Agency’s chairman and co-founder asks will consumers remember tomorrow what brands do today?
The chairman and co-founder of Beanstalk, Michael Stone has had an article published on Forbes discussing whether what brands have done during the COVID-19 pandemic (and post-pandemic), how they act and serve their stakeholders and public, may have a lasting impact on consumer loyalty.
On the one hand, Michael – who was inducted into the Licensing International Hall of Fame in 2019 – points out that, for the past few years, it has become clear that consumers want brands to stand for something, have a purpose and take a position on environmental, social and political issues of the day.
He commented: “Consumers are very sensitive right now and actions, as always, need to be aligned with a brand’s core values, but the health crisis allows companies to step into the breech and, in a way, redefine who they are.
“Brands can serve not just consumers but society in general and even fill the gaps left by institutions. Meeting this challenge, working in the public good, can have lasting consequences.”
Michael highlights a number of examples where brands – from various categories – have stepped up during the pandemic (such as designers and retailers switching production to masks and gowns from fashion, food brands delivering meals and toy and entertainment companies providing home-schooling materials and content for children.
However, he also raises the questions of whether consumers will remember how brands acted, or if they will simply return to their pre-pandemic purchasing habits and loyalties.
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