Updated: Aug 29, 2020
Individual & Collective Needs
Nearly all the 20 billion cells in our brains are optimized to ensure human survival, facilitate collaboration with others and motivate each individual to improve their current condition. COVID-19 is threatening our individual and collective ability to meet these fundamental needs, which is causing anxiety and trauma at an unprecedented scale.
Implications of the Pandemic
This has far-reaching implications for brands, be they individual, corporate, or national. Curfew and stay-at-home directives, significant changes in demand for certain types of products, disruptions in distribution channels, and supply chain challenges for certain companies have caused disruptions in behaviours and required customers to consume products in new ways.
Such a development should be on the radar of brands, particularly market leaders in their categories, because humans react to brands based on mental classifications that act as psychological “shortcuts” that guide our judgments and decisions.
These classifications are fast changing, as new product and consumption preferences are forming, replacing incumbent habits and giving smaller and mid sized companies an unprecedented opportunity to compete against their more established rivals for exposure, mind share, product trials, and market share with a new and broader base of potential customers.
This then strongly implies that brands that fail to evolve their value proposition and embrace agility and understand their communities risk losing traction and even market share. As such, this session shall tackle the implications involved and provide pathways that vision-bearing leaders can adopt to evolve their brands and adapt them to current and upcoming realities.
Golden Opportunity to Grow
These vision bearing leaders with the best outcomes will be the ones that have a strategy based on agility and presence of mind. They will be ready to avoid immediate obstacles and vision a way to better position their brand without losing momentum.
Brands spend huge amounts of resources each year to shift the market to their advantage. Their aim being to move the status quo and to change the model and innovate. The COVID-19 pandemic has now given these smaller and medium size businesses an opportunity to make their move with an opportunity to shift the market in their favour. To be successful in gaining a piece or move in the market, they need to be agile and respond rapidly.
For many brands, they should be asking themselves how they want to emerge from this crisis as a market leader or as a follower. The key question here is how they wish for their brand to be perceived in the long-term. A positive impression on the market during this climate may gain a market share through investing when others in the market have gone silent.
Brands have the opportunity now to make investments in their image which competition in the market on the sidelines. This could be a cost effective and impactful time to make this investment, brands could then find themselves in a much healthier position with the right strategy on the other side of COVID-19.
Those brands prioritizing digital transformation during this time will be much better equipped for success as we emerge from the pandemic. With digital transformation comes the opportunity to leverage consumer insights. Brands can make informed business decisions by prioritizing digitally during this pandemic. With the help of e-commerce analytics many brands can target consumers based on search interests and shopping behaviours. This may be something they did not utilize or prioritize pre COVID-19.
The Time to Act is Now
The pandemic has forced many to prioritize the digital world and with the online consumer insights this provides brands the opportunity to really get to know their consumers on a deeper level. Providing effective direction for the company and the opportunity to get ahead of their competitors and increase their market share. The brands that move quickly to adapt to this have really been able to get ahead in the market and will be in a better position after the pandemic than they were before.
The time for smaller and medium sized companies to act is now. The pandemic has given many of these brands a huge opportunity to increase their attention in the market, gain new customers, and understand purchasing patterns at a deeper level. With innovation and new approaches digitally, many of these brands now have the perfect opportunity to compete with and steal some of the market share from their larger competitors.
By Mark Ollerton - Freelance Writer