Your competitors will be desperate and undercut costs, but you still need to retain clients and make money
Recessions lead to recovery, argues Chris Savage. But to get there, agencies need to buckle in and do the hard work it takes to keep clients.
Agencies must move with lightening speed to get ‘recession-fit.’ Laggards won’t make it. It’s as simple as that.
To protect jobs and help the economy recover, creative and communications agencies must make money.
Client volatility is a certainty
Plan for a W-curved recovery. Things start to improve, then a re-occurrence of the virus sees regular new lockdowns. Stop, start. Repeat. Clients will have little visibility to set new longer-term budgets.
Once again, Chris provides excellent advice.
Businesses, particularly, independently owned businesses must continue to make profit.
As much as doing everything possible to keep all staff employed is admirable, it can’t be done at the expense of the business; all that will result in is the business closing and no jobs being saved.
Businesses that no longer exist can hardly create jobs can they?
“Businesses, particularly, independently owned businesses must continue to make profit.”
So THAT’S where I have been going wrong … w-a-y too much non-de-risking…
Thanks Chris, you have continued to provide excellent advice for agencies and I have no doubt those that follow it will survive and thrive.