Our insights on marketing and business strategy during COVID-19
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What do Salesforce, FedEx, GE, Uber, Google, P&G, Facebook, IBM, Venmo and General Motors have in common? All were born out of troubled times and tumbling economies.
The COVID-19 recession will lead to innovation. From the labor-saving tech that followed in the wake of the bubonic plague to the startups that emerged from the 2008 financial crisis, history shows us that a minority have always succeeded by solving the challenges that crises create.
We believe that COVID-19 will offer many businesses with only two options: keep on marketing or invent a new market.
Businesses and industries that evolved before COVID-19 were shaped by many assumptions that no longer apply, models that no longer work and needs that no longer exist.
As companies adapt and compete for dwindling customers in outdated markets, the greatest opportunities lie in markets that have yet to take shape.
These markets can’t be predicted, because life post-COVID-19 is something we’re only starting to understand. But that doesn’t mean we can’t look to the past for precedents—or to the present to better understand customer pain and changing realities. And when we do, we can build informed opinions about what the future might hold for businesses and marketers.
If our CEO survey is any indication, the “can-do” spirit is still alive and well. As cultural Venn diagrams representing now and the near future collide – COVID, FLU, ELECTION, BLM – resiliency seems to be many CEO’s medicine du jour.
Thanks to COVID-19, we're all relearning how to do the things we were once experts at. We’re relearning our relationships and how we interact. We’re relearning how to be a customer, teacher, CEO, marketer, sales executive, investor, ect. And with everything happening so fast, the relearning curve is extra steep.
Is it possible to love marketing and advertising while still acknowledging that it is wrought with many hateful things that make you question your existential sanity? Yes. This book can save you. You’re welcome.
In the early months of 2020, millions of workers worldwide were laid off as the Covid-19 pandemic shuttered entire industries. Yet not all industries suffered contractions: the healthcare sector, for instance, saw demand grow, as did schools, in some parts of the world, and online retail.
You’ve likely heard the term “first movers” in the context of new sector growth. Moving first to take advantage of opportunistic pathways thanks to COVID-19 is almost a new sector unto itself. One website we love, CovidInnovations.com, is a global gathering of hundreds of new products, new apps, new wrinkles to existing services all in the name of the new world.
Everyone defaults to denial at some point. It’s the brain’s way of lining up all of our implicit biases and testing them against harsh realities. Ironically, it’s because we’re trying to make sense of things with mental shortcuts. Now, in the time of COVID-19, as we all feel the need to move fast, CEOs might want to be especially mindful of biases, especially the biases that support denial and impede invention during crisis.
The world’s response to COVID-19 has resulted in the most rapid transformation of the workplace. Working from home has become the new normal, and we’ve gone from digitizing the relationship between firm and customer to digitizing the relationship between employer and employee.