Three ways to build pandemic resilience for your business

In its Best Global Brands 2020 report, Interbrand named the one hundred most successful companies and their approaches to capitalising on COVID trading. Then, the report laid out the ways that businesses have built resilience to the pandemic, with three main takeaways.

The first priority was leadership, with Interbrand noting that: “setting a worthy purpose and a powerful ambition beyond turbulence and chaos helps brands to put a flag in the future.”

The report mentioned Tesla’s brand, and how its clean-energy, high-tech coat of arms has driven both demand and advocacy for the brand since its inception. Further, it notes that with products that mirror the brand’s narrative, post-purchase rationalisation is strong with Tesla goods.

You own a piece of the future, that’s both a status symbol and reflects your conscious decision to drive electric. And this clear, and intentional, messaging behind the brand is what has enabled it to build strong liquidity and retain a loyal following of retail investors.

The second consideration is engagement, or as Interbrand put it: “great brands make consumers want to be part of their story by taking them on a shared journey.”

For this, they cite Salesforce, whose growth was inspired by listening to their customer communities. By being in constant conversation with consumers, brands create shared experiences, and remain in the loop about changes in customer demand for certain types of products.

Finally, the report made note of a company’s relevance as a key source of pandemic resilience. Interbrand said a business needs to be: “a voice in the crowd – great brands lift consumers from indifference and make consumer choices meaningful”.

This quality was illustrated by PayPal, who Interbrand state are one of the most trusted payment brands, thanks to its efforts to mitigate customer concerns around fraud and keeping their money safe. By standing out in a growing market space such as Fintech, PayPal are able to maintain their position as one of the largest companies in the world, even with a large number of new entrants making their way onto the scene.

Speaking on the insights and how to ensure pandemic resilience, Interbrand Global CEO, Charles Trevail, said that:

“Leadership, engagement and relevance are three consistent themes we are seeing as brands try to navigate the rapidly changing business landscape.” 

“They are the keys to unlock results in the current crisis, building customer confidence and business resilience. By setting out powerful ambitions and pursuing them with courage and conscience, brands can help us lift our heads, make sense of chaos, and see beyond it, championing a new decade of possibility.”