It’s Okay to Talk About Brands During a Pandemic
Author’s Note: These essays are from the “unprecedented” year that was indeed like no other – 2020. The audience was marketers, but I think many of the lessons learned apply to many of us and will last far beyond the time that the word “unprecedented” (thankfully) no longer describes the times we live in. This one is about not being afraid to just do our job.
Volume 2: March 2020
I think for many of us, the hard truth has sunk in that we are all going to be in this new reality — and deep into it — for quite some time. I haven’t lost my belief that there will be an “other side” (I recently wrote about that on LinkedIn (HERE), but the length of time that we are going to be unsure is most certainly going to test us in ways we’ve never been tested before.
Just yesterday, Edelman issued some findings based on its long-standing Trust Barometer, which, while not surprising, were quite conclusive.
“Consumers are expecting brands to help during the coronavirus pandemic, even to the point of losing money. And they will remember those that do not.”
“People will hold brands accountable for their actions: 52% said brands will have to protect people to earn or keep their trust, and 71% said that companies who prioritize profits over people will lose their trust forever.”
The capitalist in me can’t help but wonder – how can a business — any business — do good in the world if it can’t successfully stay in business?
I think the reality of our world today is we have to flip that equation. The real question is: How can a business — any business — stay in business if they fail to do good in the world?
Calling back to my comment in our last issue, it is about “and.” Businesses today simply must do both. Do good in the world and stay in business for the long haul to provide jobs, in turn providing a livelihood for their employees.
That is where it gets tricky for marketing and communications leaders.
Sometimes it may feel like it’s an or, not an and — protecting employees’ jobs or protecting the brand. Chances are, you have already been in meetings where the very real financial implications of this crisis are being discussed and management is understandably looking for cost-saving opportunities. When it comes to their turn at the table, they will be asked to give “their share.” I know — I’ve been there, many times. And I know when I was there, it felt like when real people’s jobs were at stake, cutting marketing and PR budgets was the least I could do.
But here’s the thing. The marketing leader’s role in the organization is to protect the brand and reputation of the company for the long term. It is not that your CEO, your CFO or your head of technology or manufacturing doesn’t care about that — of course they do. But it is THE primary job of marketing and communications leaders to fight for that. To be clear, I am not suggesting marketing/communications leaders shouldn’t look for ways to cut budgets — of course they should, and as their agency partners, we should be helping. We all have an obligation to help manage through this, but NOT at the cost of losing sight of the long term. Sometimes I think “optimist” should be in our job description — we have to both believe and prepare for the “other side.”
I remind you of this important fact: Marketing and communications is an investment, not a cost. Companies spend money on marketing and communications because they add value to our brands on the top and bottom lines. We shouldn’t let ourselves fall into the trap of looking at these important functions as simply costs. I like to compare this to investing in the stock market. Who in their right minds makes an investment decision based primarily on cost? Who buys a share of GE solely because it is cheaper than a share of Apple? Not a smart investor, because it’s not about minimizing costs; it’s about maximizing an investment.
I suspect, more than any time in a marketer’s career, marketing activity will be challenged. It will be paused — even cancelled. Leaders may be deprioritizing its importance in the coming months. Of course we need to focus on critical business operations and “give our share,” but we will fail as marketing and communications leaders if we are not helping our clients to remember their true calling and remember that their purpose is to always keep the long-term success of a brand at the center. One thing we should all know for sure is that the brands that will be here tomorrow are the ones that emerge from economic trauma still standing … and staying well ahead of their competitors. History is on our side — Millward Brown research from the “Great Recession” of 2008 shows that brands that “go dark” during recessions suffer significant brand metric declines. And another way of looking at it, Kantar showed that strong brands recovered nine times faster than weak brands.
At the risk of sounding less than human, I have to put this out there: If organizations find a way to cut dollars out of marketing budgets to make the quarter earnings estimate or delay a layoff, but in the end haven’t protected their company’s incredibly valuable assets — its brand and reputation — what have they really accomplished?
We can’t fall into the trap of thinking that fighting for the brand is a self-serving, money-grabbing endeavor.
We have a job to do. Let’s not feel guilty or afraid about doing just that.