Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

10 Actions To Help Ensure Your Business Succeeds | BBH Stockholm

72 views

Published on

A BBH briefing on how to ensure your business succeeds in the time of COVID-19: How brands stay relevant, stay useful and emerge strong.

Please steal and share.

Published in: Marketing
  • Be the first to comment

  • Be the first to like this

10 Actions To Help Ensure Your Business Succeeds | BBH Stockholm

  1. 1. 10
 ACTIONS TO HELP ENSURE YOUR BUSINESS SUCCEEDSBy Gül Heper & Alexander Niléhn
  2. 2. The Corona virus has hit the heart of the economy, and it hits the economy at all sides. In these difficult times, it’s important to remember that you and your brand can make a difference. Find the bridge between your products and services and people’s new needs and mindsets. Sell to help, not to move product. If you can improve your customers’ lives, you’ll always stay relevant. Brands that impress come out stronger on the other side. Therefore, we share our advise on 10 actions that can improve the outlook for your business here and now. WHAT CAN BE DONE RIGHT NOW?
  3. 3. STABILISE SUPPLY CHAINS AVOID PRICE GOUGING REASSESS YOUR PRODUCTS’ PRIMARY BENEFITS ENSURE COSTUMER STABILISATION EVALUATE DIGITAL COMMERCE VS BRICK-&-MORTAR STRENGTHEN CREATIVE PARTNERSHIPS BECOME INSIGHT-DRIVEN DEMONSTRATE BRAND PURPOSE IMPROVE EMPLOYEE EXPERIENCE IDENTIFY POST CRISIS BEHAVIOUR 01 02 03 04 05 06 07 08 09 10
  4. 4. 01STABILISE SUPPLY CHAINS In theory, organisations should know all parties in their supply chain network (within the broader business ecosystem) and trust them — but this is far from today’s reality. Could COVID-19 be the black swan event that finally forces many companies, and entire industries, to rethink and transform their global supply chain model? But here and now we recommend three actions to mitigate the immediate impact of the crisis on supply chains:      
  5. 5. STABILISE SUPPLY CHAINS ENSURE YOUR INFORMATION SOURCE IS RELIABLE: REAL- TIME TRACKING Impact reports in times of crisis tend to be inaccurate, update your intelligence daily and rely on people in the field as a source of reliable information. PLAN FOR UNSEEN IMPACT Run outage scenarios and plan for unseen impact on the business in order to assist in adapting to the evolution in retail and the rise of omni-channel. BREAK DOWN FUNCTIONAL SILOS The traditional linear supply chain model is transforming into digital supply networks (DSNs), where functional silos are broken down and organisations become connected to their complete supply network.
  6. 6. 02AVOID BRAND DEPRECIATION As demand on some items goes up and supply drops, we are seeing many third party sellers taking advantage of the crisis by gouging prices. Be sure to keep a very close eye on near-term pricing changes to avoid brand deprecation.
  7. 7. When you need something to stay safe from a dangerous virus, it’s simply not right for companies to continue enabling people to prey on the emergency. Instead, win customers over by focusing on being truly customer-obsessed and fulfil your commitment to outstanding customer service. It takes a customer-centric approach to build brand loyalty. AVOID PRICE GOUGING
  8. 8. CUSTOMER OBSESSIONMATTERS
  9. 9. 73%of customers find a positive customer experience with a brand to be more influential than great advertising. PWC (2019)
  10. 10. 03REASSESS YOUR PRODUCTS’ PRIMARY BENEFITS Make it accessible to more people reflecting a new time and user behaviour.
  11. 11. WHAT CAN YOUR PRODUCT(S) OR SERVICE(S) ACCOMPLISH? Product/Service benefits can either be actual or perceived. Perceived benefits include the products popularity, its image or its reputation. Actual benefits include the performance of the product, its design as well as its cost-effectiveness. Reassess your products’ and/or services' primary benefits and consider playing in new consumption occasions. Keep track of consumer search behaviour and social sentiment around your product or service and the category. Consider highlighting key benefits that help address a new consumer need, or play in a new usage occasion that drives your products’ consideration. Make the product or service accessible to more people reflecting a new time and user behaviour.

