5 examples of clever, creative COVID-19 pivots
The pandemic is forcing businesses to adapt or wither away. Take heart — and maybe borrow an idea or two — from these savvy strategic swivels.
Conventional wisdom has long been that the great companies invest during a downturn to come out stronger on the other side. Actually, they don’t just invest. They adapt.
In the early 1980s, surging oil prices sent the U.S. into a recession, and market-leading brands Chevrolet and Ford experienced a steep decline in sales. Import sales also declined, but by a much smaller margin.
Why? Applying lessons from the 1973 oil crisis spurred by OPEC’s embargo, Honda and Toyota designed larger cars around the idea that fuel efficiency alone was not enough to entice American consumers. Honda and Toyota pivoted. GM and Ford did not.
Today, businesses are innovating and adapting to survive, thrive or mitigate the impact of the coronavirus pandemic.
Here are some of the most interesting and innovative pivots and adaptations we’ve seen over the past few months.
Parking lots go Hollywood?
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