been developed globally socialised and are being updated in real-time forming a pathway for all businesses.

The Fifth Element (Facilitating the webinars) - Plays a role in several national and global organisations that have cobbled together rationals, tools and theories for economic recovery. These open-source tools developed by these organisations will be used throughout the webinars. Enabling local Central Coast businesses access to cutting edge business recovery solutions.

WEBINAR: RE-IMAGINE YOUR BUSINESS - AGAINST THE "LOW TOUCH ECONOMY"

COVID19 has and will continue to disrupt how we eat, work, shop, exercise, manage our health, socialise and spend our free time - at an unprecedented rate of change. This webinar series is designed to asses the impact on your business, understand the impact of the social changes to business and develop begin to develop strategic approach for business recovery.

STEP 1

ASSESS THE IMPACT:

Initial assessment by industry 

Second assessment by your business product mix

STEP 2

DEFINE A STRATEGY :

Scenario planning of recovery against three potential economic rebound scenarios

V= 6 months rebound

U = 1.5 years recovery 

L = 3 year impact and recovery 

STEP 3

MOVE FROM OFFENSE TO DEFENSE:

Identify the tactics to manoeuvre towards a responsive action plan.

Begin to define how to gain traction and direction.

STEP 4

MAKE IT HAPPEN:

Select from three further specialised subgroup webinars, designed to work in more depth around specific areas of recovery, delivering the how to just get in and do it.

10 potential shifts

driven by human behaviour changes due to COVID-19 restrictions

BEHAVIOUR SHIFTS 1/10

EVEN MORE ANXIOUSNESS/LONELINESS AND DEPRESSION

Unfortunately, many people will feel more isolated, will lose their job, get confronted with sickness, face relationship issues,… if not all at once.

WHAT TO EXPECT:

There will be a tremendous need for (remote) therapy and coaching. Certain regions already see a rise in demand for pets and animal companions. Also, online social games/tools are booming. (e.g. Houseparty, Discord,…). Do note that many tools were not designed for new use cases. e.g. Online Dating via Zoom anyone?

BEHAVIOUR SHIFTS 2/10

DAMAGED TRUST IN HYGIENE OF PEOPLE AND PRODUCTS

With the viral nature of Covid-19, consumers and organizations are becoming much more careful about the people and products they interact with. Both people and organizations will expect formal proof of hygiene and current health status.

WHAT TO EXPECT:

This can result in packaging redesigns, sharing of personal health records and temperature, retail/ hospitality formats with free service add-ons focused on cleanliness, Preference of science forward products over ‘natural’, Contact-free deliveries and drop-offs.

BEHAVIOUR SHIFTS 3/10

EXTENDED TRAVEL RESTRICTIONS, EVEN WITHIN COUNTRIES

Travel and tourism may have seen the biggest impact as an industry. Travel feels like a risk for consumers who may not be able to get back to their home, or are unsure if they’ll be covered in a foreign land should another outbreak occur.

WHAT TO EXPECT:

Local tourism will flourish of course. Traveling abroad might be only worth the effort for longer extensive holidays, taking a period of quarantine into account. Potentially combining travel with remote work. The rural and remote will become luxury escapes.

BEHAVIOUR SHIFTS 4/10

OPTIMISED WORK FROM HOME SETIPS, BEYOND TYPICAL OFFICE JOBS

Home takes on a whole new meaning as individuals and families figure out new ways to balance their work-life needs within the confines of their space.

WHAT TO EXPECT:

Companies tight on cash will reduce office space and infrastructure. Expect setups at home that go far beyond a second screen. People will bring in special equipment, machines, and advanced video/audio setups to accommodate this change in lifestyle. Policies and new insurances will need to follow.

BEHAVIOUR SHIFTS 5/10

RISING TENSION & CONFLICTS AT ALL LEVELS

Many organizations and people are operating in survival mode. While doing so, many might breach contracts or regulations along the way.

WHAT TO EXPECT:

Google search trends already showed a spike for “Force Majeure” (superior force). Legal battles will pop-up everywhere. At the same time, lawyers are shifting to a digital way of working. This will trigger more tools to automate legal work to operate at scale.

