Why Building A Brand Matters Now More Than Ever?

November 23rd 2020

Why Building A Brand Matters Now More Than Ever?

Survival of the fittest is always the rule

As lockdowns get lifted with necessary social distancing norms and safety precautions in place, the world is slowly absorbing the pandemic's shock. This is particularly true for the business world as revenue loss and closures define the entire landscape.

In a survey of 4,000 small and medium enterprises in the United Kingdom, it was found that the sector could face a hefty cost of £69bn. 25 percent of them find themselves at the risk of shutting down in the coming six months (Source).

As of September 2020, 86 percent of all industries in the country were trading, and luckily 100 percent of companies in the human health and social work sector resumed trading (Source).

But almost every brand—old or new, small or big—is facing the brunt of the pandemic. While the number of positive COVID-19 cases and deaths continue to rise in the country, businesses are now bracing up for a huge transformed market and economy. They are taking all possible measures to continue attracting new leads and generating income.

So, these challenging times need marketers to have their laser-sharp focus on their brand-building activities—something that can help them grab more eyeballs, win consumers’ trust, and sustain themselves. The age-old adage, “survival of the fittest is the rule,” now becomes all the more emphasized as brands try to keep their heads above water.

The shift of consumers to the digital space

Due to the pandemic, shopping has taken a whole new shape globally, including the UK. 39 percent of shoppers in the country have bought new goods online due to the COVID-19 pandemic. For millennials, the figure jumps to 52 percent. 19 percent of shoppers still expect delivery of their purchases within twenty-four hours. What’s more interesting is 42 percent of UK digital buyers expect to buy more digitally after the pandemic, as opposed to just 6 percent of shoppers who expect to buy more in-store (Source).

As per UK Digital Trends by Generation 2020, the lockdown led to a huge rise in the amount of time people spend online daily. The highest hike was seen in the age group of 18 to 24 years, which showed a 53-minute rise from the beginning of the year to complete lockdown in April. In 2020, the UK has a social media penetration of 71.64 percent. Here are some UK social media usage statisticsas of September 2020:

  • Facebook- 55.13 percent.
  • Twitter - 23.06 percent.
  • YouTube - 2.93 percent
  • Instagram - 1.75 percent.

The above numbers clearly show that most consumers' activities—be it shopping for essentials or seeking entertainment—is taking place in the digital space. To keep pace with this trend, brands have to increase their focus on digital marketing activities and their overall supply chain. Ease of online ordering, more attractive rewards and more engagement will have to become an integral part of brand building in the post-lockdown world.

Appealing to the more mindful consumers

It’s not just consumers going digital that’s pertinent to brand building and marketing these days. “What’s driving people’s purchase decision?” is also an essential question for brands to answer. In a McKinsey survey, it was found that 44 percent of respondents were becoming more mindful of where they spend their money. 18 percent of them researched a brand before deciding to buy it. So, it’s more of an exercise for brands to win consumers' trust than merely pushing their sales.

To appeal to these ethically-aware, digitally-driven consumers, brand-building activities become all the more important for companies. It’s vital that their messaging aligns well with the present crisis and shows empathy towards consumers. Given the change in expectations, needs, and purchasing power, brands have to reassure consumers that they are spending their money on something valuable. Besides setting up convenient digital touchpoints, brands also need to leverage user-generated content, customer reviews, and behind-the-scene videos to meet consumers’ expectations and gain their loyalty.

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