The growth of COVID-19 may be slowing in China, but it is far from business as usual as working remotely and attending school online have become part of a new routine. With the cultural and behavioral shifts that have accompanied the virus’s spread in China, businesses across the spectrum are looking to identify actions they can take as they reshape their 2020 plans against a quickly evolving landscape.
No sector has been left untouched: though some industries have been hit harder than others, COVID-19 will have knock-on effects that will reshape the whole consumer and business landscape for the rest of the year and beyond. In these challenging times, brands must be mindful of the long-term implications of actions they take now. Actions planned and taken now should:
Build Long-Term Brand Equity: Brands should use this time to lean into their purpose to support a nation emerging from a very challenging time, and show their humanity and commitment to society’s common cause.
Be Genuine: The actions brands take in this moment need to be relevant and aligned with their higher purpose. When done right, this can offer authentic stories that can help drive a positive perception.
Plan for the Rebound: While the full impact is yet to be fully understood, many consumers are already eager to get back to spending. Brands need to think about how COVID-19 has directly impacted their consumers’ value calculations, and prepare for how to respond once consumers are ready to spend again.