As the pandemic rages on, many unknowns lie ahead for businesses around the world. Some companies have slowly resumed operations, some are still on hold, still some are shut down entirely. Even for essential businesses that were able to proceed full steam ahead, the future is uncertain.
Throughout the challenges we’re facing, some businesses will emerge more resilient than others.
Stronger brands tend to have these characteristics in common:
They’re adaptable. Being able to respond, change direction, evolve and anticipate needs is critical. Consumer behavior is changing. Their needs are changing. Flexibility is critical and it’s up to brands to embrace change and get creative or risk becoming obsolete.
They’re transparent. Strong brands speak the truth. Refrain from spinning or embellishing, your audience will see through it. Instead, focus on building trust and credibility and you’ll increase your brand equity.
They’re prepared. Strong brands have a clear purpose. They set goals and establish a long-term strategy to achieve them. They engage with their customers and get to know them, keep an eye out for opportunities to seize as well as anticipate crises, so they’re able to respond quickly.
They’re proactive. Make sure your responses to crises are visible to your customers. In the words of former chief of staff, Rahm Emaunel, “You never want a serious crisis to go to waste.” Demonstrate to your customers that you are listening and you care, that you’re taking steps to remedy the situation, and that you’re committed to finding a solution.
Even businesses that are on pause can make a comeback if they take proactive steps during this downtime. Focus on what is possible, rather than what is limited.
Fortunately for the Automotive Aftermarket industry, household spending on auto parts is at an all-time high, and the aftermarket has proven fairly “recession-proof”. Still, economic trends can shift quickly. Those companies weathering the storm are continually put in the work to strengthen and protect their brand.