Covid ruined major brands, Janrise survey reveals firms ready to spend heavy to revamp market image
Hyderabad 08 June 2020: The COVID-19 pandemic has ruined all major brands in the markets during the past 3 months owing to global and national clamp down.
According to survey conducted by Janrise, covid pandemic has brought brought in unprecedented difficult times to many brands. Majority brands have lost opportunities, customers dwindled, revenues hit an all time low and many new challenges sprung up. Customers even forgot their favourite brands.
Post relaxation of lock down norms, Janrise survey has revealed interesting facts that many firms are planning to spend hevy advertisement revenues to regain their market supremacy.
According to Suman Gadde, Director of Janrise, for brands, winning customers back is to start from ZERO again. But first, it's time for them to start forming friendly relationships. As the Lockdown was coming to end for the markets to open, JANRISE – a Brand Communication firm from Hyderabad conducted a survey on 'Lockdown & Branding'.
The survey found, 'Reaching out to customers' to be the #1 priority of brands. “Won’t reduce our Marketing or Advertising budgets”. Brands will now have to adapt to new conditions. As much as the world wants to return back to normal, brands are doing all they can to maintain a strong relationship with consumers. Companies are even willing to increase their spends in advertising & promotions.
“We‟ve seen many new companies join our client list. Even as their revenues dropped due to the COVID situation, companies are showing enthusiasm to woo back consumers by spending heavily on Brand Communication and publicity” said Suman Gadde, Director of Janrise. Welcoming the Young India: If 61% of the respondents in the survey belonging to the 27-35 years age bracket is one thing, of them a sizable 42.4% want to first shop for kids clothes, toys & essentials. Even as 53.8% respondents stated hanging out with friends as their first activity, only 9% of them wanted to shop for beauty & wellness products. e-Commerce gains preference, a concern for malls: Even as 60% of people are in strong agreement that online shopping is the only safest option, 49% said that they wouldn‟t be visiting a mall in the near future. Only 18% showing interest in apparel & jewellery shopping might affect malls in a big way. Restriction on usage of trial rooms and other similar factors might dissuade people from shopping at malls even more. e-Commerce brands will have a new challenge of rewriting their delivery and returns policies, even more difficult task being how these brands communicate the changes without offending or discouraging their existing customers.
"We are seeing companies willing to increase spend on customer engagement & reputation management as new customer acquisition wouldn‟t be easy due to the fear induced by this pandemic” said Chaitanya Boyapati, Director – Janrise.