In the Current Crisis, it’s Innovate or Die.

OK, maybe I’m overstating it ... or am I?  The pandemic has caused significant changes for almost every company.  Many have seen a sharp drop in revenue.  Others have had revenues remain the same or even increase, but customers’ needs have changed.  Many have new rules and restrictions about how they can do business.  Some restrictions may be relaxed soon ... but customers aren’t sure it’s safe to go back to their old behaviors.

We’ve all heard the stories of companies that ignored disruptions going on around them.  Nokia didn’t realize that data would become more important to users than voice.  Kodak ignored digital photography.  Blockbuster refused to believe their model could be improved upon.

And then there are the companies that recognized disruption and innovated.  Netflix was in the business of mailing DVDs to their customers.  The company saw the growth in high-speed internet and developed its streaming service.

More recently, online meeting provider Zoom grew immensely as a result of the lockdown... and then had to deal with significant disruption when security flaws were discovered.  As a result, many companies and organizations stopped using Zoom.  The company reacted quickly, releasing versions of their software that addressed vulnerabilities and going so far as to acquire security company Keybase to help with their security and privacy efforts.  Now the New York City Department of Education and other organizations have lifted their bans on Zoom use.

So how can you ensure your company doesn’t get crushed by disruption?

We recommend conducting a brand innovation process, which includes the following:

• A review of how the competitive landscape has changed as a result of the current crisis.

• Research with customers and prospects to understand how they feel and what they are doing right now.

• Disruption workshop with your key stakeholders.  Looking at each of the '4 Ps of Marketing' – Product, Price, Place, and Promotion – what has changed in the current environment?  How should the brand evolve to address those changes?  A SWOT exercise leads to brainstorming. What could be done better or differently when it comes to each of the 4 Ps?  What are ways to leverage the company’s strengths and opportunities (including new opportunities) in order to overcome the weaknesses and threats?

Can My Team Help ?  I thought you’d never ask!   I have teamed up with Jay Zaltzman, President of Bureau West, who is a market research and business coaching expert, to offer brand innovation to our clients.  E-mail me at jisharlip@msn.com to learn more about how we can help YOU.

Content courtesy of Jay Zaltzman, President of Bureau West

Marketing In A Post-Pandemic Era

After weeks of sequestration and frustration over changing policies and mis-information about Covid-19, people are suffering from Corona Fatigue. Coupled with an endless stream of self-serving brand messages trying to reassure us …“We’re all in this together”, I’m ready  to blow up my television.  What we knew as ‘normal’ will no longer be ‘business as normal’.  Covid-19 has shaken this country – and world – to its very core.  The pandemic has spared no one.  It has spread its tentacles deep into the fabric of American lifestyle, our industry, travel and buying behavior; no single demographic segment or cohort has known its mercy. 

The Transitional Normal.

We are about to enter a new ‘Transitional Normal’ phase before finally arriving at our ‘New Normal’; I doubt things will ever be quite the same as they were before March. Market research companies have been on a feeding frenzy collecting data that doesn’t yet point in a definitive direction.

However, it does appear brand loyalty had taken quite a blow – as people facing shortages were forced to try ‘new things’, and then found they actually liked them better than the ‘tried and true’. In M4’s Quarantine Insight’s Report (w/o April 13), its geo-validated retail consumer exit interviews revealed that 58% of the observed shoppers will continue to use that new brand they had to use out of necessity. With this kind of information in hand, brands must start seeking new understanding of how a ‘New Normal’ may morph with consumers and employees – both of whom have taken a beating.

Undoubtedly, there will be no shortage of hand wringing in C-Suites as they respond to this chaos – both externally and internally.  And, I suspect many companies will immediately jump into ‘high tactical mode’ trying to adjust their policies and messaging. As we enter ‘Transitional Normal’, I say … “Breathe, Pause, STOP !!”

 Hit The Reset Button.

Coming out of this turmoil, marketers must take a hard look at how dynamics have shifted with both consumer and employees.  They will need to: measure changes in buying behavior, brand loyalty and perceptions of corporate citizenship during the crisis; assess how they treated employees as valued brand ambassadors – or not.  Conducting earnest due diligence to shape emergent marketing approaches and messages will be critical.

As with any brand launch or repositioning, companies must approach this from the ground-up.  The C-Suite must look hard and long – and objectively – at what has happened and how people are feeling now and going into the future.  After deep introspection – while facing some harsh realities – companies will need to test, test, and validate their assumptions with key stakeholders going into a ‘New Normal’.

The New Normal.

With their theories either validated or refuted, companies may only then begin to define the shape their ‘New Normal’ will take over the years to come – while acknowledging there will probably be a lot of unknowns encountered along the way.

So, Now What To Do?

It’s never been more important for corporations to acknowledge this uncertainty, deal with it strategically, and if necessary, seek objective outside counsel to help them navigate these uncharted waters.

I’m part of a team of business professionals who can help guide your company through this journey.  This accomplished group of senior-level experts in brand strategy, traditional and emergent market research methodologies, content management, social media strategy and business coaching may well be that new set of eyes you need to help navigate some rocky seas ahead.  Message me if you'd like to find out more about what we do and how we approach these kinds of challenges.