as opposed to the normal two to three weeks it Marketing return-on-investment (ROI) took before the crisis. Within only seven weeks, approaches that use data to make rapid spend the company had recovered about 90 percent of reallocations can often yield great returns in their business compared with 2019 level—almost the shortest amount of time. One large retailer twice the rate of recovery of the number-one freed up millions by eliminating distribution of company in the market. Campaign conversion circulars after granular response data showed rates were five times the normal amount. that 40 percent of customers didn’t change their behaviors because of the circulars. The company That focus on the customer also provided clear reinvested the funds into more successful digital insights for a number of technology companies targeting practices. There are also pockets of with overseas manufacturing. After fielding opportunity in shifting the product mix to more surveys of customers, they learned that “supply- productive stock-keeping units (SKUs), pausing chain assurance” had become a top buying or eliminating promotions known to be inefficient, factor. Their sales teams used this insight to and reinforcing performance-based trade communicate the latest supply-chain status, thus relationships. As consumers increasingly try alleviating customer concerns, and provided new brands, companies should consider shifting some customers with supply guarantees after promotional spend to defend share in categories consulting with their newly established pricing war with surging demand and where there is a risk of room. There are enterprise-software companies switching. that have created three-month promotional offers of virtually unlimited product use for a minimal 3. Develop a rapid-fire agile operating model start-up fee. This has helped the companies gain One important way to speed up decision making market share, preserve the long-term price points is to give agile teams highly focused tasks and of its value proposition, and assist customers in a clear key performance indicators (KPIs), such as critical time of need. This approach helped solve click-throughs or open rates. Instead of waiting a business problem and address customer cash- for approvals and input, these agile squads, which flow concerns. should include agency partners, have the ability to make their own decisions. In our current remote The start-up mindset provides the impetus for world, we’ve found people more able and willing to significant growth, often through the thoughtful embrace agile methods, sometimes by necessity use of digital channels. One company, for but also because they are becoming acclimated to example, was able to launch an entirely new jumping on videoconferences to solve problems or e-commerce business in just 13 weeks by make decisions quickly. focusing closely on what customers cared about most, standardizing features, and building on The various squads are then assigned to specific what they already had. This resulted in twice as areas of focus, from consumer/customer insights many orders as anticipated, a tripling of basket to digital marketing. The sales squad could size compared with in-store purchases, and 2 to steward large and strategic deals and oversee 3 percent revenue growth. execution, speeding deal review for impacted segments and maintaining discipline. Another In another example, one furniture retailer was squad could focus on developing a long-term able to drive a 60 percent improvement in sales view to avoid panic reactions and develop clear in digital channels over just four weeks. It took guidelines and objectives for the commercial team a portfolio approach to campaigns, launching (Exhibit 4). These cross-functional teams or multiple versions to test and learn along the way. squads bring together people with key skills such Through their analysis, they discovered demand as data analytics, sales operations, and design, for baby beds and tailored campaigns to that tailored to the specific area and supplemented customer segment, even offering free child beds with additional experts in legal, finance, risk, HR, for those who had babies born during the as needed. A scrum master oversees the squads, COVID-19 pandemic. allocating and coordinating resources to initiatives 34 What now? Ten actions to emerge stronger in the next normal September 2020