  12. 12. 04ENSURE COSTUMER STABILISATION Invest in your core customer segments that demonstrate a long term growth potential and/or high customer lifetime value.
  13. 13. RETAIN LOYAL CUSTOMERS BY PROVIDING VALUE Brands that are committed to customer-centricity analyse, plan and implement carefully formulated customer marketing strategies that focus on creating and keeping profitable and loyal customers. Invest in your core customer segments that demonstrate a long term growth potential and/or high customer lifetime value. Be sure to anticipate their evolved behaviour and need and address them using hyper-personalised and contextual messages - and provide exceptional customer experience at the point of sale and after the sale.
  14. 14. ENSURE COSTUMER STABILISATION IMPROVE ONBOARDING Simplify the process and help your customers fulfil their goals. Consider personalising the onboarding sequence by tailoring it to the buyer persona. HIGH-END CUSTOMER SERVICE Better customer service equals a better customer experience. Look into which channels your clients use the most right now. COLLECT ACTIONABLE FEEDBACK Happy customers are loyal customers. Hear them out. Collect and store all the feedback you receive in one place. IDENTIFY PAINPOINTS Home life is going to be painful, boring, lonely, unproductive, no exercise, etc. How do your products or services help? Identify the most frequent recurring issues that are being reported. REVENUE BOOSTING PERSONALISATION Deliver your messages through the right channel at the right time. Experience personalisation is paramount nowadays [Learn more at the BBH blog].
  15. 15. 05EVALUATE DIGITAL COMMERCE VS BRICK-&-MORTAR Examine digital commerce vs. national Brick-& -Mortar as part of your omni-channel strategy
  16. 16. Examine digital commerce vs. national Brick-& - Mortar as part of your omni-channel strategy: People have dramatically shifted toward online shopping for all types of goods, including food and produce delivery. Ensure that the quality of goods sold online and your product description is accurate. Also consider your customers’ changing preferences may be unlikely to go back to pre- outbreak norms. PREFERENCES ARE CHANGING RAPIDLY
  17. 17. 83%of consumers say an omnichannel experience, such as moving from web chat to a live conversation, is desirable. Genesys,, 2020
  18. 18. 06STRENGTHEN CREATIVE PARTNERSHIPS Discover new ways to deliver your product or service with a creative partner.
  19. 19. REMEMBER THAT YOU’RE NOT ALONE! Find new revenue streams together and discover new ways to deliver your product, service or experience. Continue working closely with your creative partners on current projects which have been disrupted, to find supportive solutions wherever possible. This could be the time to supercharge development for both short and long-term opportunities. Dare to rethink. The power of creativity and the primacy of an idea could change everything.
  20. 20. THE POWER  OF AND THE PRIMACY  OF THE . CREATIVITY IDEA
  21. 21. 07BECOME INSIGHT-DRIVEN Optimise your tech stack and secure data to give you insights on the best way forward
  22. 22. FROM DATA-DRIVEN INSIGHTS TO INSIGHTS- DRIVEN ENTERPRISE Are you fully utilising your Martech stack to reach out to your customers in the best way? And based on data and insights - do you know what the customers need? Take this opportunity to activate what you’ve got and find new ways to generate business. The road from a pile of raw data to data-driven insights and from insights to action is paved with good intentions, but often learning things from data takes excessive time and energy. Getting from metrics to insights is the real challenge presented by overwhelming quantities of data. Devoting people resources, developing the right processes, and investing in the right technologies is key to overcoming current challenges. If you’re interested in transforming your data into concrete insights, you’ll need to equip yourself with the tools for success.
  23. 23. 08DEMONSTRATE BRAND PURPOSE Knowing your brand purpose is one thing—but getting it out into the world is another. Strengthen the perception of your brand by supporting epidemic efforts. Brand purpose represents your reason for being and what you stand for beyond making money.
  24. 24. YOUR NORTH STAR & NOBLE PURPOSE. Support epidemic efforts by demonstrating your brand's purpose: Businesses are only as strong as the communities of which they are a part. Your brand purpose can have a major impact on how your brand is viewed in the market—and, ultimately, can be the driving force behind your success. If you have products or services that can actually help people, then actually help people. We strongly advise against ‘cashing in’ on a crisis but instead wrap your services and products in ways that help. Or make time to figure out how to support response efforts—for example, by providing money, equipment, or expertise. Actions speak louder than words. Just ask LVMH, the French holding company of brands such as Louis Vuitton, that have repurposed all of their perfume factories into sanitiser production lines. This beats pure talk.

