For most working Australians, we are moving through uncharted times. The last recession the country experienced was in 1991, which is almost 30 years ago. That means for anyone in their early 50’s or younger, the economic shock of this downturn and what lies ahead is an unwelcome new experience in their working careers.
In more recent times the closest we came to a recession was the GFC in 2007 / 2008. Now we face a crisis on a completely different scale, triggered by a government-induced lockdown of the economy in response to a health pandemic. It’s a demand-side and supply-side shock, both at the same time. And it’s global.
In an industry that thrives on teamworking, brainstorming, and across-the-desk communication, we’ve had to decamp and set up remote working, supported by new tools and technology that have made it possible. As a small business, we’ve had to adapt fast and make sure we can ride out the storm while simultaneously delivering everything our customers want from us, fast, efficiently and flexibly.
The reality is that we are already likely in recession. So as marketers how do we adapt and manage through these turbulent times and search for opportunities that exist within the crisis as we navigate our way out of it?
1. Maintain visibility
It is well known that brands that maintain or increase their marketing activities in a downturn are able to increase their market share at the expense of competitors who withdraw. Despite the tough C-level conversations where some companies have to make severe cuts to ensure their survival, the marketing voice has to be clear and strong to ensure that their brand doesn’t become invisible. Brand performance in the recovery will be a reflection of their relative visibility during the crisis.
2. Sustain trust
In times of crisis consumers and businesses look to brands they can trust and have confidence in, come what may. Brands need to ensure their behaviour does nothing to diminish trust, and conversely look to build on it and increase positive perceptions as way to increase the strength of their customer loyalty and support.
3. Stay close to customers
A company’s biggest asset is its customer base. Now more than ever is the time to show awareness of customers’ importance, empathy for their situation, and appreciation of their loyalty and value to the business. Communication is vital, with frequency and relevance the key.
4. Tailor messages to the times
We cannot underestimate the severity of this crisis on businesses and individuals. Our messaging in words and images has to reflect our awareness of the situation, the challenges being faced and how we can make a difference. We need to show empathy and let customers and prospects know, “How can we help?”
5. Be nimble, flexible, and move fast
The world as we knew it pre-2020 is gone forever and is being replaced by a new reality that is being shaped and formed day by day. We can’t go back to the way things were. We need to be flexible, adaptable and agile, and look for opportunities and pivot to seize them, rather than being stuck in the old way of doing things. And speed is of the essence.
6. Empower your teams
While some of us have been through previous downturns, for all of us the current situation is “unprecedented”. There is no playbook to follow. The knowledge, experience and motivation of our people is there to be tapped. Our teams are eager for the opportunity to take responsibility for developing and implementing new solutions that are tailored to the times. It is a time to trust our people and empower them to help lead our businesses on the road to recovery.
7. Be positive
As with all downturns, this one will end. It might end up being more severe than anything we’ve previously experienced, but it will end, and we will come out the other side. We need to project optimism and belief in ourselves, our brands and companies. We will persevere, adapt and overcome. “This too shall pass” is a useful daily mantra that can help to fortify and sustain us when the going gets tough.
In a few years’ time we’ll look back on 2020 as a year where so much of what we knew and took for granted was turned upside down and changed forever. It’s a year that will define us as individuals and businesses, and provides the opportunity to emerge as sharper, more relevant and more effective than the way we went into what will be the biggest challenge of our working careers so far.
