Having a true purpose embedded in organisations will help brands retain their position and boost customer loyalty amid pandemic.
This piece talks how COVID-19 outbreak can create an impact on Britain’s most prominent brands in 2020. Richmond & Towers’ chairman said that purpose-driven brands that treat employees with respect and dignity would retain and even build on the loyalty of their customers and suppliers.
During this crisis, working towards a common purpose and the greater good is crucial for brands. This year’s Britain’s Biggest Brands Ranking found that brands with big purpose-focussed campaigns like Cadbury have performed well.
Though consumers who care about purpose are still in the minority, their numbers are increasing. With the coronavirus crisis bringing the spotlight on businesses’ behaviour, the need for a “moral compass” for brands is going to increase.
[10 minute read]