To our friends in the cannabis community, we hope this message finds you safe and healthy.
In uncertain times such as we are experiencing, we shift to a mental state of survival. Our brains favor emotions over reason, and it’s this hardwired instinct that keeps us alive. In business this is called risk aversion. Skilled managers understand this psychology and are adept at framing challenges in a way that minimizes threat while maximizing opportunity.
If not skillfully managed, an organization’s crisis communication—or lack thereof—could have a severe impact on its financial performance. While so much about the current pandemic is uncertain, steps can be taken to make the odds more favorable. The urge to cut expenses is natural; however, it’s important to be aware of the resulting impact of these decisions. Marketing and advertising often are included in the category of unnecessary expenditures, but while those expenses may seem unnecessary, in times of turmoil they are more essential than ever.
Countless studies support the fact that in times of crisis, corporate advertising can be an extraordinarily powerful tool for survival. Thoughtfully constructed, proactive campaigns support a company’s reputation and influence the way employees, vendors, and customers view the business.
When applied properly, proactive crisis advertising has proven to be highly useful for mitigating potential harm and gaining market share. Just ask Kellogg’s. During the Great Depression, when Post brands slashed its advertising budget, Kellogg’s doubled its spend. As a result, Kellogg’s supplanted Post as the king of dry cereal and has maintained the crown ever since.
Being in the cannabis industry, we all are accustomed to challenges. Dealing with unpredictable circumstances is what we do best. We are optimists who see opportunities in every situation, and in spite of the odds we are driven for success.
Over the past week many B2B organizations serving our industry have retreated, and reduced available offerings. While these actions may be necessary for operations, they are disappointing for the industry. As it’s times such as this these B2B services are needed most.
We know businesses depend on B2B platforms to interact with customers and reinforce brands. For this reason, Inc Media, publisher of mg Magazine, has created an Emergency Marketing Support Fund of $1M to assist small and mid-size businesses through this difficult time. The EMSF is part of a larger commitment to helping support our industry, its businesses, and the many people who rely on our collective offerings.
mg Magazine will continue to print monthly and will increase distribution of the newly launched digital version of the publication for those working from home. Additionally, we have increased resources to provide readers with meaningful, timely coverage relating to COVID-19 and the cannabis industry on mgretailer.com.
Please remain safe and healthy, and together we will prosper.
Editor in Chief