Around the world and across industries, marketers now face arguably one of the toughest challenges of their careers. There is, after all, no universally established gold-standard for marketing during a wide-spread pandemic, because a global crisis of this magnitude is hardly ‘textbook’. As the media coverage so often reiterates, we now find ourselves in uncharted territory.
Although the importance of brand agility and frequent innovation is well-understood by business owners and B2B marketers, the coronavirus pandemic truly acts as a crash course in responsive strategy and innovative thinking. It’s during times like these, that marketing teams will either pivot and thrive or become a victim of unprecedented global circumstances.
According to a 2010 Harvard Business Review which surveyed the impact of past recessions on 4,700 companies,17% of companies didn’t survive a recession, and 80% hadn’t regained their pre-recession growth rate three years after the recession. Conversely, only 9% were able to outperform their competitors by at least 10% in revenue and profit growth following an economic downturn.