Brand Equity During a Pandemic
The coronavirus pandemic has the majority of the world spending more time at home, in front of their devices more than ever. With rollback reopenings, now is a great time to catch up on some brand identity housekeeping.
It is in our nature to be consumed with day to day workload, but now that we have time to reflect, it’s the perfect time to review your brand’s voice. Brand awareness is defined as “the extent to which consumers are familiar with the distinctive qualities or image of a particular brand of goods or services.” How is your brand being perceived during the pandemic? We’ve noticed most brands are using their organic platform to be more customer-focused and are utilizing their channels to informative and bring about awareness to social issues. In an oversaturated market, and everyone is fighting for screen-time, brand equity strategies are more effective. Most consumers are focused on what’s going on in the world around them and buying essentials than spending supplemental income on frivolous items. Here are examples of customer-centric brands that are using their platform to spread awareness while boosting their brand identity.
Branding Equity Strategies
Chase bank is incorporating more brand awareness strategies into their email marketing campaign by creating informative content related to COVID-19 and touching on racial inequality topics. Banking institutions such as Chase rely heavily on customer relationship managers, to sell products such as credit cards, checking accounts, and investment opportunities. CRM’s segment products and services customers are interested in and deliver emails to audiences who would be interested in said products or services. Now we see a shift in their messaging. Chase is now pushing emails about store openings, additional precautions due to the coronavirus, and ways they are supporting small businesses. Keeping their customer is the loop by following their website updated with information regarding stores and contactless actions customers can perform themselves via the web. Chase is also joining conversations surrounding the black community by declaring Juneteeth an official company holiday. Their non-promotional efforts will be remembered more than the countless sales emails they send each week. Email marketing is not a new effort by Chase bank, who sends 4-5 emails to its members weekly. They are, however, being more mindful of their audience and catering to their immediate needs.
Major retailer Target has been a customer-centric brand pre coronavirus. Thus their transition into contactless orders and convenience for customers has always been apart of their brand identity. Target contactless features include order delivery and drive up order pick up that allows customers to shop without entering the store. This advantage allowed Target to capitalize while other brands were struggling to improve their current ordering systems to allow omnichannel fulfillment services. Target is a brand that understands its audience. The majority of their audience are women, who are the primary shoppers for their household. Catering to multi-tasking women, Target made profitable adjustments for their audience as a whole. Target also takes care of its employees who continued working during the pandemic. They show their support internally by giving pay increases, bonuses, and raising the minimum wage for employees. Target is showing brands how to provide an excellent experience for its consumers and employees, thus creating a stable work and consumer culture.
While other brands are being praised for their nobility and support of social issues, Facebook is facing backlash from advertisers who are alleging the platform is ignoring hate speech, racism, and voter suppression. Major brands such as Honda, Coke, and Verizon to name a few are pulling advertising dollars from the popular platform in support of these issues. While Facebook is taking steps to shake this bad press by dedicating a page to Black Voices, a page that allows contributors from the black community to converse and connect to share stories, experiences, and information regarding social injustices. It’s going to be interesting to see how they will respond to the negative press surrounding their brand identity.
The identity of brands during this point in time is essential because consumers are selective about where they spend their time and money. Being customer-centric and thinking of ways to support your audience, whether it’s consumers or employees, is invaluable. Taking small steps towards improving your user experiences by making unconventional changes or investing in new processes and procedures produces loyal customers.
Brand Awareness: Definition of Brand Awareness by Oxford Dictionary on Lexico.com also meaning of Brand Awareness. (n.d.). Retrieved June 30, 2020, from https://www.lexico.com/definition/brand_awareness