We are in uncharted territory in our industry right now, and while we address the immediate needs of safety and security, questions about where we go from here will dominate the subsequent months of recovery.
To provide some perspective, we looked at a number of companies that have survived and thrived since the “Great Recession” a decade ago and identified key traits that carried them through the rough waters that followed.
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As an example, two retailers that managed well during and post-recession are Best Buy and Target. Moreover, they are bucking the paradigm shift of many big box stores losing to Amazon and direct-to-consumer brands. Both retailers consistently exhibit strong brand connections and key attributes, such as being Approachable, Trustworthy, Reliable, Relevant and A Leader. These are vitally important for shoppers who desire a variety of brand names, value, and customer service in an in-store experience they can’t get online.
As most financial experts agree, it will be quite some time before any stability emerges in the markets. During this time, consumers will seek out those institutions they can depend on to get them through these trying times. Based on our experience with the data we’ve seen, they look for the following traits: A Leader who is Credible, Influential, Informative, Reliable and Trustworthy. Charles Schwab, among others, has been described as such for years since the recession and has been consistently above par for the Investment/ Financial category average along these key attributes.
In the competitive beer category with micro-breweries and special blends that seem to be endless, consumers may sample, but will always return to a brand they are familiar with. One such brand is Bud Light which consumers have grown to love and know as Approachable, Classic, Down-to-Earth and as A Leader consistently over the years.
E-Score Brand has been helping brands and their partners measure brand equity and understand the key drivers of consumer appeal for more than 13 years. Check out more examples of E-Poll’s brand research and review some of our past analysis of Best Buy, Target and Bud Light.
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