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Coronavirus Forces Dramatic Change in Marketing, But More Can Be Done to…
Coronavirus Forces Dramatic Change in Marketing, But More Can Be Done to Adapt
NAME: Azmirul Nazwan
ID: 012019200177
- Ensure the Health, Safety and Productivity of Employees.
- 60% provide regular updates to everyone on how the organization is being affected.
- 54% provide regular updates to everyone internally on how the organization’s customers are feeling and behaving.
A clear majority (72%) of all marketers indicate their organization has communicated with customers about the steps the organization is taking to deal with the situation
- Put a Rapid Response Team in Place
- A rapid response team creates a mechanism for fast, agile decision-making, and responsiveness. This should be cross-functional, with unambiguous lines of authority. Half of all marketers indicate that this has been done in their organization
- Organizations with a dedicated response team have taken more decisive actions on several fronts so far, despite not having sufficient data at hand
- Take Stock of the Commercial Situation Across Retail, Marketing, Sales and Digital
- Understanding what is going on in with your brand, category, channel, customers and different aspects of your business is critical
Once an organization has this basic understanding in place, it will be in a much better position to start thinking about how it can capture immediate and future business opportunities.
- Minimize Business Exposure
Cash is king during disruptions. Every aspect of the business must be managed within the overarching need to conserve cash.
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A majority of marketers has postponed or cancelled major initiatives, with new campaigns and sponsorships or collaborations the most common victims.
- Capture Immediate Business Opportunities
Many marketers are actively looking at ways to grow their brand right now, potentially being forced to be more creative due to reduced budgets.
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There are many opportunities for brands and marketers willing to step outside of their comfort zones of business-as-usual and capitalize on behavior changes among their customers
- Monitor and Update in Real Time
As time goes on, check in with customers to determine:
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Data available to make timely decisions about your marketing activity and what might need to be adjusted.
It can help to track the progression of the coronavirus outbreak in other markets and see how commercial evolution is progressing and what early opportunities for recovery will be available.
- Plan Now for the Recovery
In a business disruption, companies are focused primarily on immediate needs and priorities. But they must keep an eye on the future as well. The recovery will arrive with as much speed as the coronavirus, so planning is critical.
Although it might feel that the current situation will last for a very long time, it is essential to be prepared for the various forms it could take. Scenario planning is a valuable and underleveraged tool to help think through the implications for an organization and be proactive.