WPP, the world's biggest advertising company, is planning for a rapid recovery following the coronavirus crisis.
CEO Mark Read says he's been talking to clients about the "other side" and how they should start to think about that in their plans.
"I think we are very cautious in our approach to forecasting, budgeting and what we do on cost," he told analysts at a briefing.
The company this week announced its first quarter results and outlined plans to gather resources to meet the challenge of the pandemic.
"We are very cognizant of being ready for a rapid recovery as we have seen in China albeit not to levels that existed before the pandemic," says Read.
WPP's georgaphic spread of its business, a strength, is showing countries at varies stages in the coronvirus crisis.
China, with a rapid recovery in economic activity, is ahead of everyone in the recovery stakes, followed by Germany and Australia.
WPP's revenue in China fell almost 30% in March but in April there are strong signs of recovery.
Automative sales in China were up 14% in the second week of April after being down 35%, retail sales are improving and e-commerce in China is now 19% of FMCG spend.
"We are actually starting to see some signs of economic recovery and a return to work in China," he says. "So, it's been a fairly rapid recovery."
Read says statistics need to be treated with caution.
"In China, the authorities have done an excellent job in containing the virus," he says.
"If you look at automotive sales, there's an element of pent-up demand. We wouldn't necessarily expect that 14% to continue for the rest of the year.
"So, we are cautious, but I think that the lesson that we've learned is that the recovery can be very rapid.
"It does take four to six weeks for consumers to start to get back. And I think we are, as a result, cautious about speed at which people will come back. But we can see how it happens."
For the rest of the woreld, Read says the immediate future is still uncertain but also sees positive signs.
"In the past week, we have started to prepare for the reopening of our offices as and when governments begin to lift lockdowns – at substantially lower capacity and with enhanced safety measures in line with official guidance," he says.
"Clients are also looking ahead. Visibility of a return to normal remains low, but a number of clients are seeking our advice and support on how they should market their brands in the recovery phase."
Of WPP's 5,000 staff in China, 90% of them are back in the office.
"I suspect that we will never go back to the 100%," says Read.
"The number one question I'm asked from on town halls is: Will working from home be more accepted in the future? And I think we will have more flexible working in the future, but we will at the same time have offices."
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