The way in which a company reacts to a crisis, regardless of the industry can have a long-lasting impact on a company’s brand writes Mayank Shah, Sr. Category Head, Parle Products.
The current pandemic has disturbed not only the financial status of leading companies but also led to economic disruption worldwide. Amidst a hundred other things, this situation has taken a toll on the former marketing strategies practiced regularly. It has also impacted consumer mobility, shifts in media consumption habits, supply chains and economic volatility. With this dynamic situation, brands need to plan their next marketing moves wisely to either mitigate downside risk or capture all the upside that’s possible. Senior leadership of companies needs to talk about the current situation to increase the credibility of the brand and build thought leadership in the industry.
The way in which a company reacts to a crisis, regardless of the industry can have a long-lasting impact on a company’s brand. Depending on the industry, it might make the most sense to hit “pause” and redefine marketing goals. This does not mean that all the marketing efforts should be halted, rather this is a good time for brands to reevaluate their marketing strategies and be conscious and sensitive in their approach.
Time To Step Back And Analyze
The key focus of businesses during this time should be on the customers and clients who are spending a majority of their time online which has drastically increased in the past few months. This brings digital marketing to the forefront of every marketer’s mind right now as we ponder upon the question that if the industry will be the same even after the pandemic ends. Not all consumers have stopped making purchase decisions, so brands need to be on top of their audience searches on the internet. It will help when this situation comes to an end and all businesses will resume, your marketing efforts during this time will help to create brand recall and keep your brand relevant in front of your target audience. This will now build credibility rather than the marketing strategy.
Reflecting Brand Image With Right Messaging
For brands that do want to move forward with a campaign in the current environment, they need to reevaluate the relevance of their current messaging. Determining which ads might work is difficult in this current scenario as brands need to be sensitive and also look for ways to make their customers feel safe as we navigate through difficult times. Brands need to make sure that whatever the messaging they engage in, it is consistent with who they are and what the brand stands for. They need to make sure their message comes across as they make decisions as it is easy to live up to your values when times are good, it’s a lot harder when times are tough. Brands also need to make sure that the message they communicate they can actually deliver on in the future.
Today, the influence of Covid-19 has engulfed most companies’ revenue management and the looming economic recession has surrounded the entire globe. However, brands need to understand that this crisis will end and need to be positive. They need to use this time to redefine their marketing strategies, strengthen their existing connections and build long term trust with their audience.
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