Owning an occasion: How brands are standing out during Covid-19
The ability to anticipate and satisfy consumer needs in a rapidly changing market will be key to success during the pandemic and beyond, as the likes of Mastercard and Budweiser have shown.
The most effective brands are the ones that know how to think differently and stay constantly aware of shifts in consumer behaviour, according to BrandZ’s 2020 global top 100 brand ranking.
Businesses that can spot an emerging trend and move quickly to ensure they meet consumer needs enjoy greater levels of success, explains BrandZ global strategy director Graham Staplehurst. When it comes to trends, BrandZ has identified a shift amongst brands towards trying to ‘own an occasion’.
“The marketing department strategically can say, ‘Right, we’re going to make this the brand for X’, to actually develop and articulate occasions and position your brand around them,” says Staplehurst.
He cites the demand for athleisure, which has been boosted by so many people working from home during the Covid-19 pandemic. Despite not being included in the global top 100, athleisure brand Lululemon is third in BrandZ’s list of fastest risers in terms of brand value, up 40% on 2019.
Netflix is another brand which has provided an enhanced service during the enforced lockdown, with its popular Netflix Party concept enabling users to watch TV with their friends.
