Currently, businesses are faced with multiple challenges. Losing market share, changing consumer behaviour, shuttered down stores are some of these challenges. The need of 2021 for brands will be to be noticeable.
Take care of your consumers
In a study it was found that 77% of brands are irrelevant in the lives of consumers. Nobody would care even if they disappear.
In another report it was found out that only 79% of the 2,447 global consumers who were surveyed could recall instances where brands positively responded to the COVID-19 outbreak. The brands took initiatives to positively impact their customers, workforces, and communities through the crisis.
This gave a positive impact to the consumers. People now see businesses as more competent than nonprofits and governments when it comes to solving global issues. This certainly shows how people value brands that align with their own personal values.
Drastic measures will be seen in the coming year to rebuild the economy as India tries to position itself as a manufacturing hub in the new world order. India is trying to regain its momentum to reach its aspired pre-Covid vision of becoming a USD 5 trillion economy.
It would be necessary for the brand to be purpose-focused. It would also help to reposition the brand in a meaningful way to meet the needs of the stakeholder.
A business can dramatically change course during its life cycle. An efficient internal marketing team can help you get the desired attention.
Growth of digital and physical retail
Digital is definitely set to rise. But it is not the end of physical retail. No matter how engaging or convenient the digit market is, virtual reality cannot wipe out the human dimension of commerce. There is something refreshing in physical space interactions, trying on clothes, a trip to the mall with friends and it will be back,eventually. But the whole purpose is to make a sale, whether customers are show-rooming or web-rooming.
Localizing brand presence
Local stores came into sharp focus after the shutdown. The lockdown brought the relevance, trust and sustainability elements of local stores. Hence, making one’s presence by hosting community events, sponsoring local events and developing hyper local messaging strategies to address these local forums. This will drive engagement while addressing people’s fears and misgivings.