In part one of our series, we noted that since the year 2000, we’ve experienced three major business disruptions—the 9/11 terrorist attacks in 2001, the financial crisis of 2008 and now the COVID-19 global pandemic. And while our first installment focused on brand opportunities in the resulting, contactless society, in part two of our series, we examine how organizations must rethink their product and service offerings to meet the new needs of consumers in the midst of this new business era.
Since 2000, we’ve experienced three major business disruptions—the 9/11 terrorist attacks in 2001, the financial crisis of 2008 and now the COVID-19 global pandemic. As we look to the future, brands will once again have to reimagine their role and relevance in an altered marketplace if they hope to continue to grow and evolve.
There are two paths to innovation. One resides in our timeline just beyond now—solving a problem that exists today with technologies and resources available today. For comparison’s sake, let’s call it simple forecasting. The other path resides in our timeline years into the future—solving a problem that is, at least according to the tea leaves of trends and R&D pipelines, imminent, using technologies or resources that may not be currently available. That’s futurecasting.