Tough times deliver the new reality.
Don’t stop marketing during tough times.
Businesses everywhere are confronting a new reality. The COVID-19 pandemic has forced us into tough times. For some, it has meant an unprecedented reduction in sales and a disruption of day-to-day business operations. For others in harder-hit areas, it means a near or complete shutdown of their local economies.
Three months ago, did you ever imagine waking up, making your morning coffee, and commuting to the office or classroom in your home office? A lot has changed quickly, and our emotions and decision-making have become up and down like a yo-yo. We seem to be more down than up. When you’re up, it’s more than likely because you remember upheaval has happened before, and with turmoil comes excellent opportunities.
You might ask, “Why do businesses go broke so fast?” Small numbers can create considerable risks, but significant numbers, like a 50% drop in sales, are catastrophic. Even a slight change in numbers can have disastrous consequences in tough times.
Tough times need new resources.
Regarding digital transformation initiatives, organisations must focus on improving customer and employee experience. Productivity improvements, automation, and cloud services are all vital to sustainable growth.
A sudden halt to operations could deal a death blow to all types of businesses. Without adequate resources to ride out the crisis, companies will be hard-pressed to find ways to remain viable. Those with the financial wherewithal to get through it, facing the challenge of forecasting what kind of market will greet them when they reopen their doors.
Marketing must become a top priority in tough times.
Sales and marketing are the only activities that can continue while the world suffers. They’re also the surest way businesses can emerge from the crisis in a reasonably strong position, ready to pick up where they left off.
Your marketing efforts will probably be your number one activity when recession-proofing your business. There is much to learn from the Jonny Walker Whisky and the Pears Soap stories of the 1930s depression.
How should you respond in a marketplace shaken by uncertainty? How do you position your organisation for the future? And what will marketing even look like in a post-crisis world?
Knowing which questions to ask and where to start can be challenging if you’re like so many others. Contact us for systems, tools, processes and checklists to kick-start your change management. https://faqsupport.com.au/contact/
Key Message: Go ahead in tough times and learn more about marketing in the new economy. You can start enhancing your marketing efforts to protect your business and peace of mind, no matter what the world throws at you tomorrow. Keep your knowledge and marketing assets organised.
Quotable Quotes.
“Your ability to create deeper engagement and strengthen customer relationships becomes more critical daily”. Peter Sergeant.