BEHAVIOUR SHIFTS 6/10

UNPRECEDENTED LEVELS OF GLOBAL UNEMPLOYMENT

Many will be forced to rethink their career, as switching to another struggling competitor in the same industry is not even an option.

WHAT TO EXPECT:

Remote reskilling and training will see a peak. At the same, many might switch to an entrepreneurial side business to boost their family budget. Both options will bring valuable experience once the economy catches on at a later moment in time.

BEHAVIOUR SHIFTS 7/10

TAKE OUT/HOME DELIVERY EVERYTHING

Many retail businesses and product distributors will need to switch to delivery and/or remote-first. Regular retail will not vaporise, but evolve.

WHAT TO EXPECT:

Expect more specialized delivery solutions (e.g., drop off points for frozen/cooled food). More advanced supply chain optimizations. (e.g. multiple shops bundling deliveries to the same household or street). VR shopping and mass drone deliveries will not be a thing yet, sorry. 🙂

BEHAVIOUR SHIFTS 8/10

LIMITED CONTACT WITH OLDER GENERATIONS 

Until a vaccine is available, interaction with +65- year-old people will be severely restricted. People will need to rethink social gatherings.

WHAT TO EXPECT:

While digital adoption will be accelerated quite soon, it will be the normal day-to-day activities that will need to be redesigned. Special retail options? Tweaked ceremonies/rituals (e.g. large weddings). Rise of communities for those with special needs or of a certain age.

BEHAVIOUR SHIFTS 9/10

OUR IDENTITY IS MORE THAN OUR JOB

For many, your profession and role is a significant part of who they are. Mixing work and private life debunks this superficial layer. Only now many are getting to know their colleagues at a deeper level, 1 live stream from their bedroom at a time.

WHAT TO EXPECT:

In normal times, fashion is one element to shape and communicate your preferred identity. When there is less physical interaction, digital altering of your video interaction can partially replace this. (Notice how Twitch streamers are customizing their 'live stream room'). More experiments with digital alter egos will pop up.

BEHAVIOUR SHIFTS 10/10

THE VALUE OF CERTIFIED IMMUNE CONSUMERS

If your business model relies on packing many people in tight spaces, there is no light at the end of the tunnel (cruises, theatres, events/festivals,…)

WHAT TO EXPECT:

Rise of solo dining booths or human-free interactions (e.g. robot waiters). One way out could be the rise of a new consumer segment with an official health record to prove an immune status. Would you market only to these people? This would be uncharted territory for most industries; although it might be a good alibi to keep your eye on the adult entertainment industry. For decades they have managed the spread of HIV & STDs in their industry.

How it works

WEBINAR - Using virtual workspace, individual secure user portals and collaboration tools such as mural, viima and hosted by Zoom virtual workspaces we will navigate through real business issues to assess the now and longer-term impact beyond the current pandemic and help understand how to put that in context for their business.

We will discuss expected behavioural shifts, and which innovation opportunities these changes may bring, as well as the base case economic scenarios and strategies for business to adopt.

INNOVATION DNA

Discovering which strategic goals really matter for your organization.

FUTURE SCAN

150+ predictions and future trends to use in your brainstorms and ideation sessions.

INNOVATION PIPELINE

Shift gears between the different phases of the innovation pipeline effectively.

INNOVATION MATRIX

A complete overview of innovation programs: you define the benefits you expect from your innovation strategy, the innovation matrix will show you the most suitable program to activate.

CUSTOMER JOURNEY MAP

Possibly the most famous design thinking tool, a customer journey map allows you to reconsider the interaction with your products or services from the customer’s perspective.

Sponsored by:

Presented by:

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CONTACT US

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ACKNOWLEDGEMENTS

The Low Touch Economy business reimagination workshops/webinars have been designed and delivered by The Fifth Element, using global open source tools from some of the worlds thought leaders.

Open source tools used by The Fifth Element include, Harvard Business School (JTBD), Australian Innovation, Stratagizer, Stratagen, IdeoU, Board of Innovation, Trend Hunter and British Innovation Council.

 

The Fifth Element

AD: 1/26 Tathra Street, West Gosford NSW 2250

EM: hello@thefifthelement.me

WB: www.thefifthelement.me