Doing something useful.
I hesitated writing this - do we really need yet another piece pontificating on what we should be doing in light of the Covid-19 challenge? However, my other half suggested I was overthinking it, so - here goes.
I've spent much of my career working in marketing, and there's no doubt that in the immediate future marketing is one area in which cash starved businesses will look to make significant cuts. Whilst we can argue the rights and wrongs of this decision, the fact is it's often the biggest area of "discretionary" spending that can be impacted immediately, so regardless it's going to take a hit. Realistically, in the short term there's not much anyone can do to prevent this impact.
That doesn't mean, however, there is nothing we can do now if we work in marketing. I've been lucky enough to work on big campaigns in my career, and have always been amazed at the number of people beavering away on location for a big shoot, most of whom I've never met before the big day. They are the army of supporting staff and crew - from camera and sound people to catering, security, logistics and transport. Then downstream there are all the specialist small agencies doing post production, CGI to whatever to create the finished product. Many of these folks are either freelancers or employed by small agencies who may not have the structure, processes and resources to give them the resilience of a bigger organisation. They are going to have a tough time in the coming months.
It may be unlikely that you will commission the sort of major new campaign in the next couple of months that will keep this army of marketeers busy. But what about the work you've done in the last few months? Large clients and agencies are notoriously poor at paying their small suppliers on time, and it's these folks in "our" line of work who will be hit hardest. So if you work in a big client or a major agency, why not go see your finance director and ask to run through all the accounts payable for marketing? If you're client side, make sure your agencies have been paid on time for the work that they have already done. And if you're in a big agency, make make sure all your small suppliers, freelancers et. al. have had their invoices settled and are up to date. You're going to need them all again, so do what you can now to make sure they remain in business during this inevitable slow down, so we're all ready to capitalise on the recovery that will come.
Senior Client Partner - Economist Impact; Client Services Director - StoryStream
4 年Great article David. Coming from a family of freelancers working in the film industry this strikes a particular chord. My brother's recent shoot has been cancelled and that's then it. No work for the foreseeable. The other brother freelances as a driver on film sets - his most recent job also got cancelled. That's it for him too. So neither has any income right now. Same all over the place. Very very difficult times for crew.
Non Executive Director | Business Leadership, Marketing Communications
4 年Pitched perfectly Mr Pugh
Managing Director & Owner at Straight Eight Special Vehicles Ltd at Straight Eight Special Vehicles Ltd
4 年I completely agree, David, we have to keep things ticking over otherwise there will only be a limited choice of suppliers and more importantly, knowledge to come back to and that in itself is as concerning as the bug
Agency Leader | Scaling Businesses, Driving Transformation & Leading High-Performing Teams in Fast-Changing Markets
4 年hear hear David we have a large corporate who still wants to pay 120 days even in this climate - when they are sitting on a huge cash surplus and we have to pay wages when things are being postponed - what goes around come around as they say - #bekind?
Founder - Creative Director at Wash Studio ? Director at Wash Films ? Partner at The Artistry House - Artistry Interiors
4 年Great write up David! The genuine and honest marketeer that you are, I wouldn’t expect anything less. I feel the world we work in needs more of that approach. It is a very troubling time ahead I agree. Cash flow is survival. But also keeping projects moving is also key. If we all stop, we’ve had it. The financial and economic impact will be disastrous. Being a small studio, I’ve always tried to keep my suppliers paid up and happy and have a good reserve in the bank incase things get tough... but for how long I can sustain that? Hard to say? 17 years in business, building a credible and honest, creative business to be wiped out by some virus. No chance!!! But to be taken down by bad payments, lack of foresight and people kicking back as they are ‘ok’ because the pay cheques keeps rolling in... then that would be a very sad day and a real possibility for many businesses if folk are not made aware. We all need to support one another and get through whatever this is!?! Thanks for posting David and thank your other half for the nudge! A/