With the changes brought in the business environment due to the pandemic, brands can take appropriate marketing decisions to ensure a quick recovery after the world moves into the ‘ new normal’.
The current pandemic has taken a huge hit on brand loyalty among consumers. This is because there is a supply shortage leaving customers with no option but to try new brands. McKinsey’s study shows that 65% of consumers have already tried new brands. This clearly reflects the downfall of the share of top 3 brands in the category of hand sanitizer from 85 percent to 39 percent within 2 months. Similar is for packaged rice from 72 percent to 64 percent.
The trust gap between regional brands and marketers is the lowest during this point. The crisis begins within an opportunity to win the trust of consumers. But here, customer expectations from brands are different. So here is how brands can take the right decision strategies:
- Listen Carefully
Brands should be up to date with what people are saying about their brand, category, etc. Any communication or action which doesn’t match with the current situation cannot be forgivable.
- Act first and then communicate
This is especially the time for genuine action that shows concern and effort from the brands to build up confidence.
- Innovative solutions
Innovative solutions can help meet the challenges of this pandemic. This can lead to the collaboration with the Government, NGOs, and other corporate entities using your strength to fight the crisis.
- Use media for good
Consumers expect brands to serve useful information sources too. Taking the example of, McDonald’s Brazil used its iconic logo to promote social distancing, Tiktok using its voice against spreading fake news.
- Cape less heroes
Brands do not need to lower the image they have created and earned. As long as they are genuine and caring there is no need for the brands to lose their brand tone of voice.