The Coronavirus Pandemic is an economic and human tragedy. This unseen foe has destabilized the whole world and it is not stopping any time soon. Fear of what lies ahead is slowly creeping in and the recovery from this shock we all are facing seems bleak. There is no doubt that the fear is real but if you panic, you will go into oblivion. You have to be in control and try to adapt to this new normal and start a recovery plan.
Once there is a catastrophe, we suddenly go into panic. After assessing the situation, strategize to battle the circumstances and afterwards try to create a recovery plan. This is the time to come up with a recovery plan, as this is the phase where opportunities present itself.
‘In the middle of every difficulty, lies opportunity.’ — Albert Einstein
The economic collapse from this pandemic will disrupt many industries. The response to the knee-jerk is cost cutting. And, other companies will either withdraw, cancel, or delay their next landmark, or waver between bravado and self-imposed isolation. Any customer experience reduction intervention could produce short-term benefits, but it will also pose significant long-term risks. Stay close to your customers and make a show of intent. It is time for sink or swim.
‘You only find out who is swimming naked when the tide goes out.’ — Warren Buffett
History has taught us that a recession can be a perfect opportunity for a company to invest in. The durability in a crisis that brands endow is key to their survival. Under this sense, it is important to note that many of the world’s top 100 brands are over 100 years old. Many of the most popular brand promotions started during economically difficult times in the past decades. The marketing literature is full of examples of brand promotion leverage during times of economic recession, and capitalizing on the pullback of rivals. Popular brands, such as Procter & Gamble and Coca-Cola, have retained a policy of not reducing marketing investment through tough times, and have continued to make strides through many of the big economic setbacks.
So far what is coming out of this case is the need to separate ourselves from others. The prerequisite is that we need to step up our processes and procedures to ensure that our organizations can operate on a remote or fragmented basis as optimally as possible. During what may be a prolonged social and economic disruption, we must ensure that we maintain and create cohesion by providing a comprehensive plan for how to remain linked while the crisis unfolds — work with your IT experts, enable your staff to function remotely, and collaborate with your clients and suppliers about how you can help their business continuity plans. Grab the chance to do well. Now is the time to get your message reflected and your humanity highlighted. Take a leadership position to remind those who care the most about your core values.
Most companies are defensive and clam up during periods of adversity; at the same moment they should be engaging more. Your voice can be heard in a quieter room. Neither stop listening, because this is a moment when the market is speaking at its loudest.
Only fine-tune your post. In your approach, be cheerful. Consumers as well as consumers are stressed so a positive voice is important. Reassuring genuine messages strengthen the brand’s emotional bond, and display empathy. The deeper and longer the crisis the more likely it will be that there will be a profound shift in attitudes and values of consumers. Your dedication must be to behave in the best interests of society by putting people at their heart and preserving common beliefs, community and identity.
We should not be disconnecting, as we socially distance ourselves from our customers and the workforce. As the pandemic keeps our people away there’s going to be a dramatic shift in the application of online tools. Now is the time to introduce ecommerce choices, social interaction, and a group activation program to keep your brand at the forefront and help curb possible isolation, purchased through a quarantine imposed by the government.
Social media is an incredible power, especially in times of crisis, it can help people come together and raise real interest about the brand or business.
A catastrophe also provides room for instability. Unicorn firms, including Airbnb and Uber, were born after the 2008 economic disaster. They sought opportunities to challenge traditional corporate models by encouraging average citizens to pursue fresh and sustainable sources of income.
You have time in a slowdown to overcome the company constraints. Innovation flourishes because there’s no other alternative. Using iterative concept practice to plan a course of action that will shape the future after crisis. The approach to design thinking has the merit that it allows us to shed our blinkers and pursue new directions and concepts. New customer segments emerge during downturns. The ability to respond nimbly to changes in business, society and the environment will be of good service to you as the economy recovers.
The epidemic of coronavirus is a tale with an uncertain conclusion because just as viruses evolve and change, so will you. Grit, toughness, adaptability, and out-of-the-box thinking are all common buzzwords, so take this chance to work, prepare, and carefully coordinate a response to the crisis. Invite the partners back to the current routine until the authorities send the “all clear” Come better than ever.
These are odd days. Donate some credit to your brand as a viable long-term entity.