Contingency Marketing – Stop the Jeepers Creepers
Contingency Marketing Plans are the lifeboats that enable a business to ride the waves and navigate the storms rather than getting swamped and sinking.They are not the damage control ones which appears before the screen after something drastic happened in the market, rather it is anticipating possible threats to the market and the way one market and sell products. Example? Who could have predicted the events of 9/11 butsomeone affected at the incident could have developed a contingency plan for a deepening recession.
There are always threats to the business from changes in the market, the environment within which the business operates, changes in travel patterns and feeder markets, etc. These threats evntually turns itself into challenges. Every Marketing Plan has a section for Challenges and Opportunities and the objective is always to turn challenges into opportunities.
Contingency plans are appendices to the marketing plan that include specific strategies, actions and the persons responsible for implementation. They also include a monitoring process and ‘triggers’ for mobilizing the contingency plan.
The key is to plan in advance and respond to indicators prior to being hit with a crisis or change. Now there is a commonly asked question: “Have Contingency Marketing Plan changed the outcome?” May be not in every case but if there is a plan, alternative strategies can be implemented well before the situation becomes a crisis. At least marketers will have a chance of surviving at perhaps a reduced rate, targeted to a business.