WHAT DOES COVID – 19 MEAN FOR BRANDS ON SOCIAL MEDIA? – AN OGLIVY REPORT

Must Read

2020 Brand Africa 100: These are the 10 most admired brands in Africa

NIKE RETAINS #1 IN AFRICA FOR THIRD YEAR IN A ROW AFRICAN BRANDS DROP BY OVER 60% IN...

List of Guaranty Trust Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is...

MTN Nigeria announces N100 billion Commercial Paper issuance

MTN Nigeria Communications Plc has notified the public of its proposed series I and II commercial paper issuance of...
WHAT DOES COVID - 19 MEAN FOR BRANDS ON SOCIAL MEDIA? - AN OGLIVY REPORTWHAT DOES COVID - 19 MEAN FOR BRANDS ON SOCIAL MEDIA? - AN OGLIVY REPORT

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.

Read Also:  Publiseer now distributes to YouTube Music
- Advertisement -

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.

Read Also:  Why GTB Did Better Than Zenith In 2016

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.

- Advertisement -

Download the report here

- Advertisement -
WHAT DOES COVID - 19 MEAN FOR BRANDS ON SOCIAL MEDIA? - AN OGLIVY REPORTWHAT DOES COVID - 19 MEAN FOR BRANDS ON SOCIAL MEDIA? - AN OGLIVY REPORT

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

WHAT DOES COVID - 19 MEAN FOR BRANDS ON SOCIAL MEDIA? - AN OGLIVY REPORTWHAT DOES COVID - 19 MEAN FOR BRANDS ON SOCIAL MEDIA? - AN OGLIVY REPORT

Latest News

Nigeria’s GDP Grew By 1.87% in Q1 2020 amid global challenges

In the first quarter of 2020, Nigeria's Gross Domestic Product (GDP) grew by 1.87%(year-on-year) in real terms. This performance...

The Funny Circle of Basic Economics

It is an employers priority to pay the lowest salary possible to an employee for a particular role. It is also an employees...

2020 Brand Africa 100: These are the 10 most admired brands in Africa

NIKE RETAINS #1 IN AFRICA FOR THIRD YEAR IN A ROW AFRICAN BRANDS DROP BY OVER 60% IN 10 YEARS DANGOTE AND MTN...

Weird Facts On Some World-Class Celebrities

Keanu Reeves First on the list is Keanu Reeves where Neo (The Matrix) and Babayega (The Boogeyman) comes to mind. You better don't mess with...

Gov. Ishaku, USAID Sign New MoU to Improve Water Supply in Taraba

Taraba State Governor, Arc. Darius Dickson Ishaku, and USAID effective water supply and sanitation services E-WASH has signed a Memorandum of Understanding (MoU) to...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -WHAT DOES COVID - 19 MEAN FOR BRANDS ON SOCIAL MEDIA? - AN OGLIVY REPORTWHAT DOES COVID - 19 MEAN FOR BRANDS ON SOCIAL MEDIA? - AN OGLIVY REPORT