5 qualities common to companies that thrived during the pandemic
Antonio Lucio, CMO of Facebook in his discussion with Peggy Alford, Executive VP, Paypal, discussed the current challenges businesses face today. He also mentioned 5 things that were common to companies that have stood the test of time including the pandemic.
Here is my take on those 5 qualities and how companies can benefit from them.
Lead by Purpose – These companies were led by their purpose!
A company must first define what it represents in words and actions. The role of the management is to articulate that purpose and inspire others to pursue the same purpose. When that purpose is clear, it becomes easy to remind all stakeholders of that drive. Especially in times of a crisis, the purpose becomes the benchmark that the company measures itself against.
The purpose must be visible in all aspects of your business including, sales, human resources, marketing, and finances.
Meaningful Role – They played an important role in people’s lives!
A brand with a purpose has already dug deep to define its role or rather its meaningful role in people’s lives. Driven by that purpose, the brand must do everything it can to:
- Make life easier
- Inspire people
- Connect people
A good product or service must fulfill at least one of these three purposes. During a pandemic or crisis like the current one that role becomes even more prominent.
Emotional connection – They had an existing strong and deep bond with their audiences!
The best brands are those who have built an emotional connection with their audiences. It’s not just about getting your message out there but listening to your customers. Hear them out, recognize their problems, understand their motivations, and what drives and moves them.
Audiences stay loyal to brands that they have an emotional connection with, if not during the pandemic, then definitely in the rebuilding stage.
Behave with integrity – They behaved with absolute integrity with all stakeholders!
Integrity is one of the values that should be atop every organization’s list. And integrity does not just mean that you be honest and transparent but that you also care. And that care must extend to
- Customers
- Local Community
- Society at large
- All stakeholders
Integrity is a strategic approach that a brand must adopt from inception and it must shine through daily, especially in times of a crisis. The way you treat your employees, suppliers, consumers, and customers are a good indication of your purpose and integrity.
Constant innovation – They did not hesitate to relentlessly innovate all processes!
Some brands have survived the pandemic and some brands thrived during the pandemic. The difference between these brands is innovation. The brands who have evolved their business models, developed new solutions or innovated their products and services are the ones who have thrived and will continue to do so.
The pandemic posed a level playing field for many industries but those who embraced innovation have come through with flying colours.
This blog appeared first on the Matrix Public Relations blog.
