1. Today technology is challenging old assumptions
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• inherent to a given industry
• the perishability of food
• the associated value chains are highly vulnerable
Shocks inevitably seem to exploit the weak spots within broader value chains and specific companies. An organization’s supply chain operations can be a source of vulnerability or resilience, depending on its effectiveness in monitoring risk, implementing mitigation strategies, and establishing business continuity plans.
2. Reduce Your Marketing Budget Safely
Beyond the immense toll the coronavirus has taken on people’s health, employment prospects and household finances, the turbulence has rattled many corporate functions. Finance teams have begun to put the brakes on spending and protect cash flow.
More selective cuts, on the other hand, can mitigate losses, shore up cash flow and even improve performance over the long term. One retailer, for instance, has identified roughly 20% in savings on digital and direct mail marketing spending with no negative effect on revenue. Laying out a concrete plan for the new environment could lead to a leaner, more collaborative marketing operation.
Before temporarily pausing or shifting marketing activities, it’s critical to understand what aspects of marketing currently drive spending and whether those drivers still apply. Other drivers may have quickly emerged as more important.
Before temporarily pausing or shifting marketing activities, it’s critical to understand what aspects of marketing currently drive spending and whether those drivers still apply. Other drivers may have quickly emerged as more important.
