By Carmen Trepat
In the Chinese language, the word “crisis” is made up of two characters, one represents “danger” and the other “opportunity”. Danger versus opportunity. This is what we are all going through, fear and uncertainty. We are looking for the best way to turn everything around. In the end we are talking about survival. But survival is easier when you have more resources, when you are stronger. The strong global brands that know how their role in society and with customers will be more powerful when this crisis ends.Undoubtedly, their brand will be strengthened, and their market share will increase as will their credibility and trust.
Medium-sized and particularly smaller brands will have to work very hard to avoid being harmed. They will have to make a tremendous effort to continue in the market with good expectations. Some will need the support of the industry to continue, since both models are necessary for our retail to be more diverse and also more interesting. It is also the moment for solidarity in the industry. It is the moment of the people.
We always find a way to overcome crisis. Some will be very successful while others will become weaker and a few will lose everything. Society has already experienced several crises and we overcame them. Now is the time to focus on people. On people around us, people who are targets of our companies, people on our teams and, above all, it is time to focus on ourselves. Getting out of our comfort zones makes us stronger in the long run, activating our values and pursuing both personal and professional purpose should be our priority. This search will bring great value to the brand. At the end of the day, brands are created and directed by people, with values, hopes, fears, sensitivities, empathy, and dreams.
We are going to experience the humanization of brands more than ever, and it will be very positive for our society and for our incredible retail industry in the long term.