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Applying a 'Plan C' for marketing strategies: Save your company during a crisis

by WarriorForum.com Administrator
1 replies
A new article on Marketing Land speaks about the the impact of Covid-19 on marketing, and why it's important to manage budgets amidst a global crisis.



The current Covid-19 pandemic has devastated many industries and caused a large number of companies to close down. In many cases, the traditional 'Plan A' and 'Plan B' simply haven't been sufficient to withstand the wrath of Covid-19. A solution for preventing business failures in times like these could be to create a 'Plan C'. This is from the Senior Director of Product Marketing for the company Acoustic, Michael Trapani:

"It is always going to be more effective for you to have options that you can start with that you build before you're panicked because you're going to make more rational decisions in the early stages. Now, this doesn't need to be a solo act. It should be a team activity. And the best ideas are going to come from people who think differently from you. You may not be thinking about all the scenarios, especially from other functional organizations, not just in marketing. But what happens if you lose some of your sales staff. Well, now you need to change your model if your pipeline is going to support that sales staff right. So it's important for all of us to think about the other opinions and points of view that might help in the creation of this Plan C."
Other possible 'Plan C' scenarios

Coming up with an alternative scheme isn't limited to Covid-19. There are various other scenarios in which a company might need a 'Plan C'.

"Let's say your ask was a 20% reduction. Scenario one is going to be about 5% to 10% higher than the asked reduction."
A reduction in budget gives a company more survivability in a crisis, but even applying a small reduction, like the one Trapani mentioned, allows athe company to continue to meet performance targets. It's a case of balancing your priorities.

Applying a 'Plan C' for marketing, as a protection measure for large scale such as Covid-19, could be the difference between the survival or failure of a business.
#applying #company #crisis #marketing #plan #save #strategies
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  • Profile picture of the author Naheed
    Hi,
    With the ever-changing business trends, marketers always need to think outside the box, and think different. Covid-19 hit the world's economy hard and closed many businesses. Now, closing the companies for long period of time was not the solution. Marketers had to alter their way of thinking and apply the plan 'C'.
    Those who want to survive will dig new ways and find strategies to tackle the after-effects of Covid-19 and maintain their businesses.

    The growing virtual business is a victory of man over the Covid-19 effects.

    Thanks
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