Sustainability of Brands in the Covid Era
Commentary By Jeevandran
Raghavan
As business leaders, how do you mitigate the impact of Covid as it
upends almost every aspect of your business much like a slow-motion tsunami?
The Covid pandemic is ravaging the globe, and businesses everywhere are
trying their best to cope and stay afloat to meet demands to stay ahead. We
have witnessed many big brands pause their daily business, or even delay their
sustainability budget allocation altogether, given uncertainty in their
environments.
The pandemic is a critical reminder that companies should dedicate resources
to helping their customers get through this phase, and should not let another
existential threat go completely unnoticed.
Covid has thrust us into a new worldwide crisis from illness to macro-economic
freefall. Once again, necessity can serve as mother of invention; and, a crisis
can serve as the catalyst for fundamental innovation/s to lay the foundation
for a stronger future. The actual crisis is that government policy reactions
towards the worldwide pandemic have forced businesses to shut down, and that
social life is more stringently controlled and monitored (under policies like
the Movement Control Order) – a new global phenomenon.
However, this shift to the “socially-distanced” virtualisation of all
business models was already fated to happen one day. Covid has pushed the
virtualisation of business upon us with immediate effect. Tomorrow’s winners
will be those who can quickly master both the business model and business
process disruptions.
Sustainable Brands to Pivot with Purpose
In the age of ‘telehealth’ and delayed non-essential medical care,
consumers are fighting to keep their families safe. For sustainable-focused
manufacturers of cleaning supplies, this means it is important to highlight
disinfectant capabilities, while food manufacturers may need to underscore how
they address their health concerns through their everyday food choices.
Some of the growth experienced during the weeks when consumers were
stocking-up, was not brand-loyalty-driven, but driven by stock availability.
However, in the weeks following, we have seen the gap between conventional and
sustainable sales growth level off. Our expectation is this trend will continue
as economic challenges persist, but that does not mean sustainability is out of
the game.
This crisis also serves as a reminder that sustainability is not just
about what goes into the products, how it’s made, and what happens after a
consumer is done with it. Sustainable brands maintain a flexible and responsive
approach to consumer needs, with supply chain and operations to match.
Facing a shortage of critical materials, some industries are stepping up
to shine. Clothing, perfume and even alcohol brands are repurposing their
production lines to meet the demand for masks, hand sanitizer and other
necessities.
This is not about changing the brand’s purpose or mission, but pivoting
or expanding the day-to-day work to be more effective in meeting consumers’
needs wherever and whatever they are.
From Here to the End of 2020
This pandemic will test many brands, the way they react if in a socially
responsible and sustainable way, which can have meaningful implications not
just for their business, but also on how they rebuild communities.
On a business scale, times of crisis are both threatening and
liberating. However, we must remember that cultural and organisational change
is hard. What’s usually needed to make a large-scale change is a huge, sharp
shock that allows all the old ‘rules’ to be shattered.
This Crisis IS That Moment
For more information on ways your business can examine opportunities to
pivot and evolve for future sustainability and business continuity, check out
the workshop led by Dr Craig J Selby and Michelle Nunis.
This workshop will help decision-makers examine where they are today;
the opportunities available to them; and how to realign, pivot and evolve to
take advantage of these opportunities in the face of rapid change.
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Inspiration: https://www.marketingdive.com/news/why-sustainability-could-be-more-crucial-and-difficult-for-brands-in-th/577503
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