In today’s episode I want to talk about the “new normal”. With everything that’s going on in the world, I hear a lot of people talking about things like:
- “When things get back to normal…”
- “When the US starts to re-open…”
We’re not going back. We’re moving forward.
Don’t misunderstand this. There’s going to continue to be plenty of opportunities out there. But the notion of “quote on quote” going back to normal shows the mistake of the phrase. The phrase “going back” is by definition, the reverse of progress.
In business and in the world, in general. We progress. We move forward.
We will likely have a NEW normal. It make take some time to figure out what exactly that looks like. And this time period has made some major shifts happen. Some things that were already happening have been excelerated tremendously. And other things are just straight up different.
Listen to discover:
- Changes that may be here to stay
- People are realizing they don’t need to live in a major city anymore
- Remove work will be more common and more accepted
- Events and conferences adapting remote and virtual event options
Let’s take a look at a few stats:
According to Census Bureau of the department of commerce. Q1 2020 e-commerce in general increased about 14.5% from Q1 2019.
Amazon’s net sales were 75.5 billion dollars for Q1 (up 26% over Q1 2019)
Total retail sales – increased 2.8%
Consumer spending decreased 16.4% in April
Non-store retailers (ie: online shopping) 8.4% month over month increase (March – April 2020)
Clothing retailers down 78.8%
Uber’s gross bookings were down 80% in April, then in May purchased Grub Hub. Uber Eats had about 20% of the delivery market. Grub Hub had about 30% of the market. Now they own 50% of the market for the food delivery.
Commercial mortgages are struggling. Delinquency rates rose from 2.3% in April to 7.4% in May. And an additional 8.6% of mortgages are in a 30 day grace period.
Universal studios released the new Trolls movie in April and it went straight to video on demand. In the first 3 weeks, they had roughly $100,000,000 in sales. The original Trolls movie had roughly $150,000,000 in theatres (US). But digitally, they were able to keep 80%. When universals puts out a movie in theatre, they keep about 50%. So they actually end up with the same or a little less money going to theatres.
Think about your industry. Think about your business. And see how you can disrupt the future.
Example: Zoom announced that in Q4 2019 they averaged 10,000,000 daily meeting participants. In March 2020 they had 200,000,000 daily meeting participants. That’s a 20% increase in usage.
What changes can you make to help your business grow with the new normal?