How we experience brands has undergone radical change during the Coronavirus crisis. What have we learned about surviving these turbulent times?
In this episode:
Why the distinction between your physical and digital brand is dead.
- The three key questions that dictate how heavily a brand is being impacted by the Coronavirus crisis.
- Why the crisis is a hugely valuable learning experience from a brand experience point of view.
Why your brand can't afford to shut down marketing activity during the crisis.
- The scientific consensus against reducing investment in marketing.
- Marketing effectiveness guru Peter Field's 4 key lessons about the benefits of continuing to invest in marketing during an economic downturn: 1) Cutting marketing budget in a downturn only helps defend profits in the very short term; 2) If you do choose to cut budgets, your brand will emerge from the downturn in a weaker and much less profitable position; 3) During a downturn, you should aim to maintain your share of voice, at or above your share of market during a downturn. Evidence shows that this delivers a longer-term improvement in profitability that outweighs any benefit gained from short-term reduction of investment; 4) If your competitors are cutting budgets during a crisis, the benefit of maintaining your investment in marketing expenditure will be even greater. In short, if your competitors go quiet, it’s easier to make yourself heard.
Why you need to make use of your entire marketing mix - the '4Ps' - Product, Price, Promotion and Place.
- Why Promotion (Communications) may not be the right play.
- The power of Product, Price and Place, with examples.
The 5th P - 'People' - and how it can make or break your brand.
- Doing the right thing by your people.
- We're all in this together and brands need to act like it.