Authentic brands are well-positioned
Local and national businesses have had to pivot dramatically because of the pandemic. While our grandparents might talk about a pre- and post-Cold War world, our generation will talk about a pre- and post-COVID-19 one.
We have seen short-term business implications — from remote working to increased online sales models — but what about the long-term impacts?
A recent business study shows 45% of consumers have changed brand preferences at some point during the pandemic. Within the statistic lies both risk and opportunity for businesses.
At the core of customer loyalty is an appreciation for authenticity. Because of this, businesses must examine and embrace who they are. That could mean taking a strong stance on issues that align with their company ethos or finding enterprising ways to deliver the brand promise in a socially distanced world.
A brand is more than a logo, some colors and a tagline — it is a promise you make to your customers, your employees and even your competitors. It represents the culture you aim to create, the story you'll embody and the values you'll uphold. Forward-thinking companies have embraced this.
One example is Citizens Bank of Edmond. When Congress passed the CARES Act, Citizens made it easier for business customers to apply for the new law's Paycheck Protection Program (PPP). The bank's CEO and president, Jill
Castilla, also teamed up with Mark Cuban to launch the PPP. BANK site with Teslar, where all borrowers could calculate their PPP forgiveness and prepare their applications.
An exceptional brand acts like a mirror — it accurately reflects the organization. If you don't like what you see, you can begin to change. Like people, brands change when they shift perspective and believe better things are possible.
Consumers now have so much vying for their attention, using complex tools and platforms, leveraging data, and competing among increasingly similar offerings. There is more than one of everything now, and for many, it is unclear which streaming service, soda, insurance agency, restaurant, or marketing agency to use. We're seeing a wave of Oklahoma startups trying to carve out audiences for themselves by creating distinct brands and experiences. We're also seeing prominent brands evolve, reposition and refresh their own identities. Why?
Social media doesn't allow brands to hide behind clever marketing or crafted testimonials; we can expose lies, share opinions and compare experiences in real-time. Authentic brands win. Inauthentic brands die. If your brand doesn't reflect who you are, who you serve and what you stand for, customers will know during the pandemic and beyond.