On July 9th, 2020 we hosted our live webinar, featuring panelists Michael Jais (CEO, Launchmetrics) and Tatiana Ferreira (CCO, Launchmetrics) on the best marketing strategy, post-Covid. Recently, we released our report, Marketing Reset: The Voices Impacting Brand Performance during Covid-19, where we provided a full data analysis of the ramifications of the global pandemic on the fashion, luxury and beauty industries. Brands today are experiencing an extremely unique situation, in that digital transformation has accelerated at an unprecedented rate but also that Covid has reshaped the demands and expectations consumers now have from brands within the FLB space. Tatiana and Michael discussed what brands can do in order to ‘reset’ their marketing strategies, stay ahead of the curve and survive after Covid – a situation that has reshaped the fashion, luxury, and beauty industries permanently.
Key Takeaways from Marketing Reset: Driving Brand Performance in a Post-Covid era
Brand value is the most important asset to cultivate today
As brands slowly start to reopen, companies have to remember that the landscape has permanently changed and there will undoubtedly be a ‘new normal’. The true value for brands can be found in what they represent, and what they communicate to their consumers. As companies start to shift their strategies, to focus on profit-building and ROI, they need to also remember the importance that connectivity and consumer relationships have today – and in the future. Consumers today truly care about what a brand represents and what they stand for, and this directs their personal investments. Moreover, millennial and gen Z audiences are more frequently holding brands accountable for their actions, and whether those actions measure up to the communications they put out into the social sphere. Therefore, it is crucial that brands still invest in the activities that will connect and resonate with their consumers – this is a fundamental element of a successful marketing strategy after Covid.
In times of uncertainty, authoritative sources generate the most value
As discovered in our report, whilst many outlets saw a decrease in the MIV® they generated as compared to the previous year, the Media Voice actually saw a 44% increase and was also the top-performing Voice overall. This was largely because during a time of uncertainty, consumer interests shifted towards information from more authoritative sources such as news outlets and platforms, in order to develop a better understanding of the situation. Not only this, but audiences were also looking to see which brands in the fashion, luxury, and beauty industries were committing to relief efforts and social initiatives in order to help during the crisis.
This also accounts for the uptick in value that we tracked when it came to All-Star Influencers. Previously, Micro Influencers were generating an increasingly higher level of value for brands who were looking to accumulate sales via niche and engaged audiences. Today, consumers are looking to All-Star Influencers and Celebrities who are promoting social initiatives as well as providing entertainment during the crisis.
Digitization and budget reduction will force the optimization of resources
As previously mentioned, Covid has sped up the adoption of digital solutions at a much higher rate than was previously predicted. It is no secret that brands in all categories have taken a hit economically, and so need to readjust their budgets and make smarter decisions. Part of this involved optimizing their resources in order to improve efficiency both in terms of capital and reach. We have already seen this shift start to occur with the increase in brands showcasing their physical assets digitally – via showrooms and online fashion weeks, in order to reach wider audiences and industry professionals all at the same time. This not only speeds up time-to-market, but cuts costs in terms of sending out samples or being selective in terms of who can view new collections – if they are displayed online they are easily accessible for all potential stakeholders.
If you would like to learn more about what marketing strategy brands should be considering after Covid, you can view the presentation from our webinar below:
And, if you would like to download a copy of Marketing Reset: The Voices Impacting Brand Performance during Covid-19, just click below!