There seems to be an 800-pound gorilla in the room! Before the COVID-19 pandemic, we all created our three- to five-year strategic plans — and now, it seems that we must look back as we look forward as our industry continues to grow and change amidst continued uncertain times.
As I look toward the future, the following observations have jumped out in real time:
Future Office Culture
As we revamp business plans, refocus our goals and assess head counts, there seems to be a glaring question looming: how do we hire and ensure success for new sales managers, directors and similar titles as we hire from outside our current firms? With most businesses still working remotely, building a “new” culture for our businesses will be a real challenge. Respecting historical knowledge and marrying these well-trodden concepts with new technology and futuristic mindsets will become our new juggling act as we move forward. Will it all drill down to our customer relationship management (CRM) data as we slowly remove all personal interactions of being together in an office environment? (Successfully navigating leadership through Zoom should probably be the next Ted Talk).
Circularity & Changing Consumer Habits
Consumer demand for product is ravenous. We all need to ensure that we are working the “circular” channels effectively in order to stay relevant as we promote new products and ideas to younger audiences. Experts are needed now more than ever in understanding Gen-Z and Gen-X customers — while keeping in mind that this next generation is debt- adverse. Determining trends in fashion specifically for the coming year will need to rely on clever design, functionality, eco- consciousness, quality and, let’s not forget, the “celebrity” factor.
We are seeing Mother Nature wreaking havoc and as a direct result, consumers will be out seeking replacements for and remodeling that which has been destroyed. Now, winning will ultimately be judged on speed to market and getting product into the hands of consumers — quickly and with a smile. Logistics and consumer loyalty should be top of mind. Rewarding your customers and cultivating them to be your nano-influencers through sharing products online and on social media platforms have now become part of the circular equation.
Looking forward, I believe the casual trend of athleisure will be a consistent growth category as we continue to live with COVID-19. The descriptors which represent style and fashion are being redefined, and it is a fascinating and exciting time which will offer great opportunity; change came to this industry and our world seemingly overnight and at lightspeed. Shopping local will be the new buzz. Driving through Beverly Hills and the San Fernando Valley in California six months ago, one would have seen store after store closed and boarded up. Today, I drive the same streets and the glimmer of new life is emerging as new retailers are beginning to open. Each new door represents new assortments of products and commitments to community.
Cause-Driven Reinventions
Hailing back to the days of “Gordon Gecko” with a new twist, we are now seeing a “mission-driven” approach to organizing an IPO. Today’s new standards focus on environmental issues, social governance and worker satisfaction, creating public benefit corporations’ adoption or maybe spurring a debate on tensions surrounding profit versus purpose. For companies that are not nimble enough to quickly reinvent themselves and/ or embrace their eco and social identity, perhaps the positive upshot of this movement will be to shine a light on creating a cleaner world; I have seen many companies putting thought and research into neutralizing their manufacturing carbon footprints. Given the lightning speed of change in our world today, perhaps together we can make change for a less polluted world.
I also should address that 800-pound gorilla as it relates to bringing back manufacturing in the United States. Automation has streamlined operating and manufacturing, interest rates are at their lowest and with all of the tax incentives available nationwide for companies to headquarter in one of the 50 states, the U.S. has never been more attractive. Why not invest in our youth with apprenticeship opportunities? Craftsmanship is important to spur entrepreneurial thinking and the development of new ideas — it is “The New Industrial Age,” as I like to say.
As we all scramble to navigate supply chain issues and increased costs in today’s landscape, what seems to shine through and support the hope for a silver lining will be whether one has a product or concept with a purpose and value that can be explained clearly, along with an actionable strategy addressing the new circular format and a love for their industry. This, along with determination and thoughtfulness, will hopefully be what wins as we continue to move forward.
