Growth of Brands in the time of Crisis

As the world is facing drastic lifestyle changes due to the pandemic COVID-19, so is the change in the behavior of the consumers and the organizations are being witnessed globally. Brands need to adapt and devise strategies to remain relevant during and after the crisis.

According to research conducted by Economic Times recently, brands that spend on marketing during the crisis are more likely to increase their sales and profit share in the market. Instead of sitting and waiting for what happens next, brands should find new ways of developing consumer relationships for those who plan today and take action will become the leaders of tomorrow.

Some measures to deal with the crisis are:

• The change in consumer behavior as they take protective actions against the virus is likely to have an immense social and economic impact. Keeping a track of this change via online surveys and studies will help organizations stay ahead in the competition.

• While sectors like malls, restaurants, movie theaters and tourism industry have taken a massive hit operationally, healthcare and well-being brands are likely to have better growth prospects with increased investment in healthcare and sanitation sectors.

• This is the time where brands need to stand by their consumers, add value to their life and earn their trust. Maintaining brand visibility in the market is essential

• Digital media should be leveraged in the best possible way by sending messages, building rapid-response models and engaging customers to remain virtually connected with them. This will give insights on how the customers feel during the time of crisis and will help the organizations to redesign the best marketing strategy based on their response.

• The greatest beneficiaries of the ongoing crisis are going to be social media network brands as people turn to these platforms to connect with their loved ones to access relevant information. Not to mention the growth of OTT platforms all thanks to the rapid content consumption and increased screen time of people.

The key to staying relevant is to adapt to the current situation and make the best out of it. Thrive and not only survive in this unprecedented time with Solugo. Our comprehensive and customized surveys extract real-time and authentic insights of your target audience and help you make better business decisions.

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