The Coronavirus pandemic has placed extraordinary demands on the business community. Now, more than ever, it has become crucial for business leaders to assume a strong leadership role to navigate the unfamiliarity and uncertainty presented by COVID-19. We bring a you podcast series in which we interview leaders that are accelerating Corporate Innovation in times of crisis.
Since necessity compels organizations to prepare the blueprint for a sustainable innovation strategy, the key to ride the crisis is to be nimble and rethink your marketing strategy. Corporate brands need to stay invested in consumer relationships to earn their continued trust.
In this podcast, Sweta Aggarwall speaks on “How to Enhance Your Corporate Brand and Identity Amid the Coronavirus Crisis” and shares 5 key reasons why it’s important for Corporate India to adapt to changes in consumer behaviour observed during the Coronavirus crisis and bring their brand closer to customers.
You can watch the podcast here:
Elaborating more on the podcast,
First, according to Aggarwall, the current crisis has proved to be a testing time for brands to connect with their customers. Not only is it challenging to retain existing customers, but it’s also difficult to onboard new ones in the present market scenario. She believes marketing teams should display creativity and tactfulness to add more value to the brand and thus create a strong impact in the business ecosystem. The only way to lead would be to effectively communicate the brand’s message to end users. Aggarwall gives the example of how all the airlines recently connected with each other on social media to spread positive sentiments. This sent out a unified and reassuring message to customers, at a time when the airline industry has taken a severe hit due to COVID-19.
Second, cost-led and purpose-driven marketing is gaining popularity globally, says Aggarwall. This, in turn, helps in brand growth and affinity. According to Aggarwall, brands need to be tangible and fast if they have to survive in the long-run. She gives the example of homegrown EdTechs that have swiftly responded to the Coronavirus crisis by offering free services and learning tools to users. This is in contrast to global FMCG players that unfortunately, haven’t stepped up to the plate by adding sufficient supplies of essentials such as hand sanitizers, that are the need of the hour.
Third, as marketing dynamics are rapidly changing during the COVID-19 crisis, marketing leaders should be on top of reassessing marketing campaigns, creatives, messaging and also their in-house guidelines. Marketers also need to keep reassessing every possible touchpoint to ensure their brand stays relevant and positive. She cites the example of the banking sector that is servicing customers even in the remotest corners of India through innovative ways, such as mobile ATMs and doorstep money delivery. Banks have also focused on ensuring the privacy of customer data and encouraged customers to bank through available digital channels until the world tides over the health crisis. The idea is to keep the innovation engine running to protect the organization’s brand identity and enhance customer satisfaction.
Fourth, customer delight is being delivered through a redefined digital approach to business. This, according to Aggarwall, is the new normal. Banks have been swift to innovate and switch from in-person physical interactions with customers to remote and automated processes. For instance, round-the-clock call centres are being run to help customers resolve issues through a video conferencing option. The video platform creates a human connection, thus showing that the company cares about its customers.
Fifth, the mandate to brands from global consumers is clear, says Aggarwall. Step up and help — not just your own customers and employees but also the world at large that is unified in fighting the pandemic. Brands that respond to customers at this time with compassion and solution-based action will pave the way for customer loyalty in the long-run. When brands start prioritizing the customer and care for them, they in turn would be rewarded with preference and trust.
Aggarwall concludes the podcast by stating that COVID-19 is teaching businesses and brands the true meaning of interaction and collaboration. According to her, it would be to our advantage to understand the needs of customers today if we are to ensure they remain with our brands tomorrow.
We power Corporate Innovation through high-impact partnerships and transform your business models for the better. Know more here.
