Welcome to the Dove Direct Print and Marketing Blog. Today's post, "Coronavirus and Brand Exposure," offers a histology of the Coronavirus' path, and how brands should be adjusting to the impact it's having on customers and communities. This is not the first pandemic the globe has seen, nor will it be the last, according to virology and epidemiology experts.
Officially classified as a family member of SARS-CoV-2, science experts agree that today's coronavirus is a pathogen that the earth has never experienced. There is no history, no precedents, no prior understanding or engagement. Therefore, both the medical and economic communities are studying and learning about this pandemic in real time. We'll begin our thoughts with the anatomical makeup of the coronavirus.
Our Quote of the Day:
"If you know yourself but not the enemy, for every victory gained you will also suffer a defeat."
-Sun Tzu, Art of War
Around the Beginning
COVID-19 came of prominence just a few months ago, and now, dominates the course of most conversations and business strategies. This pandemic discussion began December 31, 2019, when China alerted the WHO of a mysterious pneumonia-type disease; that at the time, was affecting a small number of Wuhan citizens.
Social listening technology provides an analysis via social media mentions during the early day's of the pandemic. Initially, there were 200 social media mentions per day, progressing to five-thousand, and eventually to millions. Over a very short period of time, the pandemic morphed into a catastrophe of seismic proportions. The pandemic is no longer a health and economic event, it is a brand crisis event as well.
COVID 19 Poses Brand Threats
With unemployment numbers reaching north of 35 million, and a reluctance by much of the public to return to normal, people are holding onto their cash. Similar to the great recession of 2008, we again find ourselves in a "needs economy." That is to say that if a consumer does not need "it," they will hold on to their wallets and keep them closed. That said, in an era when most non-essential purchases are declining how can brands survive?
What strategies and tactics should brands consider now to ensure that their brand equity remains top of mind when consumer confidence returns? We have seen a plethora of retail establishments temporarily closing their doors due to COVID-19. As a result, these retailers and others are focusing on social analytics for real-time sentiment analysis.
Social analytics provides a window for brands to remain top of mind for their respective markets by better aligning with their customers which also creates and maintains relevancy within their industry sectors. In addition, in every community there are a ton of needs where people need reassurance that brands understand their plight, and are there to help wherever possible.
In this moment, selling things should not be not the primary focus. Conversely, brands that step up and help through their own volition will fare better now and in the future. Going dark is a recipe for disaster. Brands that are hiding in the shadows and waiting to emerge with consumers are not stacking the sales deck in their favor. When consumers hear from brands they are somewhat comforted that things are not all bad.
In this era, brands can offer to give something to those in need. Moreover, brands that exhibit a sense of caring matter as much, maybe even more. Most brands are taking a significant financial setback, however, it is dangerous to employ a tactic designed to outspend the competition in an effort to keep the customer base. Rather, brands will fare better by focusing on employee care, communications, and sharing any concerns with employees, shareholders, management, and designated influencers.
Brand Strategy - Anticipate Before
Learning about a crisis after the fact, or after it's exploded onto the scene is of no consequence. However, being able to receive alert notifications in real-time garners an efficient method of ensuring that the brand will be awarded appraisals of burgeoning themes, which also provides a mechanism that can identify and manage any issues before such an event goes viral.
It would be wise to invest in software that provides such analytics, and that includes the following elements:
Brand Behavior
Consumers pay attention to the way brands react during a pandemic. Consumers look to see which brands came to the aid of the community. Which brands set great examples in terms of social distancing, face masks, and limited social groups. It is possible that your brand's behavior will be judged by consumers.
The Net-Net
Where possible, brands should take the reins and provide customers with calm reassurance at this time. People, whether they are family, friends, neighbors, coworkers, medical professionals, or others, can all benefit from the brand displaying care at this time. The currency that the brand generates can go a long way towards building trust and camaraderie, and this currency can be translated into brand loyalty in the future. We hope enjoyed reading "Coronavirus and Brand Exposure!"
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