How Can Brands Emerge Triumphant In A Post-Pandemic World?
Rhett Power
Contributor
Co-Founder Accountability Inc., Author, MG100 Executive Coach
Team Meeting – Getty Images.
The COVID-19 pandemic changed the world. From remote work expectations to the proliferation of the pandemic puppy and sourdough baking, how people live, work, and spend their free time has evolved. While most of the changes have resulted in more flexibility in daily schedules and time spent with family and friends (work-life balance at its best), the brick-and-mortar business world is still exploring the edges of this new space.
These next few years will prove to be some of the most revolutionary in modern business history. As we move into the post-pandemic landscape, a redefining of community, shared experiences, and communal spaces will inevitably occur across neighbourhoods throughout the country. How various industries adapt to the changing face of consumer spending habits and employee demands will have far-reaching, long-term effects on the economy and business trends.
With talk of inflation and recession fears dominating the headlines, in-person events coming back, and new expectations in place for employees and employers, how will branding after the pandemic accommodate our new understanding of our place in the world?
Adapting to changing consumer behaviours during economic uncertainty
Many businesses were forced to move their products and services to an online distribution model, heralding the rise of e-commerce as the retail mode of the future. During COVID-19, e-commerce sales surged by 55%, an astronomical amount. And while e-commerce is absolutely here to stay, brick-and-mortar stores have seen an unexpected upsurge in customers over the past year. Bookstores seemed to be on their final legs after a 2010 national decline. However, not only did readership across e-books and physical books increase during lockdown orders, but since the return of in-person shopping, Barnes and Noble is witnessing its first expansion in years. According to a recent article by NPR, sales at the bookseller grew more than 4% in 2022. The chain plans to open more stores throughout the country, including its largest store ever in Virginia.
To be sure, some businesses might be wary of reinvesting in new physical locations after the losses incurred in 2020. They’re right to be cautious, especially as many aspects of the retail economy are still shifting. However, due to a resurgence of foot traffic in community areas, returning to retail stores has never looked more inviting.
These next few years are an exciting time of invention and exploration as brands emerge from the pandemic with new ideas for how to frame themselves in the marketplace. Businesses should seize this opportunity to be innovative and inventive, searching out compelling new ways to draw in customers and create communities.
A recession doesn’t spell failure for all brands. A turbulent economy can be an opportunity for an ambitious and creative company. “Necessity is the mother of invention” is a famous adage for a reason: When brands are forced to adapt, they often innovate. A pioneering spirit and willingness to evolve are just one of the many values companies need to adopt when facing economic uncertainty.
Branding strategies in a post-pandemic world
In that vein, take the long view of a recession and consider expanding the budget for your brand’s marketing. Studies have shown that investing in marketing during economic downtowns increases profits and revenue further down the line. Don’t push against the grain, demanding consumers return to previous spending habits; move with consumers, exhibiting flexibility and a desire to change with evolving trends.
While in-person events and brick-and-mortar storefronts are returning, leaders will still need to adjust when interacting with consumers and building their client base. Matt Giffune, cofounder of Occupier, says the pandemic redefined the meaning of community. “With decentralized offices and remote work becoming the new standard, people are replacing lunches with colleagues in favour of activities closer to home,” he says. “Spin classes in the morning, lunch with old friends, and shopping downtown at hip speciality retailers are making comebacks.”
Giffune also says that consumers have been vocal about their desire for connection, human-centric experiences, and convenience. “Brick-and-mortar retail is uniquely poised to deliver on those needs,” he explains. “Commercial real estate strategy is intimately intertwined with successfully delivering human-centric experiences.”
He adds that with the office no longer being the focal point of daily life, leaders must explore other ways to build community, whether through off-site events or flexibility in how employees spend their work weeks. “Given the increase in people working from home, especially in nonurban areas, brick-and-mortar storefronts have seen a strong rebound,” Giffune adds. “But just opening a store and hoping for customers is not a great strategy today. People crave experiences, and retailers focusing on the customer experience and community-building will be the biggest beneficiaries.”
Data-driven real estate decisions and community-building
As business leaders grapple with this new reality, Giffune says they will be wise to consider their data when making decisions. “For example, if a company has a workforce that’s only coming into the office three days a week, then what real estate decision can be made to foster a sense of community for employees?” he adds. “Suppose a retailer sees shifts in demographics in certain geographies. How can they combine real estate portfolio and market data with consumer data in order to identify the optimal sites?”
Because of these expansive, businesswide changes, companies need to ask themselves how they can increase customers’ visits to in-person stores and ensure their desire to return again and again, guaranteeing success in the long term and delivering on their real estate investments. The answer to customer loyalty is building a sense of community.
Giffune offers Bluestone Lane as an example. “From its founding, it set out to be a neighbourhood staple—somewhere people could feel part of something and enjoy the highest quality foods and beverages with friends,” he says. “By branding the chain as a community staple, it can attract the work-from-home crowd craving a gathering place, not just a flat white.”
As companies solidify their values for the future, numerous business and employment trends will influence what leaders need to consider when building brand expectations. Enterprising leadership needs to stay on their toes and be willing to invest in reinvention, respond creatively to consumer demands, and consider more fluid models of organization and hierarchy.
In this exciting time of change post-pandemic, companies have a unique opportunity to reinvent their brands. By investing in their local communities and building a rapport with customers, businesses can withstand the oncoming economic turbulence and emerge more flexible, innovative, and successful than ever.
