There’s a difference between a house and a home. House is just a cemented building but home is where your heart is. Similarly, a company and a brand share the same contrast. While a company is just a firm manufacturing (or dealing in) products/providing service, a brand is what connects the offered products/services with people. In short, a brand is the sum total of a company’s goodwill.
Thousands of entrepreneurs work day in and day out to turn their companies into brands. Some achieve behemoth success but others get lost in the race as they fail to appreciate the relevance of the times.
The Covid-19 lockdown has surely brought a down cycle for businesses but on a brighter side, this social distancing period provides a good opportunity for entrepreneurs to build up their brands. And it’s not that tough. Here are a few easy ways to prepare your brand for post Covid-19 crisis:-
Know it all: Preparing your brand requires the knowledge of four basic questions — brand promise, brand character, brand definition, and most importantly market position. The best way to place the best foot forward is to identify your prospective consumer demography. During this lockdown, an entrepreneur must frame messages in language that resonates with the buyers of the firm.
Steps to establish a brand: Spread awareness regarding your company via social media and other platforms. Make sure that your brand has a presence on social media platforms — Facebook, Twitter, Instagram, Google Blogs, and others. Secondly, create an emotional connection with your target audience by devising a promotional campaign. Also, focus on selling the unique point of your offering and create (and maintain) a credibility of your company by winning over consumer’s trust.
Response: As the saying goes, to err is human. It is bound for a company to make some errors but consumers do not mind a glitch in service if the brand has a good response and redressal mechanism. Thus, this down time is a great period for an entrepreneur to chalk out an active response mechanism for clients and consumers. You just have to make sure that complains of your consumers are addressed in a quick and hassle free manner.
The lockdown period can help you figure out the required technology that can contribute a lot in formulating a great response system for your company.
Visibility: Brand visibility is vital for every company. To ensure a greater penetration within markets, just advertising campaigns won’t suffice. Demos and exhibitions go a long way in acquainting your brand with prospective purchasers. These are the events where an entrepreneur gets first hand consumer response and based on this insight, one can devise a future business strategy for the enterprise. In this lockdown period, a business owner must identify spots where the brand is likely to get an overwhelming response and book a suitable store there for exhibitions/demos.
Pricing: This is probably the most difficult and the least talked about aspect of brand creation. Even the most famous brands go through a tough time in deciding the prices of its products and services. Entrepreneurs are suggested to not take cue from their competitors as this can start a vicious cycle. You should base the price of your products on the input cost and value that they bring to your customers.
If you are a young brand, don’t price your products too low to attract more consumers. Initially you may benefit but as soon as the prices will be raised, your customers can ditch you for other brands. So, keep the prices steady throughout and fix the rates on a product-wise basis.
Yes, it is true that it might take some time for the markets to side step “Corona Blues” but with right strategy, a brand can leave behind these dim lockdown days with great sales.