Maintaining ad and marketing spend, while understanding changes in consumers’ media and shopping habits, is key to building strong brands for the future. Many local businesses are uncertain about the future as well as what type of impact the Coronavirus will have going forward. It is important that, during this time, we remain calm and that we continue to implement measures and precautions while supporting each other as entrepreneurs, business owners and start-ups.
Review Marketing Finances In Different Scenarios
Make use of both conservative and best-case scenarios as you map out your marketing finances for your company. The uncertainties of the pandemic – as well as other “wildcards” that have the potential to impact your company – call for “prudent levels of conservatism” when you outline your financial plan.
This being said, you also can’t be too conservative and then cut out the capacities which will assist you with succeeding when the economy does pick up again. There is a delicate balance between remaining conservative if the future seems to be bleak and being positioned well when the future looks favourable.
Resilient Marketing Leadership
Develop resilient marketing leadership and a collaborative organisational culture. Effective marketing leadership plays a vital role in crisis communication. If you are the leader in your marketing department, you need to cultivate resilience for yourself and collaborate well with your employees.
A resilient leader should have a clear vision. They should be composed and should also possess reasoning and problem-solving skills. Resilient leaders should be persistent and collaborate with others. In terms of collaboration, it is vital that you continuously build – as well as maintain- your professional networks. Get support from your employees. This is exceptionally relevant in times of crisis such as we are facing at the moment.