  25. 25. LOOK AT WHAT MADE IT IN THE FIRST PLACE. GREAT If you want to make a brand great again
  26. 26. IN THE PAST, WE'VE SEEN LOTS OF COMPANIES THAT HAVE HAD THE BEST, BRILLIANT INTENTIONS BUT THE INTENTIONS WERE POORLY EXECUTED. THIS IS NOT THE TIME TO BE BEATING YOUR OWN CHEST. THIS IS THE TIME TO BE A GOOD CORPORATE CITIZEN TO CONTRIBUTE TO THE PUBLIC GOOD, AND NOT TO BE 'SEEN' AS 'A SUPER GOOD COMPANY' Jay Milliken, Prophet senior partner and Asia regional lead
  27. 27. 09IMPROVE EMPLOYEE EXPERIENCE Your employees are key to the best customer experience and secured revenue.
  28. 28. DESIGN AN EMPLOYEE EXPERIENCE THAT IMPROVES BUSINESS PERFORMANCE The employee experience is the journey an employee takes with your organisation. It includes everything from major milestones and personal relationships to technology use and the physical work environment. It's the big picture that ties together all of your efforts to attract, engage and develop your employees. Strong customer experiences start with satisfied employees. Help your employees to help you by giving them the tools, purpose and a clear vision to deliver the best customer experience whilst staying safe. Because none of us are as good as all of us.

  29. 29. BECAUSE NONE OF IS AS GOOD AS . ALL OF US US
  30. 30. 10IDENTIFY POST CRISIS BEHAVIOUR Look forward and start planning for post crisis behaviours
  31. 31. ANTICIPATE PREDICT, ADAPT. Look forward and start planning for post crisis behaviours. Of course, attention must turn to critical business operations; however, our role as brand experts is to remind marketing leaders of the lessons from history. Brands that keep going - and keep going in specific ways - emerge from economic shocks ahead of their competitors.
  32. 32. Brands that reduce their spends during times of recession often come out the other end weaker. Every business will have its own unique features but history tells us on average marketing budgets should be protected, not raided for recovery. Strong brands recovered 9x faster than weaker brands following the financial crash of 2008. Don’t forget about your brand! Protect it. Fuel it. It’s going to help you come back. The dual impacts of short-termism in marketing and lower investment behind creativity have halved the success of creativity over a period of just four years. By reducing investment in the long-term now brands face the very real risk of reducing their commercial power down the line. Hold the line as much as is possible. Brands that focus on increasing relative share of voice, perceived share of voice and product quality perceptions are more successful. It happened in the 90s. In the 2000s. And 2008. It should happen again. In post COVID-19 world there will be lots of small moments that gain a new emotional resonance: the first pint back at the pub, the first cup of tea with your gran in two months, getting back to your yoga/ pottery class/5-aside league or Eastenders back to 4 nights a week. Brands can make them feel even more special and elevate these moments. PROTECT BUDGETS PROTECT BRAND GO LONG SPEND RIGHT CELEBRATE MILESTONES 01 02 03 04 05 HOW: Credit: Will Lion, Managing Partner at BBH
  33. 33. Make sure you’re listening to your customers so you are prepared for the new normal. A re-evaluation of work/life priorities? A stronger commitment to family? Increased anxieties? Tightening budgets? Don’t presume that things will revert back to the status quo once this appears to be coming to a close. Prepare to check in with the market.   Is going to the store still the optimum for people? Will people go back to the purchase behaviours of pre-Covid or will it have massively accelerated the direct-to-consumer trend. As highstreet players may unfortunately fall as a result of this, strengthening your DTC proposition will help adapt to new behaviours and the new reality. Resist developing an exact plan. Give yourself and your team a chance to adapt as weeks go by. Section quarters up, map things out. Move to iterative delivery cycles. Be agile in your management.   What are the seeds that you can plant now and will have impact in the future? Think of it as a hibernation phase: now is the time to focus on the side of your business that helps people grow, learn, improve, without the pressure of reaching instant gratification. The next big thing could be conceived WFH. As we are seeing a massive expansion of the state and the role of large brands in delivering key services, big will be back and trusted more. Who will you want to bank with after this is all done? A startup or an established critical player? THE NEW NORMAL RETHINK DIRECT ALLOW CHANGE EMBRACE DEEP WORK BIG AND TRUSTED 06 07 08 09 10 HOW: Credit: Will Lion, Managing Partner at BBH
  34. 34. BBH STOCKHOLMContact us: hello@bbh-stockholm.se +46 76 187 55 68 In

×