3 minute read
A combination of good fortune, good management and human spirit has led to an emerging sense of optimism about Australia’s recovery from the COVID 19 pandemic. The economic outlook, however, is less certain. With the IMF predicting a 6.7% dip in GDP in 2020 but a recovery of 6.1% (around pre-pandemic levels) in 2021, the pain will be sharp, but hopefully short.
This leads to some critical questions. Which companies will be positioned to break through as restrictions begin to lift? Who will be ready to mobilise as we emerge, blinking, into the light of an evolved business world? How do you plan for the post-COVID world when you’re flat-out in survival mode?
The great news is that, simply by doing something to gain momentum while others are doing nothing, you’re ahead of the game.
History as a teacher
There’s a powerful story about Proctor and Gamble during the Great Depression. When the rest of the soap market went into retreat, P&G experimented with taking up a sponsorship of a syndicated radio serial, Oxydol’s Own Ma Perkins. This small, tentative toe in the water was so successful that P&G went on to sponsor 29 such serials (this being, of course, where the term ‘soap opera’ was born). P&G then rode the recovery to become the global giant it remains to this day.
Keep calm and carry on
Marketing budgets are the first things to go when times get tight. But in each category, at least one player will buck the trend. The smart money is on maintaining a marketing spend – maybe not at pre-crisis levels, but certainly at a level that helps you seize a share-of-voice advantage over retreating competitors.
By offering solutions that are relevant to the present conditions or helpful to stressed decision-makers, you’ll achieve the twin benefits of positioning your brand positively while also building market presence.
That’s a nice place to be when things return to normal.
We’d welcome the opportunity to help you calibrate where you are now in relation to your customers and competitors and discuss cost-effective options to gain an advantage during the dip.
Call Phil Huzzard on 0418 344 763 or email philiph@dprandco.com.
