During crises, people’s worlds shrink. Sociologists refer to this ‘shrinking world’ as a phenomenon that occurs in times of crisis. The definition: a renewed focus and appreciation for the known and local. It means that in times of crisis, people turn inwards. Not surprisingly CMO’s are – just as consumers – adopting a similar mindset. According to Gartner, 73% of CMO’s intend to play it safe by focusing on existing customers and existing products in 2021. This low risk approach has some similarities with the shrinking world phenomena. First of all, it shows that marketers are humans after all. And in many cases, being on the safe side and appreciating the known feels like the right choice. But besides being human, marketers are also the ones that need to make sense of the world and turn trends into opportunities. Being irresponsive to growing demands and heightened needs is killing creativity and innovation. The truth is, CMO’s have to play defense and offense at the same time. Here is a smart and safe way to connect short-term changes to long-term opportunities.
