This is a great read! There are real lessons here. And another wakeup call that is going to hurt.
1. What is your switch cost?
How hard is it for your customers to replace and get rid of you?
2. Are you diversified? Markets? Customers?
If you’re too heavily concentrated in either, that market or that customer owns you and you have a job that is one decision away from being upended.
3. Never Waste a Crisis.
This may be the motivation to relook switch cost and diversification. It is also a chance to stand way back and look at the health of your business. Some will do that and come out of this stronger. But only if you really look at it.
The Upside?
AI can help you get through this analysis much faster.
It can help speed up your entry and conversion in new markets. (If you want that playbook just comment below and I can send you to a quick podcast I did on finding new leads fast.)
And it is an incredible strategic thinking partner for how you can increase switch cost (We did this with our coffee company 12 months ago and we have never been stronger). If you want that prompt just send me a DM.
This is a moment to reflect, recalibrate, and refire.
Here is Dana McCauley’s LinkedIn post: https://www.linkedin.com/feed/update/urn:li:share:7497346077235351552/
