A brand recovery post Coronavirus plan is worth considering beyond 2021 as many expect the effects of the Covid-19 pandemic to be felt for far longer.
In response to Covid-19’s outbreak, companies that demonstrate meaningful CSR (Corporate Social Responsibility) behaviours will bode well. Some of China’s e-commerce giants, for example, have made large donations and efforts to contain the virus and initiatives to support local people.
The following Sinclair report goes on to say that brands need to show compassion, care and address concerns to reassure everyone we are in this together. It is not the time to sell; it is a time to support loyal customers.
The link to the full brand recovery post Coronavirus paper (Report 137, 37 pages) is here https://cutt.ly/Ttnl36b
According to McKinsey:
“… COVID-19 changed how we live and work in ways that will alter our behavior long after the pandemic subsides. Companies moved rapidly to deploy digital and automation technologies, dramatically accelerating trends that were unfolding at a much slower pace before the crisis. Work went remote, shopping, entertainment, and even medicine went online, and businesses everywhere scrambled to deploy digital systems to accommodate the shifts.
These changes in consumer behavior and business models will persist in advanced economies after the pandemic recedes, although perhaps not with the same intensity as during the crisis. They promise big benefits in terms of higher productivity, efficiency, and innovation—but also could lead to an uneven economic recovery, with rising inequality among workers, contrasting outcomes for consumers depending on their age and income levels, and a growing gulf between outperforming companies and the rest—unless business leaders and policy makers take action to mitigate these unwanted effects.
Here we draw on insights from three recent McKinsey Global Institute reports to offer a perspective on how the pandemic may reshape the future of work, consumer behavior, and productivity and growth over the next several years. The research focuses primarily on changes we have observed in advanced economies in Europe and North America. In Asia, where countries controlled COVID-19 more rapidly and effectively, the behavioral changes are less pronounced.
The actions we collectively take today—from investing in human capital to enabling a surge of entrepreneurship to diffusing technology to companies of all sizes—could create a virtuous cycle of job growth, rising consumption, and productivity growth. Lessons from past recessions reveal that this is not only possible but routinely occurred in many post-war recessions. Failure to act is likely to deliver a tepid, two-speed recovery like we saw after the 2008 financial crisis”.