Marketing in Crisis – Be cautious don’t be afraid
If your business was started after 2008, this is probably the first time you are facing such a situation. The last businesses faced something similar was during the global recession of 2008. Covid19 or Corona Virus has impact going beyond public health and financial impact. Developed nations like Japan, US and UK have started seeing dip in consumer confidence as well which is likely to extend the recovery period from this crisis. All the businesses are already in a state of scenario planning, stress testing their P&L and stabilising their operations. However, marketing as a function is still trying to find its fair ground in this situation of crisis. The biggest marketing challenges being faced by marketers across the globe are: How to best utilise the slashed marketing budget? What to communicate to our consumers in the time of crisis? With more bandwidth available with internal marketing teams and agencies, how to best utilise their efforts? ...