CONSOLIDATING BRAND VALUE

Tech brands have gained ground during the pandemic – Sanjeewaka Kulathunga

In a global catastrophe such as the COVID-19 pandemic, corporates are expected to fulfil their social responsibilities by being empathetic, and considering all their stakeholders – including consumers, employees, government and society.

And indeed, enterprises ranging from local businesses to multinational corporations  are facing their greatest challenge to date.

Since the advent of the pandemic, infection and fatality rates reported by global health authorities suggest that we will have to endure unpredictable times in the years ahead. However, even as the world contemplates the long-term implications of this major health hazard, many global brands have already begun to adapt to the ‘new normal’ way of conducting business.

Whilst identifying with growing trends, and keeping in touch and staying in tune with consumers, empathising with their real-life circumstances has not been a priority for most businesses.

But due to lockdowns and physical distancing measures, e-commerce platforms are gaining popularity as the way forward to the future business model.

With multiple sources in terms of news feeds on social and mainstream media, we are not short of expert analyses on the ramifications of this pandemic. But this represents a mix of official health information and amateurish responses by the public.

Each of these demographics represents diverse perceptions on the prevailing situation. Therefore, it’s a daunting task to separate fake news from authentic statistics released by regulatory bodies. By structuring data and information, businesses can efficiently and effectively interpret millions of opinions and comments to create a true picture of the threat posed by the pandemic.

Regardless of the type of business, corporates should be able to identify potential trends in consumer behaviour – such as panic buying, stockpiling, indoor entertainment, and self-hygiene and care – in response to COVID-19. The precise flow of accurate information is a vital force for marketing teams that have to deal with the impact of the pandemic.

As social beings, we are all connected through shared values and beliefs, for the upliftment of each other as one global community through various social and economic expectations. The strongest of those connections could be built organically because every community gravitates towards a scientific solution to combat the pandemic since it’s a common problem.

Organisations should be cautious and not view their customer base as simply product and service users. In reality, their products are not the medium that brings such consumers together; but rather, their shared values and beliefs.

Having distinctively identified the community’s values and attitudes to a social or economic phenomenon, corporate strategists should be more effective by promoting their brands in the target markets spontaneously without the conventional incentives.

Under prevailing economic and social conditions, COVID-19 will be a bleak but powerful opportunity for potential consumer communities to influence brands around the world. Accordingly, every business must quickly understand and respond to how the pandemic will impact their target markets.

Farsighted marketing strategists who are capable of being more creative and responsive to what’s happening in society today can boost brand awareness, and consolidate consumer loyalty – even during a global cataclysm such as this.

In an effort to promote brand awareness and loyalty, personalisation of the brand in accordance with consumers’ unique requirements has been at the cutting edge of increasing brand value.

For example, Amazon has become one of the leading personalised brands during the pandemic in terms of precisely targeting consumer behaviour and personalising it with predictive modelling using a sizeable quantum of data.

From personalised onsite content, and extending individualised offers and deals in real time, Amazon uses powerful algorithms to target its consumers’ home pages and create product recommendations based on their searches and past purchasing records.

Despite the global pandemic, the most valuable global brands in 2020 have been able to increase their brand value by some six percent –adding an estimated US$ 277 billion to reach 5 trillion dollars in total value.

Correspondingly, Amazon has recorded 32 percent growth to the tune of US$ 415.9 billion. The retail sector especially driven by global e-commerce players has grown some 21 percent in brand value.

Global tech brands have been continuing to grow by around 10 percent – and half of these are media and entertainment brands such as Netflix, YouTube, Walt Disney and so on. During the lockdowns, TikTok was the highest new entry with a net worth of 16.9 billion dollars.