Consumption and consumer patterns change in economic recessions. What was a hot brand at one point might be a brand non-grata in a different context.

Consumption and consumer patterns change in economic recessions. What was a hot brand at one point might be a brand non-grata in a different context. So how do brand owners stay relevant over time? How to remain one step ahead? For sure it is about listening and adapting, but also about always staying true to the brand personality. What I mean? 

Let me give an example. Mercedes Benz is an exclusive brand, meaning they can be expected to be challenged during a recession. So, is the solution then to lower their prices or should they try to find other ways of keeping up the cash flow? If your audience cannot pay, you need to help and adapt. But how? For Mercedes, this can mean offer special weekend rents. Or maybe deploy a car fund with zero interest. As an outsider, I cannot know what is possible or right for Mercedes. In fact, without facts, all I can do is guess. But that is not necessary today. Today, don’t only know what works is right for the company, they also have access to what works for the audience. There is an opportunity to prepare. To use the access to the data that is available to stay ahead. Pandemic – and their consequences – don’t go away overnight. So it is not about fighting it. It is about how you chose to deal with it. How to adapt. Keeping both the best of the business and the audience interest in mind. Systems for evaluation of big data gives us an opportunity to make qualified guesses at a level which previously was not possible. Why not use it?