We’ve never lived through anything like this. Yet this is still only the beginning.
We’re already thinking ahead to what the new world marketplace is going to look like when the economy is turned back on.
We already know it isn’t going to resemble what it looked like before COVID-19. There are going to be huge gaps in the economy where businesses once thrived. Small and medium-sized businesses rely on steady revenue to offset sometimes crippling overhead. Many of these businesses have already decided it’s more prudent to shut their doors instead of weathering the substantial losses this shutdown is causing. That means supply chains will be interrupted, partners will be missing in action – while many of the systems and processes that were built in the past will have to be rejigged for the Marketplace 2.0.
We have been on the frontlines of marketing through three previous recessions and we’ve seen firsthand the way they play out. Progressive, forward-thinking companies see that every category will experience a winnowing out, so smart organizations position themselves for the new marketplace. They invest in marketing that solves the problems that customers will be facing during this new reality. Then they ramp up marketing spending in tandem with the marketplace as it ramps up its own spending.
Those that disappear from the market find it much more difficult to re-emerge on solid footing. It’s much more work to re-establish a marketing presence than it is to maintain it.
Clearly, today, this requires a balancing act for all businesses that will be forming plans at a time when resources are already stretched further than ever.
So what’s the answer? There is no single answer. The key is to stay present. Keep in touch with your customers and suppliers. Make it known that you’re getting through this. Talk about plans for the future. Show leadership. Don’t look back with complaint, look ahead.
We’re quickly making the transition from shutdown and denial to reopening and planning for what’s next.
Let us know if we can help.
Joel & Richard