Power of brands

Building Trust With Your Customers

If 2020 and 2021 have taught us something is to expect the unexpected. Who would have believed someone at the end of 2019 that we would be facing a global pandemic in the years to come? Was any business prepared for dealing with this sort of unexpected change? I don’t think so.

There are many challenges we as marketers have faced in the past year and a half, and many more challenges that are still to come, but one of the biggest shocks probably was the economic downturn that the pandemic has had in the economy, and how it has shift spending priorities of consumers. In the HBR article In a Pandemic We Buy What We Know they mention that “thinking about a contagious disease increased both fear and disgust, and in response to these emotions, the participants attempted to regain control by seeking out the familiar brands they knew and trusted. Without even realizing it, people have been doing whatever they can to assert control over a chaotic world.”

So this uncertainty that we all have been living in has made people turn to the brands that have been there for them in the past and that they trust, and this is a huge opportunity to make our brand the one people go to. It is a great opportunity to get even closer to your customers, listen to what they need, their fears, and how you can serve them better and give them the security they are looking for.

A brand that I believe has done an excellent job at serving their customers, make them feel safe, and be there for them in the different channels. They became one of the best benchmarks for omnichannel retail and their results show it. “In 2020, Target’s sales grew by approximately 19.8 percent when compared to the previous year. As of that year, Target had net sales of 92.4 billion U.S. dollars, and a gross margin of 28.4 percent.” – Statista.com

But Target’s success is not only related to being a safe brand for their consumers. Their incredible results are the work of many years of becoming an omnichannel company that serves their consumers through different channels, the way they choose to interact with the brand, and for every touchpoint to be seamless.

So, in times of uncertainty and economic downturns, one of the best things you can do is turn to your customers and understand what is it that makes them choose you, and build a strong relationship with them based on that insight, so they know they can trust in the good and bad times.

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