April 07, 2020
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In the wake of COVID-19, brands have been forced to adapt to the changing business world. Mediaworks Leeds’ Managing Partner, Paul Mallett, covers five areas critical for all brands to consider during uncertain times.
For further details on our five actions for all brands to consider, download the PDF: Its All About Your Brand – Mediaworks
Now more than ever, every facet of what you do and how you operate will speak volumes about your brand, your authenticity, and the trust that consumers will invest in you.
Whether that is reassuring consumers about your staff safety policy, updating delivery and returns details on your online store, or detailing how you behave and communicate on social channels. All of these initiatives will positively reinforce your brand, if you deliver them correctly.
Keep control of all your markets, your channels and your assets. Make sure you are using the right Tone of Voice at all times and stay true to your absolute core brand values. Anything else is, at best, risky, and, at worst, damaging.
Proctor & Gamble have famously seen growth in recessions starting off with the Great Depression, where they increased spending vs rivals.
Starting in the 1920’s in New York and culminating with the launch of the first radio soap opera in 1933, P&G virtually built the daytime radio business with its advertising budgets and programming.
By 1939 P&G were sponsoring 21 radio programmes — two industries were thriving due to the investments made by one.
In 2008, immediately after the financial crash, a number of sectors boomed. DIY and discount brands for cash-strapped households but also brands for staying in with the family like Hasbro and Lego saw big increases in revenue and matching share price surges.
The thing that all these brands have in common is their ability to make life easier and better for consumers. Find your helpful channel and communicate this strongly through your brand and advertising.
It seems likely that COVID-19 will result in a global recession, making sales even harder than ever. This might knee jerk brands into turning off all advertising spend in a bid to save money. However, that is a short-term solution for a long-term problem.
Prepare now by investing in brand building advertising that will have a longer-term impact, even beyond recovery times, putting your business in better shape for the future.
If you need any further support or information then do not hesitate to contact the Mediaworks team.
Thank You. Stay Safe.
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