Customers will most likely come back to their traditional brands after the situation normalises.
This piece argues brands should avoid price promotions for increasing their sales during the recession unless they can sustain with tighter margins. Marketers should also maintain or increase their advertising budgets to gain market share during the recession.
Brands should continue to drive brand awareness while offering added value through the uncertain market situation amid the lockdown. While companies that produce everyday items are doing the usual business, brand preferences with the categories are likely to change.
The author suggests businesses should keep in mind the rule of 60/40 budget split between brand building and activation. Companies should focus on the next five year sales and not just the immediate next quarter sales to build up the brand in the long-term.
[5 minute read]