WHY BRANDS NEED TO ACT NOW

by A Mac February 2, 2022

WHY THIS CRISIS IS DIFFERENT

The current crisis is different from practically all previous downturns. What makes matters worse for many brands is that we were already in a state of massive disruption before this crisis started. We highlighted in many of our projects, presentations, and publications the need for brands to meet new market challenges. Millennials and Gen Zers are driving disruption, and many traditional brands already had difficulties communicating with those younger consumer groups. Massive technology shifts, digital business models, and rapidly changing consumer preferences were regularly upending the luxury, lifestyle, and consumer industries before COVID-19. Now this disruption becomes compounded by the immediate supply and demand disruption impact of the current crisis.

WHY BRANDS NEED TO ACT NOW

Many brands that have been passive in previous crises lost relevancy in a dramatic way. Now is the time to act fast. Every crisis is an opportunity for agile brands to create stronger consumer connections and more extreme value. Now is the time to reevaluate, fix gaps, and inspire customers through relevant content, ideas, and actions. In other words, now is the time to showcase exceptional leadership and prepare your brand for the future. One thing is clear: The world will never be the same and complacency will endanger brands.

DIGITAL SUPER-ACCELERATION

Any gap in digital mastery will put luxury brands (or any other brand) at a strategic disadvantage. And more changes are coming, including rising expectations for experiences since consumers have been isolated for weeks or more. As of now, most brands aren’t prepared enough for this. Digital transformation is not a long-term option, instead it requires an immediate focus. Those of our clients who have already implemented an advanced digital infrastructure supported by Artificial Intelligence powered consumer- insight tools are already able to navigate through the real-time changes in consumer sentiment, engage more precisely and effectively, and strengthen consumer connections significantly. In times of crisis, these tools are critical to be able to act and react fast.

CRISIS MITIGATION STRATEGIES, WEBINARS AND PRESENTATIONS

Since the beginning of the COVID-19 crisis we had several hundred participants in our webinars, live streams, and presentations on mitigating crisis and managing brands in times of rapid, relentless, and unprecedented change.

We are supporting our clients all around the world in developing quick-to-implement measures to create extreme value for their customers.