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Managing A Crisis - Is It Fight Or Flight?
As Britain faces a national crisis with the Coronavirus, organisations are taking urgent action to adapt their business operations, writes industry...
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Marketing In Uncertain Times
As Britain faces down Coronavirus, organisations are taking urgent action to find ways to pilot their business operations a safely through crisis. Industry marketing expert Andrew Scott tells us how in this webinar.
Below, Scott writes about the five strategies from the webinar and how they will be just as vital when business opens its doors again.
Don't stop marketing
One of the questions I am frequently asked, writes Scott, is what companies should be doing about their marketing during the Covid crisis, the messages they should be putting out and how they should manage their marketing budget.
Some companies have adopted a ‘radio silence’ approach - but this is completely wrong.
Your customers are also feeling uncertain and they need to know how you are reacting to the crisis. Staying visible is paramount at this time, while adapting your marketing strategy will be essential going forward.
During my webinar, I outlined five key strategies that business owners, directors and marketing teams should be doing right now.
There are five types of business responses during uncertain times.
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The ostrich, with its head in the sand hoping it will go away.
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The victims who feel sorry for themselves and blames everyone else.
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The retreater who knee-jerks and scales back the business.
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The cheerleader, who thinks everything will be fine .
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And the pilot, who is pragmatic, decisive and sees the whole picture.
Be the pilot
Now is the time for you to be a pilot. Having a clear strategic view on where you want to be, how you are going to get there and taking the right steps quickly to maximise the results and minimise risk. Having the right crew and support team will help you reach your destination.
Keep in touch with customers
While you might have had to close your factory, showroom and on-site activities, the customer-facing side of your business should be open as keeping in touch with your customers, responding to emails, dealing with enquiries and handling quotes will help you build a sales pipeline so you are ready to go when the green light comes on.
And, with more time on their hands, people are more receptive to communications than ever before, so staying visible and sharing valuable information will be appreciated by your customers.
Focus on your share of voice
Rebuilding their business after the crisis subsides is on many people’s minds. There is a correlation between your share of voice (your marketing communications, advertising) and your share of the market. Companies who increase their share of voice will, over time, increase their share of the market.
As some competitors pull back on marketing activity, stepping up and remaining visible and active will help you win more market share.
Build your brand
Companies with a strong brand perform much better through uncertain times, with research suggesting they bounce back from a crisis around 18 months quicker than companies without little brand recognition.
In uncertain times customer loyalty increases and we are more selective of where we spend our money and gravitate towards brands we know and trust.
Don’t wait
The truth is uncertain times can provide a leveller as your competitors are also facing the same challenges. Cutting your marketing activity could be catastrophic for your business, employees and customers, while delaying activity may result in a much slower bounce-back giving competitors an edge that is difficult to recover from.
The hard work starts now
The economic impact and fall-out from the coronavirus pandemic will be with us for the foreseeable future, so it is inevitable that your business will need to adjust. Reviewing your marketing strategy and working with the right partners will be critical.
Time for home improvements
There may be a silver lining. As consumers have spent weeks in lockdown, they have gained a new appreciation (or not) of their homes. Many will want to carry out improvements or add more space to their property.
Customers are online - now
Right now, your customers are online, researching, learning and engaging with content – and they need to see that you are taking a prominent role as normal service starts to resume and its full steam ahead.
The companies that will recover fastest and win most market share over the next year will be those with a pilots' view, who focus on their customers and their brand and develop strong, effective marketing strategies.
Picture: Will you be the pilot of your own fortunes?
Article written by Andrew Scott
11th May 2020