What do you know about how the POST COVID-19 ECONOMY will look like and what will that mean to you?
Superhumans at work with Mindvalley’s Jason Campbell is a podcast designed to plug you directly into the minds of the world’s best authors, peak performers, and workplace experts. It helps top performers unlock the power of human capability.,
We spend 70% of our waking hours at work, yet so many of us are left dissatisfied and unhappy. It’s about time we challenge this and make work a tool for your personal and professional growth
I enjoyed being a guest on the podcast and having a profound discussion with Jason Campbell, on growth, growth hacking, and what this means in a post-covid-19 economy.
Listen to the episode here https://podcast.mindvalley.com/ready-set-growth-hack-nader-sabry/
Key points to tap into
- The clear patterns behind businesses that fail and those that exponentially grow.
- The Experiment Sweet Spot – how many experiments should you carry out for business success.
- The 3 Elements to a successful business experiment.
- Nader’s surprising piece of advice when it comes to what to do next amidst the COVID-19 pandemic.
- The Top 3 Rules for a Growth Hack.
THE GROWTH DILEMMA
Leaders, managers, executives, and even consultants at the start of the year, quarter, month, and even weekly face what I call the “growth dilemma.”
This dilemma is when big goals backed by big ambitions are set, and hard-coded into performance measures. The challenge with this 94% of the time, we don’t have the resources, tools, people, and even the capabilities on hand to hit those performance targets. Often this is why we would even exist, to begin with. The big issue with that is the big goals and lack of resources we are left to bridge that gap. That gap is the growth dilemma.
In bridging this dilemma, we become growth hackers. The challenge with that is that most of us have not been trained, given the resources, or even have the mindset of a growth hacker. My bestselling book, “Ready Set Growth hack,” is a blueprint for solving precisely that.
IN CONTEXT OF A POST COVID-19 ECONOMY
The reality is in the post-COVID-19 economy; we will be facing an even massive growth dilemma. With fewer resources, more uncertainty, and only more competition, growth becomes even more critical. Oddly enough, growth now becomes a center stage, which might sound pretty obvious, but has been neglected due to too many theories, lack of focus and merely enough wiggle room to allow poor performance to continue.
It’s time to get creative; incremental ideas will not sustain anymore. Big, bold, and even outright game-changing ideas will become a norm, not a rare commodity. As this shift takes place, this is governed by many new rules being created. The pressure is on, and for those running small businesses, it’s a matter of doing or die. Even some of the biggest corporations have been hit.
Here are a few coronavirus bankruptcies as an example (Source)
- Gold’s Gym
- J.Crew Group
- Neiman Marcus
- Tuesday Morning
Many more to come, and this will shake-up the economy. We have some excellent outcomes that will come out of this, eventually. But this will take some time; it can take anywhere from 18-24 months from now. Those outcomes would be:
- Room for new players
- More optimized offerings
- Focused value offerings
- Low-cost propositions
- More digitized delivery methods
- Home-based consumption
- New creative remote living
THE GREAT ECONOMIC REBOOT
A massive economic reboot is taking place. The scary part is that many of the experts don’t even see it and let alone be able to explain it to everyday people. That is where a massive surprise will come for many. The essence of this is going back to basics. What I like to call it though is “forward to basics.”
Forward to basic is essential, focusing on basics but using technology and existing advanced infrastructure to supercharge our ability to use those basics in a few ways:
- Is it fast and more focused way
- In a more optimized manner
- With a lower entry cost
- A leaning operating cost
- Wider reaching capabilities
Moving forward, there will be a big focus on tech, a significant shift in culture, and mass uncertainty. The combination of these three things will enforce his economic reboot.
WHAT IS GROWTH HACKING
Straightforwardly and powerfully, growth hacking is about getting disproportionate results—fewer inputs, for a much more significant outcome. The transition point is in the middle where a growth hacker takes fewer resources to generate a much more significant result or a massive ROI (return on investment).
This is government by a growth hacking mindset that instills a culture of being lean, quick, and very tech-oriented. Although tech plays a big part, this doesn’t mean you have to be a tech business, as many past cases have proven even traditional business models tap into growth hacking, including companies like McDonald’s.
HOW TO GROW IN A POST COVID-19 ECONOMY
At the core of growth, hacking is asymmetrical warfare in its essence; this is the small guy winning using underdog strategies. Often this is governed by an uneven relationship between opponents but also situations. In this case of a post-COVID-19 economy, it’s both opponent and the situation.
Now given there are two significant factors at play, this doesn’t change how you would grow in a non-COVID-19 environment; it just changes the intensity, the speed, and the risks. That said, it’s even more important to be focused on growth hacking whether you’re a startup, a corporation, or even a government.
Making this happen is mastering the challenge. It starts with acknowledging it for what it is, building the growth mindset, developing a culture of performance with an open and flexible approach, and putting bold strategies in place. The most crucial part is experimentation through excellent execution to find unparalleled growth opportunities.
Embracing the pivot is crucial, and resilience is a skill you need to master. The good news is that I have an excellent course on this, which is a step-by-step program to help people master resilience.
Finally, we need to understand that life will not be the same. Although the transition period is painful, it’s the other end of the outcome; we have to keep focused on it. A new world will emerge with massive opportunities for everyone.
Get your copy of bestselling book
“Ready Set Growth Hack:
A beginners guide to growth hacking success”
Learn more about the author Nader Sabry