Crystal Ball – 2H 2020

Larry O’Toole provides his crystal ball for the second half of 2020. 

Transcript:

Pamela Wasley: I’m going to go to Larry real quick. If you can give me a quick answer. We’re approaching the witching hour.

Larry O’Toole: So same question then. Where I start with my thinking is I say to myself, all right, as humans, what is it? Maslow’s hierarchy of needs, right?

We have our physiological needs. We have our needs to belong. We have our needs for self-actualizing. Our potential. He’s got five things and I say, are those going to change? No. So at its highest level, the five basic needs of being human beings are not going to change. So to me, strategically is not where the change is going to be.

It’s the tactical execution of supporting those hierarchical needs that we have of belonging safety. Again. Those five needs. And as I think about some of the things that are going to continue, but most businesses still aren’t addressing is customization and personalization. Every industry is seeing the need to personalize and customize their product and services.

To me coming out the other side of this, the needs. That is only going to accelerate, especially because of COVID-19. So if you haven’t thought about your business in terms of how to personalize and customize it more, you need to start that process now.

Pamela Wasley: Excellent. Well, thank you very much.