Fred Wilson recently commented on how interesting it’s been to watch their portfolio companies adjust marketing strategies during the COVID-19 crisis. He said (emphasis added),
It is all over the map, based on the unique situations of each and every company, with some pulling back on marketing, some accelerating it, and some keeping it more or less the same. Even the ones who are not changing marketing spend are changing their marketing mix a lot.
When the times change, so does the strategy. It makes me think about what we are all doing differently – from our daily habits and rituals to the ways we are connecting with clients and each other. The actions we take today will impact the position we are in as the world eventually recovers.
Whether it’s extra sit-ups or tweaking our social media strategy, now is the time to change the mix. A crisis is an open excuse to do things differently. Experiment.