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?
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.
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?
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:
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.
Images credit: Gartner