As countries start to reopen there is a lot of speculation on what the consumer behaviour and ability to spend will be like. The behaviour will vary depending on how much trust you have in the government and medical readiness in your country, whether you consider yourself high risk or not, what you think is the probability of a return wave, and of course whether you have the financial/social capacity to act on your opinions. Welcome to the 1.5m economy where governments will dictate how many people can enter a store or office or factory. Despite this hardy souls queue up outside coffee shops (everywhere), line up at Ikea (Netherlands) and McDonald’s (New Zealand) and go surfing (Sydney)! As countries start to reopen there is a lot of speculation on what the consumer behaviour and ability to spend will be like. The behaviour will vary depending on how much trust you have in the government and medical readiness in your country, whether you consider yourself high risk or not, what you think is the probability of a return wave, and of course whether you have the financial/social capacity to act on your opinions.
How consumers will behave in the aftermath of a pandemic and lockdown is in the realm of speculation. But it is clear that we are looking at a period of economic contraction if not a recession. And in that space history can teach us a lot. Whether it is recession or even periods of strife like the Indian Freedom Struggle some businesses have thrived. These tend to be bold visionaries. Either they are cash-rich or have nothing to lose. They grow by grabbing a larger slice of the shrinking pie. And acting as if the problem didn’t exist. Learn how Recession Rockstars like Kellogg’s, P&G, Microsoft, Netflix and Infosys grew in past economic turbulence. In last week’s newsletter I covered the Rolling Stones, Damien Hirst and Lady Gaga who constantly reinvent themselves to survive and thrive.
Google launched a handy guide on how to adapt their marketing strategies in the wake of COVID-19. A great read for anyone in digital marketing though it is US-centric.
There are also unusual ways for your brand to stand out. Take the case of the tiny Faroe Islands who have “politely asked tourists not to come.” But to keep interest level in their ‘product’ they have launched a “Faroese View” where you can login to remote control an Islander who will be your eyes, feet and arms for a tour. This is not their first innovation – that was Sheep View, to convince Google to give them Street View. It’s an amazing story of how one person’s innovation and passion can change the fortunes of their country.
Or how about a scent so powerful that it can be patented? And reminds people of childhood every time it wafts across? (And as an aside did you know that generally a perfume – the sort you spray on yourself – can’t be patented?) Get your hands dirty and read how one brand achieved this. If you are in the retail or hospitality industry you may want to look at creating a signature “clean’ fragrance for yourself. It could reassure your guests more than a printout of your hygiene practices, which are of course expected.
And here’s a special bonus in this newsletter – a Brand History Quiz It’s not as much as a test of your knowledge of brands that thrive in recession as a guided trip to the past. Try your luck and don’t forget to share it with friends and colleagues. I personally learned a lot putting this quiz together.
