Branding – How Businesses Can Stay Afloat Amid the Market Challenges

    Branding – How Businesses Can Stay Afloat Amid the Market Challenges

    Brands need to update their marketing standards, messaging, and materials in order to reflect their latest empathetic branding strategy.

    With the widespread market uncertainty, the strength of a brand can potentially be what makes or breaks the business. In this economic downswing, consumers are prioritizing their purchases by saving more and buying less. The current trends in consumer spending are becoming more unpredictable than ever – with a massive fundamental change in shopping habits.

    Market leaders are working in collaboration with teams to create a convincing case study in order for audiences to stick with their brand. Basically, the messaging needs to reaffirm the presence, resilience, and strength of its brand – even in a sensitive time. Marketers can help their brand to keep up and running ahead of their competition, with unique strategies. This will assure consumers about how brands are responding to the on-going crisis, and why they can keep on trusting it.

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    Showing Brand Strength 

    The challenges and opportunities to create brand loyalty are becoming more acute amid the stormy market. According to a PepsiCo study, amid any crisis period, a critical role that marketing can play is in helping to lift spirits and build empathy. A time of crisis present a significant for brands to reinforce their customer loyalty by sending the right message and at the right time – the one that is helpful, relevant, and meaningful.

    Lately, with most people quarantining and working from home, nearly 73% of consumers agreed that the increase in messages from their brands was appropriate – claimed Mitto. In addition, it was observed that most consumers preferred hearing from certain brands or their preferred brands than others. Most people are already tired of pandemic-related brand messaging, noted the study.

    Building Loyalty by Empathy

    Brands need to present them as more than a business – with empathy, keeping the profit margin aside. Basically, it is a ‘time’ when the whole world is making adjustments. And consumers today are keener to know what a brand is doing in order to make a difference! Simply put, building customer loyalty is a primary priority for brands. In its essence, over half of the consumers are willing to spend more on a brand they are loyal to, reveal a recent Accenture research.

    Brands must align with the evolving customer sentiment to earn loyalty – being true to their message is an essential step. Today, young consumers respond and are keen on companies that share their principles and show commitments towards social responsibility. According to Yotpo, many consumers are increasingly considering themselves loyal to some “particular brands”.

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    Clearly, businesses need to update their marketing norms and materials to reflect the latest messaging strategy. Bigger brands are focussing more on offering consumers with certainty and consistency spanning every channel – digital presence to the printed materials. As we shift to the new normal, people are looking to genuineness, relevance, and an unmatched level of high quality in brands to preserve or gain trust.