Brand equity in the midst of crisis
Together out of the corona tunnel
Corona virus strikes hard in the operations of many companies but also opens up new opportunities to view the needs of customers in a completely new way. The virus crisis brings opportunities for actions that increase feelings of trust, responsibility and intimacy, the perhaps the most enduring dimensions of brand equity.
This can be a simple action. A month ago, my local convenience store installed a disinfectant device in the doorway. Shortly afterwards a sign appeared in which the first hours of the morning were reserved only for customers over the age of 70. Acts like this help build an emotional image that I found myself adopting to my own speech as well. I am no longer talking about a convenience store but my convenience store.
Utilizing the ecosystem
The virus is also a good magnifying glass that makes the importance of networks, partnerships, and ecosystems more evident.
In ecosystems companies, their partners and customers seek the value of collaboration. The collaboration does not target to quick wins but to fresh ideas, operating models and ultimately new products. This requires long-term interaction. The necessary requirement for its success is not pushing one’s own agenda but the skill of listening. A person remembers especially well when he or she has been heard. Therefore, the most important thing an ecosystem builder can do at the moment is to pick up the phone and ask the partner: How are you?
The math of marketing, now is the best time to share and tell
In the midst of the crisis, marketing is increasingly transformed into sharing and working together. These acts build lasting interactions both in personal lives and in customer relationships. Listen and help your partner and be flexible about your own needs where possible. Develop ideas on how to get out of the corona tunnel. Together.
Professor Janne Seppänen is one of Finland’s leading researchers in visual culture and media society. He trains journalists at the University of Tampere and writes the popular Mediayhteiskunta blog. In addition to his main job, he consults companies and public administration organizations on issues related to brand building. Seppänen is currently building a visual brand analysis tool based on, among other things, his own research.« Smart digital tools for service development