So what does this mean for brands who are struggling to remain relevant and for some who are fighting just to stay afloat. Business leaders are asking themselves tough questions:
- How important is it to continue to create a brand equity?
- Should we continue to plan for bricks and mortar retail and brand experiences?
- Is a non-revenue focussed branding exercise even worth the time and money?
From an intern to a Chief Marketing Officer these questions are on every marketer’s mind. The answer – Absolutely it is, for both well-established as well as fledgling brands. Solely because building a brand takes years of shaping strong brand equity. It takes time to carefully plan, evolve and be ready to come out stronger and eventually achieve consistency in elevating brand perception and revenue generation.
However, when a crisis such as a recession or a global pandemic clouds over any business plan, this theory along with the entire marketing team is put to a test. A test that demands steering a brand amidst a declining economy for an indefinite period of time. With marketing budgets slashed to an all-time low, what makes the life of marketers more difficult is the overnight shift in consumer behaviour, on a scale and in a pattern no existing model of descriptive or predictive analytics can provide an actionable insight to.
Digital experiences in physical environments have become a key marketing vehicle for most brands over the past several years. In the current state with people not currently visiting bricks and mortar locations and public spaces digital signage and interactive touch screens, experiences, in particular, are not a high priority for many brand marketers. However we know that this climate is not sustainable and society will move towards “A new normal”. This “new normal” will include physical and public spaces and brands will need to repair the image that has been caused not only be a dipping economy but by months of confinement, confusion and brand equity decline. Brands need to start planning now for how they will
re-connect, captivate and convert shoppers in a post-pandemic climate.