Companies whose revenues have already been decimated by the pandemic and still have the ability to get through this next set of fiscal turbulence have no option but to become fiscally tighter.
Consumers are doing something similar in fear of losing jobs, homes, and livelihoods so they're postponing discretionary spend of any kind - it's all filtering through to the worldwide economic infrastructure we once thought was impenetrable.
"The reality is that other people will behave exactly the same as you and me".
Prior to this crisis had leadership teams looked at one of the biggest changes in global in human behaviour outside of 'Covid19 which is the continued take up of social media for something other than being interrupted by spammy adverts maybe they would be able to ride out this commercial storm better than most.
Some did, most didn't, and now you and them are sat at home scratching your heads trying to work out how to remain front of mind without huge spend on advertising, WFH, and depleted resource availability - so how's that going to build confidence that you're all going to come out the other side with a company to work for?
If your company, and your job as a leader is still around post crisis how about investing in upskilling your employees today to use social media as way of really providing an authentic voice, rather than the corporate message.
Social Media is no longer an extension of your customer service department. How about using that training to activate at least 10% of the aggregated workforce to give a non brand police view of the really good reasons to work and shop at each of these companies?
All this training can be done remotely, it can be done today using all those technologies you are using to keep staff motivated, inform suppliers and ensure you continue to be front of mind for your clients and customers.
DLA ignite can help with this - contact them today