The outbreak of COVID-19 is an unprecedented event that has impacted everybody around the world. An old adage says, “In a crisis, there is always the seed of opportunity”. As daunting and uncertain as the times are, this crisis presents an opportunity for many organizations to make a difference and define the way their brands will be viewed now and for the next decade.
For us in Nigeria, the full impact and the reality of COVID-19 is yet to be felt, which is why it is important that all brands that have the capability to contribute need to find a relevant and impactful way to do so NOW. Time is of the essence and many lives will depend on your action. We are already seeing brands like GTBank take a lead with the construction of a 110-bed isolation facility in Onikan that was handed over to the Lagos State government yesterday.
On Thursday, 26 March, 2020, Ogilvy Consulting, one of the top global strategy and marketing consulting firms in the world hosted a webinar titled “What’s Next [EMEA & Americas]: Steering Brands through COVID-19”. BMGA had the opportunity to listen in on the webinar, the following are some of the key points and takeaways we would like to share with brands:-
– People trust businesses more than the government and are looking to businesses to solve the world’s problem.
– Brands fall into three categories
o Survival — very short term focused, characterized by fear and confusion, and need for a strong business case for any marketing.
o Sustain — adjusting to the new market conditions, continuing/revising existing plans, and tentative with marketing investment.
o Surge — managing demand-side pressures, shift to new channels and business models to meet demand, and rapidly recalibrating marketing priorities.
– Brands need to adjust channels and content mix for the shift. Be where people are now and support what they’re doing now.
– Take a stand and re-funnel your efforts using Coca Cola as a case study.
– Black Swan events can break a brand or make it because they can be a moments-of- truth for brands of their purpose, values, commitments, but equally of their agility, creativity, and spirit.
– There will be an after, which will happen fast and will release pent-up demand.
– Fortune favors the prepared, agile, and decisive — true in good times, even more in testing ones.
– Form partnerships with competitors — there is strengthen in collective dollars to make an impact in tackling this pandemic.
– Taking action now will set your brand up and create new opportunities for the future
– The time to do the right thing is NOW.