Right now the world is facing the sort of crisis our ancestors took for granted. There was no certainty a hundred years ago and the fact that things could change in a day and the future was unclear were accepted facts of life. With our ever increasing connectedness the negative messages to which humans are more reactive than positive can easily dominate. We’re seeing it right now as the economy screeches to a halt. The first opportunity is that everyone everywhere suddenly sees how much we rely on each other.
So what to do in times like this? It’s not a situation they teach you about in business school and it’s the sort of crisis the modern world has protected many of us from our whole lives so we have no lived experience to fall back on.
Ask yourself, do you think we are seeing the end of civilisation, or just a change of focus? Could it be that there are positives in what we face and business opportunities?
Let me tell you what Fresh Promotions is doing these difficult times. To be honest buying promotional products is not something that’s high on the list for anyone right now. We see this every time there is a fall in the sharemarket or economic uncertainty takes hold. And of course it makes sense. Not buying some printed pens or coffee mugs seems like a sensible business decision when cashflow is uncertain. So we have considerable experience in dealing with the tough times.
Right now we are working to make sure when the troubles pass, which they inevitably will, Fresh Promotions is ready to spring out of the starting blocks and be in a winning position when the business world comes out of hibernation. We’re negotiating with our suppliers to make sure we have the best products and pricing available. Where possible we are negotiating deals with the wholesalers and factories to try to offer increased value to our clients, and of course we’re doing everything we can to get supply of hand sanitiser! If only we could fill the orders we’ve received we’d probably be ahead of budget!
So from a promotional point of view what should your company be doing? While things are uncertain, until the extent and effect of the virus is understood there’s not much point attempting any broad-scale marketing efforts. People are focused on what’s close to them and this will be the case until the facts become clear. Nothing destroys business confidence like uncertainty and it’s the driving force in the economy right now, forcing down share prices and causing companies and retailers to shutter their shops and retreat. So during this phase of the “crisis” an internal focus is essential. What jobs have you been putting off? Is it the new website design your had been thinking about? What mid-long term projects had you been thinking about but never had the time to consider? Right now there is an opportunity for you. You can work on your website and your supply chain without disrupting your entire business and customer base.
Then the big question is when we recover and what the business landscape will look like when we emerge, blinking in the bright light of day from our bunkers. First mover advantage is always an important business factor. When inevitably business improves and people find a way to get the economy rolling forward do you want to be stumbling in circles, or do you want to have a plan and momentum behind you? I’s all about timing. We can tell you, as a company which follows exactly the advice given above, that when things restart there are great advantages in being fully prepared. When everyone is fearful and reluctant to invest the cost off being bold and brave is less than usual and the rewards greater.
Fresh Promotions will be restarting our Community Support Scheme, which in the past 12 months has donated to almost 200 small community organisations and charities. We’ve begun to promote the offer again on Facebook and through our contacts with many not for profit, community groups and sports teams. This is one way we can remain engaged with potential clients and keep our name top of mind so when things accelerate - and we believe they will accelerate rapidly - Fresh Promotions is in the strongest position possible.
Good luck everyone, we’ll be here every day. When this is behind us we’ll all be stronger and wiser.