I write this at a time when the entire world is in a state of lockdown amidst the fear of CoVid virus. WHO has declared pandemic and countries are fighting economic slowdown. While some industries are badly hit by the impact of this shutdown, some have benefited from the sudden change in consumer’s needs and behaviour <Zoom market price has doubled in 2 months time> Singapore is still under the ‘orange’ alert, thankfully. Corona pandemic has significantly impacted consumer behavior and it marks a beginning to how businesses will operate in future. Innovation will thrive and businesses will prepare to equip itself for uncertain situations.
With WFH policies implemented across organizations and social distancing being practiced at every front, a surge in digital traffic marks a shift in focus from other non-essential media channels. A report from eMarketer predicted global ad spends to reach $691.7Billion, an up of 7% from 2019, but advertisers are relooking into their marketing strategy and channeling their budget into outlets that show the highest impact. As reported by Nielson, TV viewership increased in NorthAsia and so has engagements over social media in the last few weeks. It also predicts media consumption could rise up to 60%. Although the report is specific to N.Asia, it is reflective of the general APAC consumers online behaviour. Whilst this gives an opportunity for companies to advertise their brands and engage with consumers, it is important to look into what they are selling and how they are selling.
Business continuity is the top priority for every company, but during these testing times many companies have gone way beyond and extended their support to communities to help navigate through uncertain times. This also proves how a company's image plays a crucial role in building brand equity in the market which pays off in the long term. A number of brands have shown support by offering tools and services to help, a gesture of empathy and generosity at a time when people are looking for support. Brands have responded to the situation by showing positive communication, empathetic tone and being careful of not hard selling and sounding opportunistic.
I love how some brands have responded in their own ways and have gone out and beyond to give back to the community in a time of crisis. To cite a few examples, Heinz and Netflix have donated Covid-19 relief, LVMH is helping fill the gaps in medical supply and donated hand sanitizers. In view of school closures in many parts of the world, Audible extended unlimited streaming of kids articles for free. WFH is becoming a norm and to enable companies with their business continuity, Google is helping businesses and schools impacted by COVID-19 stay connected. It has also rolled out free access to advanced Hangouts Meet video-conferencing capabilities to its customers and helping the most hit SME industries by extending $800mil+ in adgrants. Here is a link to learn about few other great examples.
Here are my 3 key takeaways from a brand messaging point of view:
1. Examine your brand voice and tone - Listen to your brand voice. Does it inspire at a time when the sentiments are low. Does it exude confidence and reassures how you are helping them navigate through crising and supporting business continuity? Adjusting your words to reflect the realities of the difficult times people are facing will bestow trust in your brand.
2. Creative considerations - At a time when social distancing is being encouraged to better fight Covid, does your brand creative have gestures of people in very close proximity to each other? It may be a good idea to relook at visuals and ad copies. Brand safety is propagated by all leading brands, ensuring the ad is displayed at appropriate places but during sensitive times like these it is worth going an extra mile to understand the local sentiments and if the context is set right.
3. Product development - As businesses try to find new ways to handle business continuity contingencies, there lies a big opportunity for product development and innovation. With changing consumer needs and necessities businesses of all types are going to embrace new ways of working to enable and will prepare themselves to handle uncertain situations. And this will mark a shift in the entire ecosystem
While businesses of all sizes will continue to strive for profitability, it must approach customers needs with utmost sensitivity, empathy and care.
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