No matter how small or big your business is, there are lessons and insights to gain from how the world’s largest corporations responded to the pandemic. From audience engagement to smart adjustments, the world’s most popular brands could mitigate some of the pandemic’s effects due to swift and decisive action. Bigger brands may have more resources to battle something as unprecedented as the COVID-19 crisis, but there are still many valuable insights we can glean from how they did it.
Capitalizing on nostalgia
Some of the most depressing toy store-related updates we’ve seen in the past few years have been those that have announced they were going out of business. FromToys R Us with its 2017 bankruptcy to Ambassador Toys closing down in 2020 due to the pandemic, families have been hard-pressed to find toy stores where they can find affordable but still fun stuff for their kids. Thankfully, Lego had capitalized on the cultural moment by focusing on how consumers are more likely to look back on the days of yesteryear when life was much easier and simpler. Consumers engaged with the brand in positive ways, with the construction toy’s sales peaking on eBay. What we can glean from this success story is that we need to take advantage of the cultural moment at the right time lest we completely miss that window.
Focusing on corporate social responsibility
With many travel restrictions in place worldwide, it was certainly not business as usual for the hospitality industry. One hotel chain that received positive engagement from audiences was the Four Seasons, which focused its resources on community efforts during the first few months of the pandemic. They had a strong corporate social responsibility (CSR) strategy and made use of their connections to house healthcare workers who were in the front lines of battling COVID-19-free of charge. This maneuver brought them a lot of positive attention compared to their competitors. This strategy’s success shows that when we place a premium on our community above profit, consumers appreciate it and will be much more likely to engage with our brand when the time is right.
Nurturing consumers until the economy opens up again
One of the most negatively affected sectors is the film industry, and major studios have been racing to maintain audience interest even amidst thelockdowns. One example of a studio that did this well is Warner Bros., whowere able to keep excitement andanticipationfor their brands and properties going by releasing engaging teasers, almost rivaling their juggernaut competitor Marvel Studios. Their strategy shows that it’s important that we know what our audiences want and that we continue to give it to them.
Being consistent and transparent in communicating
Two of the biggest mistakes a brand could commit during crises are 1) communicating poorly and 2) not communicating at all. Singapore Airlines and their sub-brand Scoot made an effort to communicate with their consumers throughout the pandemic, which gave them an edge over other airlines. They sent out heartfelt messages on their social media platforms and gave their customers a self-refund option, which gave them positive brand recognition among audiences. It shows that when brands know what policies to enforce and know how to communicate those policies well, they are rewarded with positive customer engagement. Times of upheaval also entail that brands speak to their customers with compassion and empathy, so having an excellent PR firm can also be beneficial during this time.
The key thing is to remain abreast of our audiences’ needs, desires, and values and the trends that drive those things and pivoting according to those needs. When we do, our brands might not just survive but thrive.
