Coronavirus and Business: The Insights You Need from Harvard Business Review by Harvard Business Review

Author:Harvard Business Review [Harvard Business Review]
Language: eng
Format: epub
Publisher: Harvard Business Review Press
Published: 2020-04-13T16:00:00+00:00

11. Rapidly innovate around new needs.

Beyond rebalancing your product portfolio, new customer needs also create opportunities for innovation. When threatened by crisis, many companies will be focused on defensive moves, but some Chinese companies boldly innovated around emerging opportunities.

The insurance industry is notoriously conservative, but in response to the crisis, Ant Financial added free coronavirus-related coverage to its products. The action served a customer need, while promoting awareness of the company’s online offerings and improving customer loyalty. It expects a 30% increase in health insurance income in February, as compared to the previous month.

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