Brand advertisers are going to have to massively adjust their marketing strategy to deal with the situation COVID-19 is placing us in. We are now a completely remote workforce, locked in to our homes and allowed to leave for only the essentials in life. People are in fear of being able to pay their mortgages or rent, purchase food, pay bills, and not become ill. People are truly scared. And while fear is a very powerful driver to take action, it also can cause many to completely freeze. Including freezing their interest in making that purchase that a brand advertiser intended to be made after showcasing an ad. Even if people WANT to purchase, they may not be able to. Amazon is reducing inventory in order to only support essential products, retail storefronts are shut down by mandates, and shipping and delivery issues will occur as workers come down with COVID-19.
We never as companies and business owners or managers truly have a time to step back and re-assess. We can at least attempt to look at this shut-in time as a potential beneficial opportunity instead of a horror story. Now is the time for companies of all types to look for alternative income streams. To use the time to examine all elements of their companies, and the roles within to ensure they are streamlined and be proactive in determining what has been working, and what is wasted energy. To allow team members an opportunity to no longer be pigeon-holed into their typical day to day, and have an opportunity to shine with new tasks to helm, and strategies to develop.
There is no ‘right’ strategy at the moment. It has been a century since as a world we have experienced anything this massive, with the Spanish Flu. We can look back at weather impacts like Hurricane Harvey, or terrorism with 9/11 when our entire country was petrified. But this is the first time every individual, regardless of ethnicity or political belief, is at risk. There is no more of a common bond and leveling of society than that which we are now experiencing. We are starting to see brands tip toe into the foray with words of encouragement, trying to align their brand with statements of safety. Companies are going to be tasked with ways to not only stimulate the economy by encouraging purchases with delayed payment plans, but to find ways to ensure revenue streams are generated to ensure the company’s own future continuance. Mixed messages are going to be easy to be made, and brands are going to need to walk a tight line to ensure they don’t turn off consumers. It is a time for brand advertisers and the common man alike to find the ah-ha moments of commonality. To be able to laugh at the absurdity of the situations we now find ourselves in. And to find ways to support and raise up one another up. Now is the time for brands to find ways to help, to educate, and to build brand loyalty like no other. This may be from reduced fees, delayed payment options, or even free services. For brands who figure this out, they will be able to be all the more powerful in the months ahead when life returns to normal.
Stacy Jones, CEO – Hollywood Branded
Source: Data Bird Journal.| Read More