As the world reels from the effects of COVID-19, our firm recognizes that marketers are faced with unprecedented challenges. The economic landscape has changed dramatically and while the road ahead will be difficult, opportunities for change and growth also abound for organizations seeking to adapt.
On Wednesday, April 1, 2020, Findsome & Winmore CEO Matt Certo and CMO Kelly Lafferman hosted a webinar aimed at helping marketers navigate the uncharted waters of the COVID-19 crisis.
During the free, hour-long presentation, Matt and Kelly provided listeners with informed perspectives and insights for marketers looking to understand the changing landscape. They shared lessons learned from brands who have successfully navigated crises of the past and framed those learnings to marketers faced with seismic industry, societal and consumer shifts of their own.
If you were unable to attend, the following resources are available to you:
- View a recording of the webinar
- Download the slide deck (PDF)
- Download an executive summary of the presentation (PDF)
- Download exercise worksheets (PDF)
Main topics covered in the webinar include:
Marketing’s Role in Times of Great Uncertainty
- Marketing definition: The purpose of marketing is to satisfy the needs of our customer involving a total company effort which produces a profit for our enterprise
- Marketing is more than just promotion. Remember the four P’s: Product (or service), Price, Place (distribution channel), Promotion
- Marketing’s role in a crisis – guide organization through and to a new normal
Understanding The Marketplace
Historical context of behavior influenced by previous disasters:
- The Great Depression: Low trust in financial institutions
- DotCom Bust: Emphasis on true corporate earnings
- 9/11: Travel and security habits, cultural/religious consciousness
- The Great Recession (2008): Preference of experiences over materialism
- Virtualization of activities
- Increased focus on hygiene/health consciousness
- Reduced mobility/travel
- More eating/working/exercising from home
- Greater caution with discretionary spending
- Fewer activities in enclosed spaces/more activities in open spaces
- Greater reliance on delivery services
- D.I.Y. activities (arts, crafts, board games)
- Be present and communicative
- Maintain consistency and cadence
- Be genuine, authentic and vulnerable
- Stay in your lane
- Be measured, relevant and engaging; stay true to brand voice
Lessons Learned: Leading Brands Through Past Crises
- Procter & Gamble
- Miracle Whip
- Harley-Davidson
Identifying Opportunities for Growth
Based on the visible changes in behavior resulting from COVID-19:
- Personalize for your industry and customers (how will the behavior shifts change your customer base?)
- Anchored by your mission, embrace an intentional shift (what do you have that you might redeploy, repackage, reconfigure, redistribute or repurpose in a way that extends your mission and helps your customers?)
Reframing Product Strategy in The Age of Isolation
Examples of intentional shifts:
- Tito’s Handmade Vodka – Making hand sanitizer
- Dyson – Manufacturing ventilators
- Puff ‘n Stuff Catering – Buy a meal, serve a meal promo
Cultivate Creativity Amid a Crisis
- Pace yourself with cable news
- Spend time learning from your customers
- Stay calm when the clouds are dark
- Engage your customers with ideas
- Be willing to test many ideas at once and iterate quickly
- Use digital targeting to place small bets on promotion
- Recognize that not all activities have to be permanent
- Stay curious