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Speed-to-Market in the Wake of COVID-19

A full-speed-ahead approach should include a well-defined destination and the avoidance of speed bumps.

Sterling Anthony, CPP, Packaging World Contributing Editor
Sterling Anthony, CPP, Packaging World Contributing Editor

At the time of this writing, vaccinations are in high gear. Still, what passed as normal before COVID-19 will not return entirely. Companies need to envision the enduring effects of the pandemic and to strategize for the associated challenges and opportunities. What will remain constant, however, is the importance of speed-to-market, along with the pivotal role played by packaging.

Speed-to-market is self-explanatory, but a few truths are worth mentioning. The sooner a product goes from concept to commercialization, the sooner revenues are received. Speed-to-market also is a boon when responding to an initiative of a competitor. Taken together, speed-to-market is a cornerstone of any strategy aimed at achieving and sustaining a competitive advantage.

COVID-19 vaccinations are prime examples of speed-to-market. So too are the flood of protective products, such as masks and face shields. In the U.S., vaccine developers—Pfizer, Moderna, and Johnson & Johnson—had a federal escort down the expressway and share in common with protective products the luxury of having everyone as a potential target consumer. Other companies, alas, must be more focused in their targeting, post-pandemic.

The pandemic has foisted changes on major aspects of consumer life, including home, work, recreation, travel, shopping, education, communication, socializing, and health. The changes overlap in a variety of combinations. The changes, furthermore, vary along demographic and psychographic strata.

It’s impractical to believe that, post-pandemic, there will be no residual effects on consumer thinking and behavior. Companies need to identify the changes to which they can best assign their resources and capabilities. Then, the task becomes converting ideas into products and getting them to market, fast.

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