039 This Recession Will Not Stand, Man | Marketing PodStorm Episode 1
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Welcome to Lochhead on Marketing, where we are trying the first world’s Marketing PodStorm — 30 days of strategies and ideas to help you create the future that you want because we believe that nothing legendary is going to happen, at any kind of scale, without legendary marketing.
In this episode, let’s talk about what is possible: it is possible to emerge from this downturn as a stronger business because this recession is not going to stand, man!
The HydraFacial Story
The legendary Peter Drucker once said: “the entrepreneur always searches for change, response to it and exploits it as an opportunity.” As hard as it is, particularly in this unprecedented time, legendary leaders are looking for opportunity and in many cases, they are finding it.
Christopher Lochhead conversed recently Clint Carnell, CEO of HydraFacial at Follow Your Different Episode 160, and Clint shares how they are dealing with the current C19 crisis, through radical business transformation.
How To Deal With “Ambush”
Last year was HydraFacial’s best year ever. When C19 hit, their entire category got stopped. Clint describes this as “being ambushed.” What do you do if this happens to your business?
“First of all, you summon your entrepreneurial spirit and you get, what my buddy Eddie Yoon call, thoughtfully aggressive and radically generous.” – Christopher Lochhead
HydraFacial partnered with a small company and they created the world’s first reusable cotton mask, infused with copper, which has natural anti-bacterial properties. Second, they entered the ventilator manufacturing business. Lastly, their call centers were converted to “helplines” to support the community during this crisis.
Roaring Out This Recession
Walter Frick in an article he wrote for Harvard Business Review cited amazing facts and figures that prove it is possible to turn your business around this recession.
“Recessions of 1980, 1990, and 2000, 17% of the 4,700 public companies they studied fared particularly badly: They went bankrupt, went private, or were acquired. But just as striking, 9% of the companies didn’t simply recover in the three years after a recession—they flourished, outperforming competitors by at least 10% in sales and profits growth. A more recent analysis by Bain using data from the Great Recession reinforced that finding. The top 10% of companies in Bain’s analysis saw their earnings climb steadily throughout the period and continue to rise afterward. A third study, by McKinsey, found similar results.” – Ranjay Gulati, Nitin Nohria, and Franz Wohlgezogen, Roaring Out of Recession
Christopher believes that you can come out of this downturn stronger when you commit and believe you can be a part of that 10%.
To know more about Christopher and why this recession will not stand, download, and listen to this episode.
Christopher Lochhead is a #1 Apple podcaster and #1 Amazon bestselling co-author of books: Niche Down and Play Bigger.
He has been an advisor to over 50 venture-backed startups; a former three-time Silicon Valley public company CMO and an entrepreneur.
Furthermore, he has been called “one of the best minds in marketing” by The Marketing Journal, a “Human Exclamation Point” by Fast Company, a “quasar” by NBA legend Bill Walton and “off-putting to some” by The Economist.
In addition, he served as a chief marketing officer of software juggernaut Mercury Interactive. Hewlett-Packard acquired the company in 2006, for $4.5 billion.
He also co-founded the marketing consulting firm LOCHHEAD; was the founding CMO of Internet consulting firm Scient, and served as head of marketing at the CRM software firm Vantive.
How to Survive a Recession and Thrive Afterward, Walter Frick, Harvard Business Review
We hope you enjoyed this episode of Lochhead on Marketing™! Christopher loves hearing from his listeners. Feel free to email him, connect on Facebook, Twitter,Instagram and subscribe on iTunes! You may also subscribe to his newsletter,The Difference, for some amazing content.