No matter what you call this – whether it be an economic downturn or a recession – our economy has nothing short of abruptly stopped moving in unimaginable ways. Recessions are fueled by a severe lack of consumption. It’s an unfavorable psychological climate where cautious consumers spend less – causing product inventory to build up, manufacturing to be reduced, and workers to be laid off – all of which worsen the gloom causing consumers to spend even less. It’s the quintessential snowball effect.
RedRover Sales & Marketing Strategy, the University of Memphis, and Vistage Memphis partnered to gather the critical data related to our local business impact and response to the COVID-19 crisis.
· How much Memphis companies have been immediately impacted by COVID-19 in relation to revenue, workforce, marketing and sales strategies.
· The impact the US government’s stimulus bill is expected to have on these businesses.
· How these businesses’ operations — including sales and marketing strategies — will be impacted for the next nine months.
· Sales and marketing best practices from Memphis businesses in the trenches of navigating this crisis.
· Lessons learned for surviving and recovering from the impact of COVID-19.
So how do we get back to the business of growth? Here’s what survey respondents had to say.
“They say you can learn a lot about an organization by how it operates in times of stress. I am blown away by how strategic, responsive and all-in the RedRover pack has been in supporting our Mahaffey team in optimizing our marketing strategy during the COVID-19 crisis. I couldn’t have asked for a stronger partner. Without prompt, RedRover continuously provides proactive and meaningful strategies to ensure we are adapting as often and as fast as this crisis seems to pivot. What’s more — and having occurred more than once in 30 days — we’ll talk about a strategy adjustment one day and by the very next, they’ve fully operationalized it. They fully appreciate, with my never having to say so, how changes must be implemented in hours versus days right now. RedRover is one of Mahaffey’s secret weapons. They believe, like we do, that companies perform better coming out of an economic crisis by going on offense when it comes to sales and marketing. This is the kind of strategic partner every growing, forward-thinking, middle-market company deserves.” – Bill Sublette, Vice President, Mahaffey USA