CARE Act: Our small businesses need help now and the CARE Act provides the necessary emergency assistance. It's now our job in the banks to figure out how to process the onslaught of applications for the Paycheck Protection Program. We're moving as fast as we can, but it's not fast enough yet.
Working from Home (WFH): Our bank was able to convert our technology immediately providing us with the tools we needed to work at home. Zoom allows us to see people which really helps to boost our spriti. The only problem we've had is telephone bandwidth: Increased demand from business professionals and kids at home has put pressure on the telecom providers.
Things we've learned from WFH.
- Start meetings on the :15 or :45 to allow people breaks or meeting run-over's.
- Meet every week at least.
- Schedule updates from C-Suite daily!
- I work more and longer hours at home! The number of extra requests from our business partners is enormous.
- There's a human side of work that we often overlook. Now it's front and center!
Framing the Customer Conversation: We're doing a lot of listening right now. There is so much uncertainty surrounding how our world will change as a result of this pandemic that it's difficult to frame a story that is credible. We can only go by the expertise available to us to talk about next steps and what the future holds.
Corporate Communications, alongside compliance and legal, are still running the client communications. At the business level, we are providing our RMs with data and insights that they can use in their calls.
Research teams are increasing efforts to monitor client reactions to how we are handling the crisis. They are providing unique insights that inform our customer communications.
Focus on Clients now (not prospects): It is NOT business as usual for marketing! Prospecting is dead. We must focus on our clients. The problem is what to tell prospects, particularly those close to closing!
Opportunity to Restructure: When the worst of this pandemic passes, our banks – and marketing – have a big opportunity to change. If there was ever a time when businesses came together for the common good of clients’ needs across the bank it is during a crisis. Senior management has a chance to examine its structure from the client point-of-view recognizing the full breadth of client relationships across the bank.
Marketing, too, can change. Marketers are recogniizing more vivedly now how their internal relationships and business practices can be leveraged for greater efficiency and more cohesive customer marketing. Marketers, use this crisis as an opportunity to make bold recommendations in the way you work. Start speculating now by posing questions like:
- How will our work/life change when this crisis passes, or will it?
- What have we learned about ourselves, our company, our clients?
- How will we define marketing going forward?
Spending changes...this from Forbes CMO online: Speaking of the marketing front, budgets are taking a hit as companies pull back ad spend or redirect their efforts. Last week, the IAB released a new survey that found 74% of marketers expect COVID-19 to have a larger impact on advertising spend than the financial crisis did in 2008. Meanwhile, some buyers are shifting money into digital channels such as connected TV as more people are tuning in while at home from work or their normal activities.