Among thousands of businesses these past two-plus weeks, many of us have effectively handed our marketing decisions over to finance and accounting. Which means, if you’re not producing an immediate revenue gain, you’re probably being cost-reduced to the bone, if not entirely out of work. Such is the illiquidous, flash-frozen effect of COVID-19 on our economy. We’ve lost more U.S. jobs in three weeks than we did during the expanse of the Great Recession.
Cash is in crunch, and though The Fed may be doing everything possible to keep our economy afloat (will it work?) we likely will remain in limbo until a public health victory is apparent. That could be months. It may yet take longer to resume growth – and who knows how business and consumer behavior may have changed by then? We are in extraordinary times – and it’s only prudent to recognize this.
It’s time to take stock of what we do on behalf of our brands and clients, to immediate effect. There is much work to do.
Marketing Must Continue … With Prudence
- Every pharmacy, drug store, food store, and big-box retailer – and the agencies that support them – should proactively communicate store safety measures, and elevate “conveniences” such as shop-online-and-pick-up-in-store to the preferred method of distribution. This is an opportunity to build consumer and brand trust.
- For financial marketers, the need to connect with consumers right now regarding savings, budgeting tools, and capital preservation should be a high priority. Make it happen.
- On television, I’ve seen the messages of optimism from the likes of Walmart, Toyota, and Ford. (Post your inspired ad in the comments section below to share, please.) We need these messages right now. Beyond our own mortality, we will emerge on the other side of this. Brands need to be megaphones for hope and empathy. And certainly not insensitivity.
- Perhaps TV spending is too steep for many brands’ budgets. In my email inbox, my favorite restaurants offer meals-to-go, my coffee house enables virtual tips for unemployed baristas and healthcare workers, and nonprofit organizations are postponing their live fundraising events with an online ask for the here and now. Needs don’t stop, in fact, the chronic has become acute. For those of us who can afford to help, there’s a collective mood to give. There are reasons to keep relevant communication appropriately flowing to audiences.
- My previous post addressed data quality. Let me repeat: all those mobile and data visitors to your sites right now must not go unrecognized. Ensure you have a data and tech plan to identify (perhaps in the form of free registration, analyze, and engage accordingly.
- Respond to the Census. Yes, do it for democracy. But we in the marketing business also know how invaluable Census data is to the economy, and the strategies we map for our brands.
So, yes, we’re all facing a flash freeze. And marketing-as-normal needs to be re-calibrated. So let’s re-calibrate … show our CFOs the likely payback, and let’s get going.