Brand strategies for an economic downturn
Article Type: Abstracts From: Strategic Direction, Volume 25, Issue 2
Bazinet J., Saxty S., Frank B. Admap, September 2008, Vol. 43 No. 497, Start page: 18, No of pages: 4
Purpose – Suggests how brands can even prosper during a recession. Design/methodology/approach – Looks at how marketers can recession-proof brands for the realities of today, using information from Young & Rubicam’s model, BrandAsset Valuator. Findings – Previous downturns were marked by a strong focus on value, accompanied by a decline in brand trust, credibility and loyalty, and brands that were able to stay on top of their game mastered delivery of those qualities. In order to compete in today’s market, argues that a brand must reframe value through leadership, vision and performance if it is to stand out amid limitless competitive brand options, while also maintaining its trust and credibility. Looks at what drives society’s most successful brands at various points in time and presents five approaches that different brands have employed to achieve their goals: highlight the value proposition that enables your brand to stand out; remove cost while adding additional benefit appeals; empower customers with trade-off options; build loyalty by connecting with customers’ core beliefs and personal values, as well as their need for value; and consider what your brand can do for someone else. Originality/value – Asserts that brands that have the agility to deliver optimal value to their customers, even if it requires substantial change in how they operate or communicate, may not only survive the recession better but even thrive in it. ISSN: 0001-8295 Reference: 37AX225
Keywords: Brands, Consumer behaviour, Marketing strategy,Recession
