Having huge sections of the population on lockdown, social isolation, and sudden drop in commerce is affecting all businesses. Many fear that business will dry up as clients are preoccupied with what is arguably a once in a century event. That means our products and services will not be at the forefront of people's minds. I think it's only healthy that the current crisis makes us all feel uneasy. The unprecedented situation is changing quickly, and we are all having to adapt our daily routines in a way that we would have never even thought about before. It can feel that the media wants to convince us that the world was going to end. Indeed, while it's important to be informed and act appropriately, you can also find yourself buying into too much hype and thus spooling out of control. Yes, I know this coronavirus crisis will affect all of us in business. There is always a positive to focus on because sooner the world will return to some normality, and companies will continue to trade again. There is still opportunity for marketing in a crisis.
In response, some entrepreneurs jump immediately and do what they can to prepare. Others freeze, play the victim and make catastrophic decisions that effectively destroy their enterprise. Choosing to put the brakes on marketing, often because of a desire to hold on to cash and reduce expenditure, is a typical response to the uncertainty that crisis brings. Findings that only 14% of UK marketing campaigns are now continuing ‘as planned’ emphasises that businesses are slashing their marketing. Many are erroneously putting generating revenue on hold during this crisis.
When companies are facing such an extraordinary threat advising them to "invest in the future" may sound simplistic. Harvard Business Review found that the firms most likely to emerge strongly from economic downturns were those that struck the right balance between judicious cost-cutting in the short term and investment for the long-term. Read on to discover the imperatives to turbo-charge your marketing right now in this crisis.
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