While we hope that this pandemic will be over soon, it is important that brands find ways to pivot their businesses while being sensitive to the needs of their target market. Brands must note that agility is key in these uncertain times. The world is shifting to a digital/virtual system at the moment; thus, it is essential for businesses to also shift focus in that regard.
Brands should also look at creating content that is in tune with this new normal. Focus on positive messaging. Various brands may adopt different strategies to navigate this crisis based on various factors like available resources, implementation structure, etc. Let’s take a look at three ways brands can navigate the new normal and help them ‘pivot’ their businesses.
Businesses are trying to stay afloat by reducing their overhead costs, and looking for ways they can maximise their expertise and skillset. To do these, they are creating new business lines, assessing their risk portfolio, and finding ways to mitigate the effects of the crisis. It is important to develop strategies by planning effectively. The first step is to evaluate the brand’s SWOT analysis. This will help you analyse and assess the present opportunities available and leverage on them accordingly.
For example, you can find ways to maximize your skill set in ways that are presently in high demand. It will also provide you with first-hand knowledge on the threats and risks the business is posed with, which will consequently enable you develop an appropriate and effective response plan. You will also need to communicate your contingency plan to all stakeholders to create awareness and facilitate the implementation process.
Establishing a digital presence as a brand has become very important. This can help brands connect with their audience and find cost effective ways to operate. In-person meetings, interviews, trainings, etc. have gone virtual. Remote working is gradually taking the place of the traditional work environment. Consumer behaviour has changed.
Online orders have replaced walk-in purchases. Brands need to streamline their digital communication channels accordingly. You need to ensure that the mode of communication with your audience is simple and effective. It’s important that brands optimize their digital presence in accordance with the growing crisis by being attentive to consumer needs.
Brand positioning is very crucial in these times. Media entrepreneur, Peace Hyde, recently stated that, “People will remember brands for their acts of good in a time of crisis…Consumers recognise authenticity and true purpose.’’ This is very true.
Brands that decide to focus on positive messaging and take a keen interest in the wellbeing of people during this period will be remembered for the impact they make in these times. Brands need to focus on messaging that resonates with the needs of their audience. Brands are expected to assess their creative communications and avoid being insensitive. Brands can use this period to provide helpful resources for their audience. Sharing relevant content during this period will help you build a reputable brand.
This crisis requires that businesses respond to the changing times by rethinking their business models. Taking these proactive steps will help brands stay afloat and help businesses thrive post-COVID-19.