What Should Brands Do Now - 10 Thoughts
It is not hyperbole to say that many brands are fighting for their very survival. The global pandemic has resulted in deep and sustained damage and, for many sectors and locations, things will get worse before they get better.
However, despite the importance of being realistic about our collective situations it is important to be both pragmatic and optimistic about the future.
Trading in the ‘here and now’ where every sale must be won does feel like surviving from day-to-day but there are also opportunities and it is vital to keep an eye on the future and what needs to be done to thrive again.
So here are 10 things I think it’s important to be mindful of;
Add Value, Don’t Lower Price - don’t discount your way out of this situation. True, over time wider unemployment will reduce spending power but, for the moment, the money is still there and in many cases so is the desire to buy. It’s just not as easy to connect the two. Your price point was hard won, don’t abandon it but you can and should add some value to the offering.
Refresh Propositions - your offering needs to be relevant so you should look at your proposition and make sure it is in keeping with the marketplace. This is especially true when the words you’ve used to describe what you are selling now jar against the zeitgeist. Read the room, look at labels, packaging, all your communications. Perhaps a feature didn’t seem that important, now it is so elevate its communication up the hierarchy. Refine and keep relevant.
Keep Innovating - you may not have the budget to execute your new products yet but you need to still be thinking about your new product pipeline. Especially if there is an opportunity to tap into a new demand which COVID-19 has triggered. Innovation not only provides new revenue streams but it keeps existing products alive. It keeps the brand relevant and fresh. You just can’t say you’re not going to innovate to save some money.
Identify New Markets / Opportunities - as COVID-19 progressed some brands moved with such speed to quickly pivot and tap new markets. That can be hard for a ‘bricks & mortar’ business that’s now in the wrong location (city centre) but it is not impossible. The suburbs are now vibrant - they’ve been transformed from dormitory communities to busy commercial hubs. Your customers are just in a different place. Hunt them down.
Keep Communicating - your customers and your prospects still want to hear from you, just keep it relevant and current and give regular ‘calls to action’, have a conversation not a monologue. Ask them questions and find out what they want and don’t be afraid to ask them for help. This is a relationship !
Learn From Your Competitors - it’s never been more important to understand what your competitors are doing, and they will thank you for it, everyone wants and needs a dynamic category. Experience their products and delivery and compare it with your own.
Get Out ! - lockdown and self-isolation has cut many of us off from the stimulation we need to think objectively. That’s lethal. Carve out the time to look at customers, competitors, the people who are selling on your behalf. Behaviours have changed but you need to see them for yourself.
New Partnerships - it’s easy to drop marketing activation at times like this but establishing new partnerships with non-competitive brands that have similar values and customers is even more relevant. Perhaps they have a strong Ecommerce presence but lack physical retail distribution. And aligning yourself with a dynamic brand which is seeing greater traction at this time. Example - cycle shops, walk past one and you’ll see that, other than grocery stores, they are now some of the busiest retail outlets. What do you have that they could sell to these new customers / eyeballs.
You Can Still Hire and Fire - you need to make sure you have the best team, the best agencies. Even when retrenching a business it’s important not to atrophy.
Excel - lastly be the best. Now is the time to raise standards not lower them. Reevaluate every touchpoint, make sure the product delivers beyond the customers expectations and find a way of encouraging the customer to make that feeling of satisfaction known.
Good luck !
”Fresh activity is the only means of overcoming adversity.”
Johann Wolfgang von Goethe
ABOUT THE AUTHOR
Mark Izatt is a brand consultant living in London and founder of Mission Critical, a highly focused and curated weekly briefing for time poor and information hungry decision makers and THE FIRST, a monthly briefing containing 31 inspirational insights. Mission Critical is a digital product delivered via his Estonian Consultancy business.
You can email Mark here and read about his recently published book ‘Mission Critical - 101 tips to survive and thrive at work in the office, on the move and at home’.
