Welcome to the Low Touch Economy. Remember when a handshake was the standardized way of greeting someone? In the midst of the current global health crisis, it may be convenient to start looking for a new greeting ritual.
What is a Low Touch Economy?
The Low Touch Economy is an economy where direct contact between consumer and producer is prevented or kept to the minimum. The new economy demands permanent changes from industries that are rapidly beginning to innovate.
- To mitigate health risks, companies were compelled to adapt to strict policies, including reduced close-contact interaction, limited meetings, travel restrictions, among others.
- Significant changes in global markets can already be seen. These include changes in consumer behavior, new regulations, and supply chain disruptions.
It is expected that social distancing restrictions and lockdown rules implemented during the Covid-19 crisis will have a lasting impact on the world as we know it today.
Companies that survive to the Covid-19 pandemic will be those that rely on business models tailored to this "new normal" Low Touch Economy while keeping everyone as safe as possible.
Is it here to stay?
Many of us are in quarantine, not being able to leave the house while wishing to finally go out and conquer the world. But, only in a few weeks, society has been challenged to review their traditional business and lifestyle norms.
As business owners and entrepreneurs we must adapt to this new reality.
The Low Touch Economy will go far beyond innovating the standard handshake. We can expect that the regulations propelling change will also have short and long-term impacts on consumers and the economy.
Your personal and business brand in Low Touch Economy times
We've had a good scare, and we know that emotions change our behavior, or at least for a while. It's really impressive how adaptable can human species be when necessary.
Those who don't understand that now is the time to build their personal brand and strengthen their business brand are missing the boat. I belong to the baby boomer generation, and once again I've been put in a position where I must adapt myself.
These are some of the recommendations for building your brand in times of pandemic and Low Touch Economy:
In a constantly changing situation, it is important to build and, most importantly, manage brands with a strong identity, but with a liquid content that can pivot your strategy without jeopardizing it. This is essential for a coherent response to different scenarios.
In this era of extraordinary changes, now more than ever, brands will need to work on maintaining a holistic view of reality and always staying one step ahead. Relying on predictive analysis can help improve the ability to react and be prepared to make decisions according to each situation.
Collaboration with clients
Today more than ever, brands belong to people. Brands with the highest levels of public acknowledgment for their reactions have been those that adapted themselves to the conversations their communities were already having, and those that connected these discussions with their corporate purpose to show their relevance.
Start boosting your brand on LinkedIn
I invite all my peers to not pass up this opportunity to build your Personal and Business Brand on LinkedIn. I started shyly, until one day I said to myself, "let's see what happens" and in these days of confinement I don't let a day go by without working on it.
I encourage you to experiment. The good news is that since it's virtual it doesn't hurt, at least physically.