Unless and until you have been living under a rock for the past 5 months, there is not a single soul that hasn’t been affected by the current COVID-19 crisis. In today’s crisis, the following business management quotes by the father of modern marketing Dr. Philip Kotler make for compelling study.
If any business follows these principles, I am sure they would reap significant returns in the long term. Incorporating these principles might not give a company immediate jump in profitability, but would form the basis of a very strong and loyal customer base that could become their brand advocates in the days ahead. These principles have been time tested and act as strong pillars during tough times too.
1. “A good company offers excellent products and services. A great company also offers excellent products and services but also strives to make the world a better place.”
2. “Be a cause, not just a business. Have a higher mission.”
3. “I don’t care what happened to your profits. Have you improved your share of the customer’s mind and heart this year?”
4. “The only way to serve your company’s interest is to serve your customer’s interest.”
5. “It’s more important to do what is strategically right than what is immediately profitable.”
Dr. Kotler is a marketing legend whose literary works have formed the basis of various modern marketing teachings. His views have helped to shape our understanding of social marketing and capitalism in itself.