KBB retailers have approached this crisis in several different ways.
And for at least 50% of them, their 'plan' has been painfully obvious.
Retreat. Batten down the hatches. Conserve cash at all costs. Cut everything.
And while, for some, this might have been an essential plan for the past four weeks, it's a truly terrible plan for the next four months.
Yes, we're in crisis mode. Of course we are.
But it's vital to remember, that while the word 'unprecedented' has been thrown around a lot, our world has experienced plenty of crises over the years.
And what history tells us, is that it's the companies that increase activity and exposure during recession, that come out of the other side thriving.
Kellogg's: doubled its ad budget during the Great Depression 90 yrs ago and secured enormous gains in market share.
Microsoft: flourished throughout the 1982 recession.
Uber: created in the credit crunch 10 yrs ago.
The list goes on and on in a way that proves, beyond any shadow of a doubt, the businesses that see crisis as opportunity, are the ones that succeed.
Not the ones who sit on their hands, stay silent and wait for it to pass.
The ones that understand - despite the media hysteria and hyperbole - that consumer and B2B spending remains constant during crisis.
Yes, habits may shift, but spending stays the same.
Which means that if you're cutting advertising to save money … you're doing the equivalent of stopping your watch to save time.
The money'll get spent anyway; it just won't be spent with you.
Right now, KBB retailers are faced with the perfect opportunity.
The pandemic means there's more media attention up for grabs than ever before. At exactly the same time, many advertisers have reduced or cut spend in their droves. And the combination of these two points has led to the cost of advertising coming down.
In other words, there's more audience available, far less competition, and available at a lower price.
The biggest threat to the long-term future of your business right now is your own inactivity.
Remain silent, and when your doors are open, there'll be no queue.
Double down and reap the benefits of increased attention and decreased competition. You'll build a steady pipeline, stealing market share from the retailers who remain still and silent, in the process.
Don't be an Ostrich. Be a Kellogg's. Be an Uber.
Want to know precisely what you should be doing right now to maximise this opportunity?
I'd like to invite you to the next instalment of Crisis Marketing for KBB Retailers. It's a free, live, interactive video call, on again this Friday morning.
I'll host the call again. We'll spend more time outlining some more of the vital activity that independent KBB retailers need to be doing heading into May.
We’re getting ready to ‘leave the tunnel’. So, it's going to be all about your 'Re-opening' and the messaging and activity you need to have around that, to hit the ground running.
We'll give you actionable, tangible marketing ideas you can take away and commence in your business straight away. It'll ensure you more than just survive this period but thrive out of the other side too.
You'll have an opportunity to get any questions answered, as well as hear from other independent kitchen retailers in the same boat as you.
To register for the Zoom video call this Friday, 1st May, 11am-12pm, click HERE.
Finally, please feel free to forward this invitation to anyone you think would benefit from being on the call.