2020. That number evokes an idea of being able to see things clearly. And coming into this year many brands, including yours, had developed or were developing clear plans for growing and capitalizing on a booming economy. Most knew where they stood and where they needed to go, and were determining plans based on one of these scenarios:
- Advance their thriving business and take it to the next level of growth
- Energize the business to get it moving more quickly down the growth track
- Inject new life into the business to overcome a weak period of performance
There’s a cruel irony, of course, that the 2020 clarity we started the year with is now out the window. Every brand’s 2020 playbook has either been jettisoned or severely altered. Wherever your brand was among the scenarios listed above, your vision and strategy has likely shifted.
Every brand’s 2020 playbook has either been jettisoned or severely altered. Wherever your brand was among the scenarios listed above, your vision and strategy has likely shifted.”
Remarkably, the scenarios defined above remain relevant as brands consider where to go next. We’re seeing that the current environment is leading to three general situations, and our team is supporting companies that fall into each of these, spanning industries from consumer package goods and healthcare to financial services and technology:
- Extending the momentum gained during this period to ensure the business keeps moving forward and doesn’t fall back. Brands in this scenario are often in the home care, personal health, wine and spirits, select packaged food, and technology categories.
- Igniting the business from a period of stagnation where things haven’t been disastrous but haven’t been entirely positive. This is the situation for confections, cosmetics, fast food, and certain personal hygiene categories.
- Refreshing or revamping the business to help it come out of a period that has seen it decline and take a significant hit. No surprise, these brands fall into the specialty retail/fashion, travel, hospitality, casual dining, and many other categories that will be facing a serious need to examine how their business models will work going forward.
If your business wasn’t built around customer-centricity before now, it’s time to reconsider. If it was built around that mentality, it’s time to double-down.”
Throughout 2019, we focused our perspectives around customer-centricity and why putting that at the heart of your business strategy is key to long-term success. In 2020, this strategy is equally key to your brand’s near-term success and to rebounding from the current situation. If your business wasn’t built around customer-centricity before now, it’s time to reconsider. If it was built around that mentality, it’s time to double-down.
What challenges does your brand face in the near-term? Want to discuss how to get closer to your customers during this time?
Discover why having a customer-centric strategy is at the core of a brand’s success both in the near-term and for the long run. Download our ebook.
