In today’s connected world, we have access to an infinite amount of information and news. We are constantly being updated on the happenings in the business world. Big companies like Facebook, Google, and Twitter have all gone through scrutiny and crisis after crisis. When a company is facing a crisis, it means there is something that is not working as it should. The purpose of this blog post is to explain what brands mean when they talk about resilience amidst. Resilience is a concept that has been gaining prominence in business over the last few years. It has become common practice for large corporations to plan for and prepare for crisis situations before they occur. When a company faces a disaster or some type of crisis situation, they need to be prepared with strategies that will help them bounce back quickly and efficiently.
When the global financial crisis hit, many companies struggled to survive. In fact, many companies collapsed. However, a number of them managed to survive and even thrive. One of the biggest survivors of all is Apple, which was able to survive the global financial crisis by developing innovative products and services that are more user-friendly and accessible than ever. Apple’s ability to survive the global financial crisis is one of the best examples of how a global brand can flourish despite the challenges of globalization.
1. Look beyond short-term sales and marketing tactics.
When a crisis happens, it’s easy to get caught up in responding to the market with short-term sales and marketing tactics. This is a common reaction for most companies that are experiencing a crisis. It makes sense for them to do this because they want to make as much money as quickly as possible during the crisis. Many companies focus on their current customers and what they can do to help them in the short term, but this isn’t enough. Companies need to take a long-term view and think about how they can use their resources strategically. For example, let’s say you work for an insurance company that faces its third major cyberattack in two years. The company has been losing revenue for the past year, and you are given the task of finding ways to increase revenue next year. You could choose to focus on your existing customer base by providing incentives or free services, or you could focus on new customers by advertising your product more aggressively online.
Another example of short-term sales and marketing tactics is Shopee's large cashback incentives to Indonesian customers to adopt Shopee Pay as an e-commerce payment method in an effort to gain market share from the recognizable market leaders Gojek and Grab.
2. Seek operational efficiencies and invest in the future.
Planning for crisis situations is a very important component of resilience. However, it can also be a time to take a step back and assess your business. In order to be resilient in the future, you have to plan for your next move and focus on investing in the future. Resilience takes more than planning for crisis situations. It also takes strategic marketing tactics, human resources management, and other organizational leadership strategies in order to become more successful.
In order to remain relevant and competitive, companies need to quickly adapt to digital changes. Your team can use a brand marketing platform to collaborate and manage their assets. Tools for creating and managing brand assets, managing relationships with partners and customers, and tracking and reporting on performance can be included on the platform.
Apple has mastered the art of online brand management because they have a consistent and clear brand message that their customers can understand and relate to. They also have a well-designed website that is easy to navigate and use. Their products are of high quality, and their customer service is exceptional that ultimately create strong brand perception, attract and retain multi-faceted customers in Southeast Asia, Asia Pacific and Europe, especially during pandemic and economic crisis.
3. Define product brand strategy.
Understanding the different target segments that your product or service can attract is one key part of product brand strategy. You may also need to identify the key messages that you want to put forward to these different customer types. You can also focus on differentiating your product or service from the competition.
There are a lot of fakes in the Indonesian sneaker market. Adidas has strengthened product brand values by using the genuineness of the product through its improved online and offline store experiences, including enhancing in-store visual assets, and by feeding limited editions to hardcore customers to increase brand values in the last 3 years.
4. Start implementing a brand recovery plan now
There are plenty of ways to prepare for a crisis. One of the most important things is to start implementing a recovery plan now. When a company is undergoing a crisis, they need to be prepared with an action plan that will help them bounce back quickly and efficiently. You should start developing these plans months before the crisis, so when it does happen, you’ll already be ahead of the game. Implementing those plans into your day-to-day operations is critical in order to avoid any further damage or negative effects from the situation.
4.1 Disrupt an overlooked market and create opportunities
To strengthen your existing market or create new opportunities, you need to have a relevant brand strategy that has been embraced by many large corporations is creating a new market for themselves. By focusing on an overlooked market, a company can create opportunities to expand and grow.
For instance, Netflix created its own streaming service, Hulu, to compete with traditional cable providers. This has allowed the company to grow its market share and increase profits.
4.2. Increase your brand values
Brand value is not the same thing as a company’s market capitalization, which refers to the total dollar value of a company’s outstanding shares. A brand is a powerful tool that can be used to increase a business’s value. Proving that your brand has value is important because it helps to explain why anyone would want to purchase or work with your company. If we want to compete with competitors during a crisis? Reducing prices may lead to an increase in short-term demand, while increasing product brand value may lead to reduced customer switching.
To increase brand value, BMW introduces BMW's i series, a range of all-electric cars that are meant to change the way we think about and use automobiles, especially to younger buyer persona. The BMW i3 Series can seat up to five people and is the first model in the series. The car has been designed to allow the driver and passengers to stay connected to their friends and family using their smartwatches.
4.4. Refresh or create a brand
As brands emerge from volatility and headwinds over the past two years, they’re adapting to new conditions, social norms, and consumer attitudes.
Some businesses took steps to adjust and change as the pandemic unfolded, but those that changed their branding are taking steps to change their branding to be relevant in a post-pandemic world.
For example, in January, the AirAsia Group announced it was rebranding itself as Capital A to reflect its transformation from an airline into a one-stop digital travel and lifestyle services group. Tendermint, recently rebranded into Ignite, brings to mind "the initiation of change and action" in new name, logo, and brand marketing materials targeted to shareholder and investor.
For its first-ever global rebrand, Sprite has launched a brand positioning called “Heat Happens”. The new campaign launches this month, and includes everything from experiential, redesign packaging, off-pack, ATL, and digital content.
The dust has settled, and uncertainty is the new norm. This is the start of a new normal.
4.5. Invest in a quality marketing and advertising campaign.
Brand resilience is vital to business success, especially when there is a crisis. When a company’s brand image and public perception are attacked, this can have serious and lasting effects on the business. By investing in a scalable, quality product marketing campaign that is easy to use, you will ensure your brand will be able to endure the storm with its reputation intact and no negative consequences. You need to be able to run these campaigns quickly and efficiently so that you can keep your name out there in front of potential customers even if the crisis lasts for some time. This helps show that your company is still relevant, even if they are not performing well during the early stages of their brand crisis.
Have you seen the transformation of Indonesia's tourism campaign "Wonderful Indonesia" The island nation's natural beauty, culture, and historical sites will be highlighted in a new campaign by the country. The Tourism Ministry says that the campaign is the first step in a plan to make Indonesia more appealing to international target audiences such as business and leisure travelers. As of 2022, the campaign's growth was at a CAGR of 11.81%. According to tradingeconomics.com, foreign tourist arrivals in Indonesia jumped sharply by 1,382.4 percent year-on-year in May 2022, boosted by further easing of COVID-19 restrictions.
What other lessons can you draw from this article? Do you need to build a new brand for your business or increase your brand value through digitalization, branding and marketing communication, product positioning, innovation, or brand design? Please let us know by email: inquiry@bedrockasia.com or book an appointment. Our senior brand consultants can reach you back as soon as possible.
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