It’s no news that the corona virus disease 2019 (Covid-19) that was first chronicled in Wuhan, China is playing a monstrous role in the global economy. One of which represents a stimulus that has greatly influenced the decisions of brands. In this report, Oglivy takes a look at what brands can do especially on social media to engage with their consumers.
As the virus continues to spread its dangerous wings across the world, global economy also lingers on in desolation. The worrisome pestilence which broke out shortly after the looming of a Third World War has effectuated unprecedented decline in the economies of many countries. Many multinational companies have registered plummets in the stock markets. While some brands have employed lenity with their consumers in terms of the prices of goods, some have pulled some strings by skyrocketing the prices of their products.
In light of the effect of covid-19 on global economy, many brands have started taking steps to forestall their businesses from coming to a naught. One of the steps is by increasing the prices paid for their products and services. This has however not gone down well with consumers, as they (consumers) see it as getting benefit from the situation and has been subjected to obloquies from different angles. While some brands may have employed the exploitative mechanism with the aim of cashing in on or extorting their consumers, some are innocently grasping at straws.
The avariciousness of the fast spreading virus has in no doubt caused many businesses to go downhill. It has made the International capital markets take a knock and companies like: Sydney’s S&P/ASX 200, Topix, S&P 500, FTSE, etc., have recorded some losses.
Given the dismal situation, it is imperative that brands make conscious efforts which could proffer panacea to the problems and equally improve their sales.
The recommended remedies include: avoiding being opportunistic, ensuring transparency in their dealings with consumers, promotion of virtual platforms or markets since social distancing is recommended by WHO to help prevent the spread of the virus, paying optimum attention to the need of consumers, maintaining an accessible platform that will promote the brand-consumer relationship, taking philantrophic steps, and consideration of the means to make them a reality.
Some companies especially the ‘Tech’ companies have risen to the occasion by taking action that can help remedy the situation. Facebook, Google and others are doing things like banning ads that seek to capitalize off the pandemic, aiding the dissemination of credible information and making financial contributions.the spread of reliable. Instagram and YouTube through their channels help ensure that people have easy access to the WHO website. Facebook particularly donated a whooping sum $10 million to help WHO start a COVID-19 Solidarity response fund.
In conclusion, the governments of many countries are taking laudable steps in an attempt at inhibiting the spread of the covid-19 plague and mitigating the economic hardship that it may pose. In order to help contain the vicious cycle of the epidemic, brands also have significant and indispensable role to play. Although the ravenous effect of the cosmopolitan virus cannot be undermined, brands must know that it’s not the appropriate time to be opportunistic as it is a bleak situation for everyone. The failure of brands in global economy to embrace the aforementioned remedies may exacerbate the current situation.
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