Manufacturing Marketing COVID-19 Recovery

[dot_recommends] July 26, 2021 Manufacturing Business Strategy

Phases of Recovery for Marketing Spending & Strategy

 

Manufacturing Marketing COVID-19 Recovery phases of marketing recovery from economic downturn shown visually

Manufacturing Marketers Planning for 2022

The pandemic created a massive disruption for manufacturers in 2020. What does manufacturing marketing COVID-19 recovery planning look like now?

Marketing shows a pattern of crisis, uncertainty, and renewal in the face of economic downturns. This model can help you think about how to plan for recovery in 2022. Where is your company at in the cycle?

Things to Consider in COVID-19 Recovery Planning

You may need to advocate to protect your marketing budget even during the recovery phase. Create a budget that prioritizes distinguished marketing investments and protects the company in case of market variability. Plan for recovery with a deeper understanding the current and emerging environment.

  • Analyze the current business environment – both internal and external
  • Build marketing plans aligned to the new realities that are emerging
    • Economic realities
    • Social realities
    • Business realities

Where to Start With Recovery Planning

Start by looking at what changed in the past year in response to the pandemic. Below is a chart showing the impacts of the COVID-19 crisis on marketing budgets. How does your company compare? What can you realistically expect in the coming year?

marketing-budget-cuts-2020

Consider Zero-Based Prioritization

If your budget has been hit hard by the pandemic, zero-based prioritization may be a good solution. Forget looking at existing spending plans and deciding what to cut. With zero-based prioritization, you start from zero and build up.

Steps for zero-based prioritization:

  • Analyze marketing portfolios in context of business goals
  • Reset your portfolio by clearing current projects
  • Collaborate to add projects back in or create new priorities
  • Finalize the marketing portfolio and resolve any disputes.

Remember, that manufacturing marketing COVID-19 recovery planning happens in the context of the overall business strategy.

Growth strategies for industrial manufacturing are our specialty. If you’d like to consult on your post-pandemic planning, contact us to start a conversation.

–parin

Managing Partner

Images credit: Gartner

Stay in-tune with the latest trends and best practices

    let's talk Let’s Talk