In this pandemic, many companies have resorted to different moves. Here are 4 I would like to demystify.
Myth #1: Cut marketing costs during a recession.
Truth: Within the 3 mandates in a business recovery we have been sharing, cutting unnecessary costs to attain operational efficiency is a critical goal, but it needs to be balanced with the other two, which are to preserve cash and protect or increase revenues.
Awareness is a prerequisite for revenue generation from new clients. This means that a firm must not wait for sales to happen before spending for marketing, because the funnel begins with building awareness, which can be done through media or non-media. Marketers must avoid wasteful investment, but not avoid it entirely.
Myth #2: Marketing is the heart of the business.
Truth: We have discovered that the right business model and a compelling value proposition are prerequisites for effective marketing. How many companies were unable to operate during the lockdown because of their business model? Review and redirect the firm’s business model and create a compelling value proposition, or else marketing becomes sub optimal.
Tip: Mansmith’s Continuum Academy (www.continuum-edu.com) has a free video, “8 Things to Evaluate in Your Business Model.”
Myth #3: Past marketing strategies will continue to work during the pandemic.
Truth: During this unprecedented global recession plus pandemic, satisfying needs will take priority over wants, company survival will take priority over planning to overthrow competition, minimizing losses will take priority over maximizing profit for most companies affected by the 3-month non-consecutive lockdown in the Philippines.
Consumer attitudes have changed. This alone entails firms need to adapt to changing consumer needs.
Tip: You can learn more about this through Mansmith’s Continuum Academy, with the free video “4 Emerging Norms From COVID-19.”
Myth #4: Industry expertise is indispensable.
Truth: Industry knowledge has its advantages, but we have also discovered that the longer a marketer stays in the same job function, in the same industry, the more they tend to worship the industry logic. Their paradigm limits choice selection, hence, innovation can rarely be expected. In a crisis, what one needs to avoid is called the Teddy Bear Principle: simply repeating what worked in the past, instead of learning from other industries and using different marketing perspectives.
Below is a partial list of marketing courses available at Mansmith and Fielders Inc. that can help marketers expand their lenses to think differently, see things differently, and do things differently.
Tip: Mansmith’s Continuum Academy also has a free video series “Reconnecting Marketing to the New Normal” featuring 11 marketers from different industries.