Business NOT as usual = The two Ts
On June 22nd (MONDAY) - 10 pm BST, we will be delivering an Instagram live show on the Event Planners Talk IG platform, about rebranding. Is it time for a brand reset?
This online event is a part of the DIGITAL festival organised by Event Planners Talk and the MICE Blog.
It is an extremely valuable talk/content for anybody considering rebranding: either their personal brand or their business. We would like to extend the invitation to all events, tourism and MICE professionals.
As digital marketers, we do believe now is the right time to think seriously about rebranding. But how can we make a strong case for it? We have come up with our own authentic and original CONCEPT, to stress the importance of brand reset.
THE DOUBLE "T"
At any given point in time you need to consider the TWO Ts:
The TREAT and the TREND which together give you the double T= Now you get the analogy here.
Coronavirus has (unfortunately and fortunately) presented us with both:
1. The threat - which in PESTEL or SWOT market research analysis, is your weakness.
2. But also a trend- which in PESTEL or SWOT is your opportunity.
Are the Two Ts strong enough reasons to think seriously about rebranding/reset/ restart / or simply a new business model approach?
With any threat to your business whether internal or external, you need to react.
You cannot just sit back and observe. And especially when a threat is external (macro environment ) such as Political or Environmental, any business needs to have a reactionary strategy.
We observed this very well with BREXIT. For the last number of months in 2019, we thought of BREXIT as the biggest external threat to our businesses or our way of life.
But in 2020, coronavirus and the economic, as well as behavioural effects of the lockdown and the new world order, became one of the biggest threats our businesses are facing in the modern-day history. Many businesses are rebranding, rethinking their business models /services/offerings simply to REACT to the threat and that is a logical thing to do. Not out of fear, but mostly out of necessity and for the business and cash flow continuity reasons.
But Coronavirus also presented us with a trend; a trend for digital, a trend for virtual events, a trend for content creation and innovation.
And like with any trend that is sustainable enough to stick with us for a long while, businesses must also adapt, in order to BENEFIT from this opportunity.
A trend usually means new ways of doing things and solving consumer problems, new audiences, new monetisation opportunities were they weren't any before. A trend means an opportunity for a brand new service (in our case digital, technology-driven service ).
And when it comes to solving consumer problems, both the threat and the trend play a SIGNIFICANT part. Both present NEW challenges to our consumers and subsequently a need for new solutions. But we have to be careful. New problems are new business opportunities, but they require new research, new customer interviews, a new approach, new ideas.
Your customer has changed
Consumers have changed in their behaviour in the last few months. Their income levels and spending power has changed, their budgets have changed, their value system had changed, their content consumption and needs have changed. Why do you think they are still the same people that used your service or consumed your content 5 months ago? They are not.
We need to be very honest with ourselves: the last 5 months have accelerated all digital changes, which we were anticipating to happen in the next 5-7 years time.
Especially when it comes to the MICE/ business tourism industry, considering our long transition and almost reluctance to digital, IoT and tech innovation (in comparison with medical or automotive industries for example).
Each and every single business, as well as a personal brand, needs to re-strategise and rethink their entire business models, sales and marketing strategy (not just logos or aesthetics).
This is not so much about the visual - the visual is always a reflection of overall business model and long term strategy a company is willing to adopt for the next number of years.
Start your rebranding conversations with the Two Ts: threat alone cannot be a strong enough reason to rebrand. Trend alone cannot be a strong enough reason to rebrand.
But can the two "T"s, together, present a strong enough case? We think so.
More about rebranding in the Instagram Live Chat with Event Planners Talk, June 22, 10 pm BST. Follow their profile here to join the live event.