(Article by Rajesh Ravindranathan, Head HR & Finance, SCPL)
As the Covid-19 epidemic breaks mayhem in the retail industry, there are some questions to be answered, namely: will businesses risk and increase their spending on branding in the aftermath of such a devastating crisis?
Advertising and promotions are what a product describes about itself to consumers. It is a cognizant effort by a brand to endorse its products and services. Advertising is transactional and can be bought and sold. Branding, on the other hand, is a very diverse concept. Branding is what others reflect about you through a comprehensive range of feedbacks. It’s not about what a brand essentially does or doesn’t do. Branding reveals the true charisma of a business and it cannot be bought or sold like advertising.
In the face of rising concern about the Covid pandemic and the stringent need to lock down places of gathering, including retail stores, consumers won’t start exploring brands they hope they can trust. They will only cherry-pick brands they before now believed & they can trust based on previous buying experience. They won’t look out new brands but turn to those in which they already have trust. So, the time to emphasize on branding is not Pre-Covid-19 or after Covid-19. Every company is by now branding itself every day through every choice it makes. “Branding is ultimately not what you say but who you choose to be”
Ask any successful corporate establishment, and they’ll possibly tell you that branding is one of the most vital things for your business. Branding has become a vital aspect of building a successful business model. Design plays a noteworthy role in outlining a brand. Design and branding delivers a visual identity, and can help conjure a positive linking to your brand. For large businesses, financial planning for branding and design can simply run into millions of Rupees. The influence of a good design strategy in branding is irrefutable, and it can help to build confidence and trustworthiness with prospective customers.
Thanks to all the present day online platforms and other modern forms of communication, potential clients have a lot more options to choose from a vast array of branded items as consumers will not always remember a company’s name or website, but they will remember a decent logo, a catchy idiom or a distinctive style. Robust branding techniques will make a company easily distinguishable and searchable.
Consumers don’t have connections with products or companies, but with brands and what they point toward. Usually when a person buys a product, he or she will buy the promise it necessitates more than its features. Building a strong brand with good values and morals which people can relate to will not only provide a sturdier presence in the market but also make the consumers loyal to the company.
To conclude, the transformation matters at present more than ever because when the Covid-19 crisis in due course ends, consumers won’t search for new brands in the market, they will select brands they already know based on their previous logical actions.