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Before the COVID-19 pandemic, David Solnet advocated that business leaders adopt a new mindset to build innovative, resilient companies.

Now, he argues the opportunity for transformation has never been more clear.

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Never in our lifetimes have we seen a global pandemic like this.

As incredible as this pandemic is, this is now a golden opportunity for companies and firms and individuals to transform themselves,” Solnet said.

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Solnet is an associate professor of service management and leader of the University of Queensland (UQ) Business School’s Online Master of Leadership in Service Innovation.

A cutting-edge business graduate degree focused on organizational leadership, innovation, and customer experience.

Over the past several months, Solnet and the team have researched the economic effects of the pandemic on the experience economy.

how business professionals can adapt. In this Q&A, including video interview highlights, he shares:

The opportunity for change pandemics presents to companies of all kinds.

Examples of how companies are adapting their business models.

How UQ’s Master of Leadership in Service Innovation program teaches the mindset and skills, business leaders.

To need to succeed in the modern economy.

Need a primer on the experience economy?

Skip to the end of the article to learn more.

How is the experience economy changing as a result of the pandemic?

Everything is changing in the economy, period.

The whole economy is driven around the customer experience.

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It really isn’t just isolated to things like travel, tourism, and finance, and banking.

If we think about our lives now and think about the future, everything from dining in your favorite restaurant.

Through things like going to a dressing room in a department store, travel, theater, the arts, personal services.

Everywhere where the organization and the customer and employees have some intersection, we’re looking at a clean slate now.

We have to re-imagine all of this.

I’ve done some research on how prior pandemics through the course of history have all led to major changes in the way the world operates.

Even the Black Death in the 1300s led to the end of feudalism and to the era of enlightenment.

The Spanish flu in 1918 led to governments providing socialized medicine in most countries, and even in the U.S.

It led to the whole era of employer-based insurance plans.

These pandemics create opportunities for change.

What’s important for companies to be examining during this time?

In my own research, I spend most of my time in the area of service work. Therefore, as a result, so, consequently

What we’re looking at now is how workers’ wellbeing is being affected by these changes.

Some have lost their jobs, for others, their jobs are changing or becoming less safe, or they’re being asked to transform the way they do their jobs. Therefore, as a result, so, consequently

It’s creating a lot of fear and anxiety. Therefore, as a result, so, consequently

The other side of that coin is the organizations that employ those workers. Therefore, as a result, so, consequently

One thing we’re looking at is the relationship between the employees and the policies and the trust that’s created between those parties.

Because employees and workers are going to really need to trust their workplace. Therefore, as a result, so, consequently

Senior executives are having to think about worker wellbeing.

To ensure particularly that service workers are in the best position to serve their customers. Therefore, as a result, so, consequently

It’s really important that we don’t just think about the worker, we think about organizational policies.

Those companies that do these things well already are ahead of the game. Therefore, as a result, so, consequently

Companies that are considered preferred employers are already going to have gained the trust of their employees.

A lot of this conversation is around innovation and forward-thinking.

They don’t have to start re-imagining things they’ve already been re-imagining. Therefore, as a result, so, consequently

What are some examples of ways companies are adapting and reimagining business models?

We’re seeing a lot of restaurant companies investing in their own delivery process. Therefore, as a result, so, consequently

That’s a big change. Therefore, as a result, so, consequently

Panera, California Pizza Kitchen, Subway, and others have begun to sell elements of fresh groceries.

They had those anyway. Therefore, as a result, so, consequently

Now customers can order fresh vegetables and meat and eggs and so forth, even alcohol. Therefore, as a result, so, consequently

It has curbside delivery along with its restaurant owners. That’s a nice innovation that’s occurring.

How can companies struggling to adopt new mindsets become more resilient moving forward?

To change your thinking from selling things to selling customer value and customer experience

It using the product that you sell as just a little small part of the overall package of value that we deliver to customers.

Never has this become more important now.

This program is really good for those that don’t understand the experience economy.

But it’s also good for those that do understand it but haven’t been able to connect it to academic literature.

Some of the learners that we’ve had in the program that worked for great companies doing this already and have still been able to learn because. Therefore, as a result, so, consequently