With a global pandemic like none the world has seen since 1918, traditional designations for brands and businesses are set aside. In fact, these definitions have been blown to shreds, at least for now. COVID-19 has changed everything for marketers. We are all challengers to this new Goliath.
According to a recent study by SUZY, consumers are being forced to try new brands regardless of past loyalties. For example, 61% have done so because supply chain disruptions have created massive out-of-stock issues. And 57% of those who tried a new brand report they are planning to stay with the new contender.
In addition to a more fluid brand loyalty, there is also a game-changing move from traditional purchase channels to online shopping, with some categories seeing 30%+ lifts on ecommerce platforms. These seismic shifts, born out of necessity, have affected certain categories more than others —- but, rest assured, none will be unscathed.
And many organizations were caught behind the curve on digital transformation strategies. Digital transformation is more than tools and technologies, and it is not merely the responsibility of the IT/technology team. It’s multidimensional and a team sport, driven through and across successful organizations.
It’s no longer a time for simply talking digital transformation. It is time for action. Your investors, employees, vendor partners —- and, most importantly, your consumers —- not only will expect it, they will demand it. Or they will go elsewhere.
Every brand needs to think differently, not just those classically defined as challenger brands. No one is secure in a position of “untouchable” market positioning. It’s not about size, but rather mindset, an appetite for data-informed risk-taking, and a willingness to push past status quo.
Brands that will suffer most, either becoming irrelevant or possibly disappearing altogether, are those that lose their edge. Instead, innovation must become a part of their DNA rather than an episodic interest that ebbs and flows. The goal will be to maximize their ability to adapt as markets and tastes change, sometimes in the relative blink of an eye (like now).
Whether you are a leadership brand, a challenger brand, or a niche brand doesn’t matter. Every brand is facing a challenge like never before. Is your brand up for the challenge?
Are you surrounded by people who are street-smart, agile and willing to take a risk? Do you have an actionable and scalable digital transformation plan in place? Is innovation a systemic part of your organizational DNA, or not?
If the answer to any one of these questions in no, Goliath will never be slain. Let’s not let the bastard win!