There is much debate as to what shape the recovery will take. Will it be a ‘V’, a ‘U” or a ‘W’? Some foresee an ‘L’. Either way, certain products and services remain essential; food, health, power, finance, communications et al.
Markets will change. Some businesses will disappear, leaving their market share and talent to others. Some will reorganise and refocus. There will be new opportunities, trends and attitudes.
Many will look back at this period and see that its ‘chaos’ created positive change in their lives. Yes, it was painful at the time, but that’s when ‘I moved to X’ or ‘decided to change Y’. Maybe it took a pandemic to make you realise just how good your life was and to appreciate what really matters to you!
Marketers have to assume that much will be different. ‘Physical’ events such as trade shows look set for a slow recovery. Virtual events, webinars and online meet-ups are here to stay. The ‘home desktop’ certainly presents a new promotional opportunity.
Will people seek a little light in their lives? Is this the time to really promote ‘goodwill’, to be generous and caring? You may not be able to hand a client a gift personally, but you can still send one to their home.
What your business or brand ‘says’ and ‘does’ during this period may have implications for years to come. Do you slash prices or emphasise quality and service? Remember Marks & Spencers’ ‘Dinner for 2 for £10’ during the Financial Crash – a straight forward discount cleverly packaged. How creative could you get?
There is much evidence, from previous recessions, to support the notion that those who suddenly and drastically cut their marketing expenditure hand a long-term advantage to those who don’t. Not all companies are about to dial their marketing activities down. Some will push harder than ever, sensing a chance to leapfrog the opposition. Remember, the damage will be very expensive to undo.
No two recessions are the same. The COVID recession could be deep but short-lived. This time next year your business could be busier than ever but struggling without its most experienced staff. You could be marketing a new product or service. Your main competitor may have disappeared, legislation or consumer attitudes may have forced your sector to change course. You may have a whole new brand identity or a new owner. Who would have thought?
Trust and reliability are evergreens. In a world where supply chains are reorganising, credit is being withdrawn and prices are yo-yo-ing wildly, being able to rely on a brand or partner is crucial. Stay close to your customers, make sure they have all the information they need when and where they need it.
However tricky the situation got, your brand, your company was always there to serve. A light in the storm.