Seven years ago, I published an essay on "marketing priorities after September 11." The financial meltdown is obviously different than the terrorist attacks, but both have created a powerful combination of real economic downturn with deep social and psychological anxiety. Now, as then, the ways that companies respond will matter greatly to their chances for weathering the storm.
Looking ahead, it strikes me that the four guideposts I outlined back in September 2001 are just as relevant today.
Relationships. A more cautious psychological as well as economic climate will likely put an even greater premium on trusted relationships. We should shift more marketing resources toward existing clients and partners. Many will want to circle the wagons with existing providers, thereby creating good opportunities for deeper client engagements.... By the same token, failures to go the extra mile for existing clients will be even more noticeable than usual. Prospects, meanwhile, are less likely to cast a wide net for new providers. Short lists will get shorter and more difficult for newcomers to penetrate.
Communication. Marketers wisely made immediate and extensive communication, internally and externally, a top priority on September 11 and after. It was critical to touch base, offer condolences and assistance, and reassure friends, colleagues, and partners wherever possible. We should continue with a heightened level of communications to help assuage all the obvious concerns in the days and months ahead.... And we would be well served to keep as much of our real, human voices in this effort as possible. One of the most heartening aspects of any disaster is the way in which pretense is dropped. If we can now move forward with less marketing-speak and more human-speak we'll all be better served.
Community. Crises are moments of truth. With little time and much pressure, corporate reactions generally reflect the organization's core values. The wonderful response to September 11 from our industry was a reminder that the community impulse was not just a passing fancy of the late 90s boom. That impulse is likely to gain more importance in the months and years ahead as employees, clients, and other stakeholders seek trusted partners in an increasingly challenging economic and political environment. Building on current relief efforts with a stronger commitment to corporate ethics, social responsibility, and community engagement - and honestly communicating the implementation of that commitment—should therefore yield substantial dividends in terms of loyalty and professional credibility.
One of the first impulses many companies have in the face of economic crisis is simply to cut back on marketing as an "easy" way to reduce costs. In some cases this may be necessary, although I certainly believe it should be a last resort given the marketing's central role in reassuring customers and finding new sources of revenue.
More important, though, is what marketing actually does in times like these, at whatever level of funding. As I wrote back in 2001: "The old rules of marketing are certainly not irrelevant, and the guideposts noted above would be useful anytime. Now, however, the social and psychological impacts of the attacks in the U.S. suggest that a more personal, human-scale, and community-minded approach to marketing will become critical to success." If the meltdown pushes marketing further in this direction, we can at least consider that the storm cloud of the current crisis may have a silver lining.
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