icons-square-team

Marketing Matters

Marketing Matters #1- Short term marketing actions

 

This is a challenging and turbulent time for everyone. We’re seeing change beyond all bounds of any definition of ‘normal’. It’s especially hard when as the leader you are responsible for navigating the business through these turbulent waters.

Introducing Marketing Matters

 

Marketing Matters Intro

 

Our new Marketing Matters series will provide insightful videos and on-demand webinar content that we hope will help you navigate your business in this time. Over the coming weeks we will look to provide:

  • Tips on what marketing activity to stop, and what to invest more in
  • Adjusting your marketing approach during the Coronavirus crisis
  • How to plan for the recovery
  • Examples of businesses doing great things in response to the outbreak
  • Hints and tips on leveraging marketing technologies that may be new to you

What can your business do in the short term?

 

Video 01 MARKETING MATTERS

 

In our first video, Richard Hancock (our London Region Director) discusses some pragmatic marketing steps that businesses need to take right now, including:

  • Review all your marketing communications
  • Cut discretionary spend
  • Review your agency and supplier relationships
  • Review policies on dealing with customers

Transcription:
Pete Jakob (00:00):
What we were going to talk about today is what advice we would offer in terms of how we can approach the Coronavirus and the challenge it presents us from a marketing perspective. A lot of our customers are in crisis mode right now Richard. What are some of your thoughts in terms of some of the short-term things that they should be doing?
 
Richard Hancock (00:25):
A lot of are the businesses that we work with are in crisis mode and when crisis in most of us our instinct is to really go into a panic and batten down the hatches but it's really important that we don't lose sight of the bigger picture in the longer term and if we've become too blinkered, we may miss lots of short-term opportunities.
 
Richard Hancock (00:48):
It's also really important that we can remember that impulsive short-term decisions because sometimes have really long-term consequences, but we have got some kind of tips and hints for steps for people to consider in the near term.
 
Richard Hancock (01:10): So the first of all is going to review all of your marketing communications, so I'm talking about websites, blog posts, leaflets any collateral content you might have amounted. Now check it all for both the content and the messaging for the taste and relevance. We've all seen how those quirky clever pieces of content can sometimes backfire. When the circumstances changed so drastically as they are at the moment, we've been through exactly that process ourselves, you know, so copy and messaging that seemed perfectly appropriate ten days ago or a sudden feels borderline offensive. There is the kind of offense and as I think, you know, some of us have called it the crash test but there's also content out there inviting people to events and new promotions that are just clearly no longer relevant or possible to deliver against. So it's an important point.
 
Richard Hancock (01:56):
Secondly an issue that's preoccupying us all and not least the finance directors within are the businesses that we work and that's give the costs so absolutely recommend cutting discretionary spend that is clearly no longer going to give a short term returned as some obvious, you know pointers are at conferences events, sponsorships or promotions for the products that may be in short supply. So really cut that discretionary spending that isn't going to give an ROI.The summer marketing activities that once delivered great return on investment may no longer be appropriate at all. And conversely others that were really efficient in efficient ways or too expensive ways to acquire customers may turn out to be the most productive.
 
Pete Jakob (02:39):
Can you think of an example?

Richard Hancock (02:41):
Well generally media costs whether it's digital media or traditional media TV and via print media in general terms are the cost of those are falling dramatically as campaigns are cancelled and the competition for that type of media is waning and not in the same vein you review your agency and supplier relationships and be very careful you remember how you deal with these  as it will be remembered by them when the tide turns.
 
Richard Hancock (03:10):
Guess the thing to that I've observed is if you're straight and open and honest with everyone's in the same boat, so so everyone's being flexible. But as you say at some point we're gonna we're going to want to turn all that many of these things back on again so you want to make sure you haven't burned your bridges and such that they would have deprioritize you when it comes to to ramp up timing at night. It's a really good point.
 
Richard Hancock (03:37):
Absolutely the same applies to our customers
you need to review your policies on dealing with customers and it may be that a blanket and inflexible reliance on your standard T's and C's may satisfy the FT in the short term requirements to squeeze as much revenue out of the existing business that you've got in the pipeline but it may have devastating long-term consequences for your business. 
 
Pete Jakob (03:57):
Yeah, it's the real test, isn't it? It's whether what we write on our charts as being our brand promise whether it's genuine or whether it's just chartsmanship. It's times like this that actually demonstrate which of those it is.
 
Richard Hancock (04:11) And you used to be able to get away with it in the old days, but now with social media it can be the death knell of many many businesses.

More videos coming soon...

Sign-up to our SME Resource Centre and watch out for upcoming videos on: 

  • Marketing through the Coronavirus Crisis: what can your business do in the short term?
  • What to cut and what to invest in?
  • How best to connect with your customers, what can you do to rebuild rapport?

We're here to help keep your business on track during these turbulent times.

New call-to-action

 

 

 

 

 

 

 

 

 

 

View more posts

Help focus and strengthen your business

Do you need highly skilled in-house marketing expertise but simply can’t justify it full time or haven’t found the right person?

Find Out More