Like many of us, I clearly recall a fortnight in March, where I felt like we were entering a black hole.
The pandemic was rapidly growing, the politicians were scrambling, and the media were in overdrive.
I was nervous. Our kitchen retailer clientele was too.
The Change
However, all that changed late afternoon on Tuesday, 17th March, when I received a long email from one of our kitchen marketing partners.
It was a long one, taking at least five minutes to read, and a further five to process. And then, for me, the light was back on.
The main point was:
“We’re not falling into a black hole; we’re simply entering a tunnel.”
“Stuff isn’t being cancelled; it’s being postponed.”
“Nobody has pressed stop. We’re on pause.”
It also realised that I’d seen all this before.
Not the virus! But, how people and businesses react to economic threat. They were turning things down, or off, just like they did in 2009, 2001, and 1992.
It was the ’87 recession that I was transported immediately back to – a Saatchi & Saatchi TV campaign, amid the turmoil, where the ad agency took it upon themselves to educate businesses (both big and small) on how to advertise in a downturn.
The Inspiration
Inspired by this, I decided to do the same - explaining to our clients and contacts that the tap would be turned on again. And that in the meantime, we all had a valuable opportunity to grab the increased level of attention that was up for grabs, thanks to other marketing companies leaving the market in their droves.
And I practised what I was preaching too, more than trebling the time we were spending on our marketing, and the money we were investing in it.
The Evidence
It wasn’t a shot in the dark – data dictated our advice and our actions, put together in the aftermath of numerous recessions over the past century, which said this:
Businesses that keep marketing spend stable during a recession - or increase it - see their sales hold up significantly better than those that don’t.
Revenue at the businesses that increase marketing activities - or hold steady - grows quickly in the next few years, compared with only slight increases at companies that slash their budgets.
Companies that remain market leaders or become serious challengers during downturns are the ones that increase their marketing budgets, while companies at the bottom of the pile more often reduce them.
So What Now?
The long and short of it is this:
Recessions create more opportunity for the smaller players, not less.
Yes, the media will bang on until they’re blue in the face about economic crisis, and you can view it that way if you like.
But my advice? View it as economic transformation. A unique opportunity to be bold, be brave and transform your position in the market.
In fact, it could be the opportunity of a generation.
And if you feel you could do with some help to seize that opportunity, then hit Reply and let’s arrange to talk.
Alternatively, join us for an hour on The Big KBB Marketing Call, next Friday, when I’m going to explain in more detail why now is such a moment of opportunity for independent kitchen retailers and studios.
It’s content, conversation and community and it’s on Zoom Friday, 6th November, 11am-12pm. You can register for free by clicking here now.
