One strategy that the companies can use to maintain the unique value of their brands during global financial crisis is by engaging the customers as during these economic downturns excellent opportunities for innovation are provided (Roll, pp6). Customers cut down on consumption during financial crises, thus brands can initiate measures that take off their minds from the difficulties of consumption and focus them on the worthy features of the brand and co-create value with them. This strategy also helps minimize loses and more importantly, it successfully protects the companies brand image and brand equity. Singapore Airlines is a company that perfectly used this strategy to maintain the value of its unique brand. During the deadly SARS breakout in South East Asia when customers were afraid of flying, Singapore Airlines offered its customers very innovative vacation packages that encouraged customers to travel thus maintaining their status (Roll, pp7).
Creating exciting customer interactions through activities such as product bundling to enhance value and promotions with creative alliances such as celebrities and travelling can also be used to maintain the unique value of a brand during such situations. This strategy takes off the focus of the customers on price and reiterates the commitment of the brand to engage and value customer support (Gelder, p102)
Although this paper has discussed two strategies to be used during such situations, there are other strategies that are equally viable. Financial upheavals negatively impact the trust of customers on a brand. Therefore, during such situations it is the responsibility of the companies to devise new strategies that can maintain the trust of their customers on their brands.
Brand differentiation is a very important strategy in today’s competitive market where new products are coming in everyday. In ...
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