With a sudden and unexpected loss in revenue, many businesses are being forced into conversations on how they can trim budgets and maximize efficiency. However, more than ever before, strategic communication is important to respond to rapidly changing consumer behaviour, evolving circumstances and periods of extended isolation or to create positive change.
Nikki Clarke, from The Nielsen Company, highlighted that all things being equal, a brand whose share of voice (SOV) is greater than its share of the market (SOM) is more likely to gain market share. Is this relevant in the current situation? How will it affect companies who are cutting down on marketing and PR spend?
We asked the experts at PRecious Communications how can companies use marketing activities and strategic communication to prepare for the aftermath of COVID-19 while dealing with the current economic slowdown and working with limited resources. For more information on Public Relations and Integrated Marketing campaigns during COVID-19 and beyond, check out PRecious Communications’ dedicated hub for COVID-19.
Focus on Brand Equity, Hard Sales Can Wait
While we are figuring out that ‘new normal’ brands have to figure out how to stay connected to our customers as there is no doubt that going totally silent will bring significant losses in brand equity and that might cost you more in the long haul. But the reality is that all spending including marketing has to be adjusted to declining revenue projections for most businesses. Therefore the real question is on what to focus, where to put your bets.
Previous crises have shown that often advertising gets hit harder than public relations as silent confirmation on ROI. In times of uncertainty and crisis, brands need to focus on strengthening relationships with their stakeholders and doing the right thing. Hard sales will have to wait.
Contributed by Lars Voedisch, Founder and Managing Director, PRecious Communications
Learn to Be Resilient to Face the “New Normal”
Amidst the COVID-19 news cycles, there are two types of headlines that inspire us. One is the nimble actions taken by organisations in repurposing their operations for relief efforts, whether to make Personal Protective Equipment (PPE) for healthcare providers or other innovative ways, such as developing portable hand-washing stations for the homeless. The other is the clear skies and fresh air following the coronavirus lockdown around the world. Both news shows us what is not only possible but what can also be the new normal.
As organisations and companies look into how to be more resilient and relevant, those who keep an active and guiding perspective on what can be achieved and what can be done as an alternative to the pre-COVID-19 crisis will now find an audience that is not only all ears, but also eager to engage with them in the new path.
Contributed by Ary Kim, Client Services Director, PRecious Communications
Time to Ask the Right Questions and Refocus
Startups have always been experts in working with limited resources: there’s always a discussion about the trade-offs between spending resources on products, teams, or marketing and communications. It can be argued that the business focus and financial discipline needed in normal times is an advantage today.
There remains a need for focus from a strategic communications perspective and ask the right questions – now more than ever before. Startups need to asses what will get them the most results? What is a necessary business need right now? And most importantly, what can they communicate today that will put them in a better position in the inevitable recovery?
Contributed by Clarence Lim, Client Services Director, PRecious Communications
Showcase Value Creation and Social Impact
A recent study I came across provided some insights into how customers expect businesses to act during the pandemic. Unsurprisingly, almost two-thirds of the respondents expect brands to be helpful during this period. Technology can help flatten the curve – that we know, but there’s a bigger role to be played by technology firms – on social impact. Now is not the time to focus on blatant brand promotion.
This does not mean that you need to go radio silent on your owned and social platforms about your offerings and solutions. But it is the time to make a strategic communications pivot to showcase value creation and social impact, more than ever. The key is to promote content empathetically.
Contributed by Rajiv Menon, Client Services Director – PRecious Communications
Inspired by this post? If you are a startup or a corporate and are looking to build trusted relationships with your key audiences Get in touch with us to expand your brand awareness. Let’s push the creative boundaries, together.