Apr 3, 2020
The Coronavirus has presented Canadian businesses with unprecedented challenges. There is no compass for these uncharted waters. New approaches to customer, supplier and employee engagement require consideration and businesses underlying “operating systems” need to be updated and re-written.
In this episode, Tony Chapman a luminary of Canada’ Marketing Hall of Legends (2008) discusses these challenges with two fellow CMHOL Legend inductees, David Kincaid (2013) and Ken Wong (2006). Together they explore effective leadership through adversity and possible solutions Canadian businesses, in particular small businesses, need to consider as they manage through these uncertain times.
Organizational culture during Coronavirus
(03:18)
During these unprecedented times, organizations are afforded an
opportunity to step back and reappraise their cultures. David
shares his points of view on culture as a driver for business
transformation - “..culture acts as an enabler to creating
competitive advantage.”
Recovery - big box vs small business
(06:52)
Ken believes price will be the key lever for large enterprises in
their recovery strategies. However, small to medium businesses
can’t compete on this basis and need to find what’s in their
wheelhouse. During this time it will be clear which businesses have
true relationships with their customers.
CEO’s challenges (09:21)
CEO’s are facing numerous challenges in this environment.
Maintaining profit, managing costs, narrowing their focus on what
matters most, and doing enough to preserve today so when the times
come they can rebuild. Ken and David share their insights and
advise to CEO’s - take the time to plan & widen your focus.
Advice for small/medium business (13:45)
Truly understand what business you are in and identify what problem
you will solve for your customers. Engaging with suppliers, key
customers and local business associations to be part of the
conversation is also key to addressing these challenges. David
highlights the potential impact of e-commerce could have on small
business.
Advice to leaders (18:54)
During these trying and uncertain times, what level of transparency
is required from leaders? The panel provides their guidance
highlighting the need to engage frontline staff - as they influence
customer satisfaction - and engaging with team members at all
levels to understand how things have changed and how this has
impacted customers motivations.
Getting your house in order (22:23)
Creating a safe environment for consumers through rigours
sanitation protocols and communicating this to your consumers is
critical to establishing trust with your consumers. Communicate,
communicate, communicate!
Closing (25:21)
Tony Chapman shares his insights and learnings:
- Know what business you’re actually in, where you add value and
why you matter.
- Understanding what lane you are in - focus on the things you can
stand for
- Communication and transparency is critical when you're dealing
with customers, employees and suppliers - we’re all in this
together
Links and References
Ken Wong - https://www.linkedin.com/in/ken-wong-4453892
David Kincaid - https://www.linkedin.com/in/david-kincaid-125b851
CMHOL - https://www.amamarketinghalloflegends.ca
AMA Toronto - https://www.ama-toronto.com/
Zellers - https://en.wikipedia.org/wiki/Zellers
Galen Weston - https://en.wikipedia.org/wiki/Galen_Weston
Loblaws - https://www.loblaws.ca
Harvard Business Review - https://hbr.org
Costco - https://www.costco.ca
Tom Peters - https://tompeters.com
Follow Tony
Chapman
Website - https://tonychapmanreactions.com
Twitter - https://twitter.com/TonyChapman
Linkedin - https://www.linkedin.com/in/tonychapmanreactions/
About Canada’s Marketing Hall of Legends (CMHOL)
Founded in 2004, Canada’s Marketing Hall of Legends honours Canadians who have dedicated their lives to the pursuit of excellence in the field of marketing. The award, created to spotlight the stories, people and brands behind Canada’s greatest marketing successes, recognizes a noteworthy body of work and a lifetime of achievements. Nominations for induction are held annually. An independent selection committee of top marketing professionals evaluates each year’s list of nominees.
Contact: Xzavier - xzavier.ramphal@ama-toronto.com
About AMA
Toronto
The Toronto Chapter of the American Marketing Association (AMA) is a not-for-profit community of volunteer marketers who have been creating opportunities for personal and business growth for more than 60 years in Canada. The AMA, with more than 20,000 members and 70 chapters across North America, is the largest marketing association in the world serving organizations and individuals who practice, teach and study marketing. To learn more about the Toronto chapter of the AMA visit AMA-Toronto.com