From: acquiredfm
Current times present significant challenges for many individuals and businesses [00:00:01]. However, it’s possible to identify opportunities and dislocations in the market that were not previously apparent, allowing for proactive adaptation and positive transformation [00:00:14].
Beneficiaries of Remote Work Trends
Certain companies have directly benefited from the widespread shift to remote work environments [00:00:34]. Examples include:
- Zoom: A video conferencing product that has seen increased usage [00:00:42].
- Loom: A company within Sequoia’s portfolio that is also benefiting [00:00:44].
- Delivery companies: Considered an essential service, ensuring the delivery of food and basic necessities [00:00:47].
Strategic Focus for Businesses
For companies not directly benefiting from remote work trends, the focus should shift to long-term strategic investments.
Prioritizing Product Development
During challenging periods, a crucial area for all businesses to concentrate on is product development [00:01:03]. It is advisable to continue investing in product innovation [00:01:06].
“Hunker down and focus on product development. Build that truly differentiated product that if you can survive gives you a huge advantage when you come out the other side.” [00:01:29]
Challenges in Sales and Marketing
Sales and marketing efforts are likely to face significant challenges [00:01:09]:
- Shift in Consumption Behavior: Consumer behavior is changing, impacting sales [00:01:12].
- Hampered Face-to-Face Selling: Enterprise companies, in particular, will find face-to-face selling difficult [00:01:16].
- Flooded Marketing Channels: Marketing channels may become saturated [00:01:21].
- Insensitive Promotion: Promoting certain products may seem inappropriate given the current climate [00:01:22].
Long-Term Outlook and Strategy
Similar to how forest fires clear brush and allow sequoia trees to thrive disproportionately by providing more sunlight and space, challenging market conditions can clear the competitive landscape [00:01:39]. Businesses that survive these periods, particularly by focusing on a truly differentiated product, can emerge with a significant advantage [00:01:33]. This concept aligns with the broader impact of technological change on business durability.
Importance of Community
During difficult times, it is essential for businesses to lean into their communities [00:02:14]. Bringing founders together can foster shared learning, provide valuable advice and tips, and offer support for shared challenges [00:02:19].