How you should prepare your brand for COVID19 and beyond
by Adwright, 22 April, 2020
The Singapore government announced the Circuit Breaker (CB) to commence on April 8, 2020, until May 4, 2020. However, halfway through the CB, our Prime Minister announced the extension till June 1, 2020. As the pandemic continues, the local government halts more business operations to bring down the spread within the community. Businesses that are affected may be dismay, but this could also be an opportunity to rethink how they can retain their edge once the market starts recovering.
The 4 Bes
1. Be Nimble
Be it an MNC or SME, brands today will have to adapt quickly. Brands must continue to stay updated and relevant – ready to change their business model to fit any situation.
2. Be Bold
The good thing about uncertainty is that brands can now be more open. As communities start fostering camaraderie, brands that communicate positively stand to feel more aligned with the needs of a community. However, brands should also thread carefully and not look opportunistic. Remember with each move, identify the objective – “Is it for sales?” or “Is it to enforce positive wellbeing?”
3. Be Transparent
Have your brand did anything positive during this situation? Information about what your brand did can make a lasting impression. If you have ensured cleanliness and hygiene measures as a restaurant, you should announce it. Similarly, if your brand has done its part in ensuring business continuity, it is also essential to let your stakeholders be aware of it.
4. Be Forward Thinking
Lastly, think beyond, what can happen next, and what will you do to prepare? It is time to prepare your brand for a smooth recovery process after the pandemic. An early start in mapping out various marketing/campaign efforts can make the recovery objective easier to achieve.
Pivot and Adapt
For now, brands can determine how they fit into current societal lifestyle trends and narratives. Brands that are not online natives will have to move onto the digital platform fast to ensure its business continuation. At the same time, businesses should conduct their operations with a touch of positivism. Release relevant communication content to engage consumers will instil confidence and reassure stakeholders.
In these chaotic times, brands that do not have a sustainable CSR program may want to think about how it can incorporate into their business continuity plan. It is not about COVID-washing but more on how a brand can benefit from a long term self-sustaining CSR effort. Long term sustainability plan needs time to plan and now is the best time to start.
Prepare for Market Recovery
When the economy reboots on June 2, 2020, are you ready? Start planning and take recovery action now by:
1. Understand where your brand stands amidst this situation
Have you formed a strong brand identity and personality? If not, it is essential to identify what differentiates your brand during this period. Getting people to understand your brand’s purpose and narratives are the first steps in creating a brand that will remain relevant after this pandemic. Time to align what your stakeholders expect of your brand.
2. Start analysing market trends and demands
Researching and staying up to date with global trends can reveal invaluable insights. Look at recent Hermès revenge buying phenomenon in China with its new outlet in Guangzhou, which resulted in a single-day $2.7 million sales. When China officially ended their lockdown in Wuhan on April 8, mass retail therapy took over. This new phenomenon called “Revenge Buying”, was identified with shoppers becoming more open to splurging on their shopping spree. Besides revenge buying, there may be other new norms for your brand to leverage on. What will be yours?
3. Communicate with positivity
How your brand communicates its purpose and values can impact how consumers perceive your brand. It is now the best time to build positive engagement, using your brand’s various platform. When the market reopens, the recovery strategy should harness more than just simple promotional mechanics.
It has been a tough period for our communities and businesses. However, there are still opportunities out there that can be leveraged by your brand. Have you started planning for your brand? We are here to help.
Adwright has accumulated a wealth of experience in helping brands stand out from their competitors with unique and attractive brand stories. For over 20 years, Adwright has collaborated with clients that range from local SMEs to global corporations, spanning across a myriad of industries. We provide integrated solutions in branding, design, communications and beyond. Partner with us and embark on your unique brand journey today.