The Marketing Mix in times of crisis
What to change, and what not to, to survive today and thrive tomorrow. A data-driven approach.
May 6, 2020
The current crisis is different, but not entirely so.
While the lock-down is unprecedented in how it removed decisions over what to produce and consumer from producers and consumers, we know that once it’ll be lifted we’ll be facing a more conventional downturn, albeit one made worse by possible supply chain disruptions and concern over further cyclical lock-downs.
The role of marketing is not to exploit the crisis as an opportunity for low-cost branding, but rather to set the conditions to survive today and thrive tomorrow.
In times like these, we’re all rushed into making complicated decisions that will have a disproportionate impact on our future: think about the fact that fewer than 30% of companies who made certain budget choices during the 2008 recession ever regained the market share and profitability they lost during the slump.
On the other hand, companies that followed a different approach grew 9 times faster.
We believe that particularly in difficult times we should learn from the successes and mistakes of others.
The paper “The Marketing Mix in times of crisis” curates the most significant findings of a sample of econometric studies to offer data-driven recommendations to the main questions that marketing is faced with today:
How should I adjust my communication budget?
How should I review prices and promotions?
Is it still the right time to invest in innovation?
How should I act on my sales channels?
Thanks to research, we can largely predict what will happen, but not to whom. That’ll be up to the decisions that each one of us will make.
Download the paper HERE.
Get in touch with the author HERE.