Six Rules To Plan Now For The Post-Coronavirus World
When the economy starts up post-coronavirus, many brands will need to be reenergized. Plan now for post-coronavirus revitalization. According to consultancy McKinsey (“How marketing leaders can both manage the coronavirus crisis and plan for the future”), “In a crisis, it’s natural to focus only on the near-term business results and adopt a pure survival strategy. But that could mean winning the battle but losing the war.”
For the short-term, there are several ongoing, must-do actions for brands.
Continue to speak to your loyalists. You need those customers who love the brand. Before spending resources on attracting new customers, the first priority is to focus on the customers who have favored your brand in the past.
Continue to communicate. Going dark may save resources, but while you are silent, another brand is stepping into the breach of your abandonment. Data from McKinsey show that those enterprises surviving after a crisis were those that “kept communicating with customers through the downturn.” Advertising Age came to the same conclusion in the article, “History shows marketers who keep spending during downturns fare much better.”
Continue to generate new ideas, supporting innovation and renovation. Consultancy BCG’s (Boston Consulting Group) analyses show that “In recessions and downturns, 14% of companies outperform both historically and competitively because they invest in new growth areas.”
Prepare now for a post-corona future. Below are Six Rules for brand revitalization. Leaving this strategic thinking and planning until the last minute will cause both a loss of valuable time and loss of your competitive edge.