Interestingly enough John Quelch recommends companies in one of his HarvardBiz blog entries to keep up Marketing spendings for next year. His reasoning: especially in difficult time it is important to reassure consumers.
With all the uncertainty brought to us by the recession people have the tendency to go back to basic values.
Families & Friends matter. Familiar brands as well.
However, be sure to review what your customers’ needs are. They might not be looking for the same solutions as they did before the ‘big crisis’. Not the same products will matter anymore – time to review your portfolio.
He also emphasizes that promotions will work well since people will be increasingly looking at opportunities to save a few pennies.
Something to keep in mind: Reassurance is not only important for the brand image amongst consumers.
Don’t forgot to reassure your employees, your partner network & key clients. What support do they need right now?
Remind them of key values and intentions of your organization.
Last but not least: be the change you want to happen. If you are worrying how can you expect employees and clients to stop caring?
(Hyper)thinking beyond the crisis is the first and most important step towards growth.
Find out more and read the full article here