How Can Your Consumer Brand Survive in the COVID Economy?
There are numerous behavioral changes found among Filipinos, Ms.Chiong observed. The most obvious trend is a need for stability. Despite the existence of social distancing, people will continue to pine for connectivity. They do not want to feel abandoned. No wonder, online solutions are widely and imperatively pursued. The younger generation are leading the way in this change, being the ones most adjusted to digitization.
Another trend is the rise of local products. There now is a strong preference for local produce. This is both a challenge and an opportunity. This trend shall make a business manage their resources and ask about their dependence on imported components or materials from various parts of the world.
Ms. Chiong also calls the 2020s as the 'equalizing decade'. For her, this is the time for businesses to both look good and feel good. Customers crave good experiences. That is now the goal. The market now wants ethics, now pushes for transparency. For Ms. Chiong, this is a good time for social enterprises.
Being value-oriented in business is now the new line of thought as opposed to being brand-oriented. This is a core principle in social entrepreneurship. People are now hungry for information. It is no longer a ‘nice to know’ world. It is a ‘need to know world’. Businesses must know the pulse of their consumers. That is now absolutely crucial.
Right now, there is grief and acceptance. But, once the consumer understands what is happening to them and once they would need a sense of normalcy and humanity by pursuing a service or brand, businesses need to step up.
This all leads to the conclusion that brand survival rests on communication. Have you released reports? Have you reached out to your staff and customers? Ms. Chiong emphasizes that brands can spark conversations. Don’t stop promoting and informing the public. Promote conversations, ideas and solutions as opposed to merely the material aspect of the product or its base appearance.
External and internal communication go hand in hand in enhancing value and strengthening visibility. People want reassurance, a sense of normalcy and most definitely, to feel good.
Communication is key to every effort now. It is part of the new normal if not its very core.
This article was first published on the Bayan Academy website.