With a recession looming, it’s natural for brands to close their doors and wait for the storm to pass. However, having strong brand values during times of economic uncertainty is absolutely crucial. Especially as consumers are more cautious with their spending habits and tend to gravitate towards brands they trust and perceive as reliable and authentic.
With that said, a strong brand with a clear set of values can help a company navigate difficult decisions, differentiate from competitors building brand loyalty and communicate with customers more effectively. This can be particularly important during a recession when companies may need to make tough choices such as cutting costs or changing their business strategy!
Now you may be thinking at this point, “is it ok to go through a brand repositioning if my brand values aren't strong enough to withstand the recession?” The answer is, yes. In fact, it may be necessary to survive in the current economic climate.
The goal of a brand value repositioning is to better align with the needs and desires of its customers and during a recession, consumer behaviours may shift and a brand will need to adjust to small changes to remain relevant. Therefore tweaking or emphasising their core values to help serve their current customer’s pain points shows a brand’s commitment to its community.
Important things to note if you’re wanting to reposition your brand values:
- Your brand values should be undertaken only after careful consideration with data and insight of your current customers' needs
Your brand values should only be adapted and made stronger and not completely changed. It is important to ensure that any changes are still aligned with the brand’s core purpose and long-term goals and that they are communicated clearly to customers.
Now onto the helpful part...
Three ways to navigate your brand’s values through a recession:
Reaffirm your brand values
During a recession, it is essential to reaffirm your brand values and communicate them clearly to your customers. Make sure your messaging reflects your repositioned values and demonstrates how you are staying true to them during this challenging time. A brand audit is a great starting point, allowing you to gauge your brand’s current position in the competitive market, and in the minds of your customers. We cover how you can audit your values to benchmark your existing company culture in detail as part of our brand values mini-course.
Focus on your customers
During a recession, it's important to focus on what matters most to your customers. In times of economic uncertainty, customers want to feel connected to the brands they support. Their pain points will be heightened during a recession, as customers change their spending habits, it’s vital that brands realign themselves to suit their needs. Make sure your brand values resonate most strongly with them and be honest about how you are working to overcome their current issues through your repositioning.
This is where you can create a loyal and engaged customer base by communicating with your customers through your marketing, products and customer experience.
Keep an eye on your competitors
Whilst realigning your brand values, it’s important to make sure you are constantly keeping a close eye on how your competitors position themselves through the current climate. This is your chance to stay ahead of your competition, making sure your brand values resonate deeply with your customers to avoid any competition. Understand how your repositioned brand values differentiates you from your competitors, and how they can increase brand loyalty and drive lifetime customers to your brand.
Overall, navigating your brand's values through a recession requires a focus on authenticity, transparency, and a genuine commitment to your customers to build a trustworthy community. By staying true to your customers and communicating to them effectively, you can build a stronger, more resilient brand that can weather the economic storm.
If you want to know how to build authentic brand values for your business with detailed guidance and all the templates you need, our brand values mini-course covers everything you’ll ever need and more for only £45+VAT.
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