Five New Year's Resolutions for Brands to Live By in 2021
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A tumultuous 2020 has made way for a more hopeful 2021. Here are a few strategies brands can adopt right now to be successful as the year progresses.
By now everyone across the commercial landscape should have a pretty good grasp of the dramatic ways 2020 has affected their industry. But with the calendar flipping to 2021 and many changes on the horizon, it’s time to look ahead.
“We’re going into a year that’s hopefully going to look nothing like 2020,” said Matt Britton, founder and CEO of Suzy, during a recent webinar, A New Beginning: 2021 Predictions. “We obviously know that things are going to change.”
To figure out how, Britton analyzed data gathered in two Suzy surveys conducted this past November and December and provided a series of action items brands should consider rolling out in 2021. Here are a few:
1. Strengthen E-Commerce Capabilities
Over an eight-week stretch, e-commerce experienced a growth spurt equal to that of the previous decade. Consumers miss shopping in stores, but a safe return to brick and mortar locales won’t be enough to cancel out all that growth.
If brands have yet to build out great customer experiences on digital platforms, Britton said, “I think many companies that have struggled within this past year, really won’t see a window out.”
2. Reimagine Office Space
The pandemic proved to many leaders that employees can effectively work from home, and there are scores of services that today can be provided through digital means. So in what may be the business equivalent of promising to lose weight in the new year, companies should consider downsizing their offices.
Britton stopped short of saying companies should abandon office space altogether, however.
“Great companies are built on great culture, and great culture is built on trust and relationships, and trust and relationships can only really be created in person,” Britton said.
Maybe employees won’t report to their cubicles five days a week, but a corporate home base with meeting spaces is still a must.
3. Offer BOPIS (Buy Online Pickup In-Store)
Dunkin’ has advertised to consumers on the go for years, in response to Starbucks' reputation as a place for people to hang out. Not only out of safety concerns, but also after noticing increased interest in app-based ordering, Starbucks recently went the Dunkin’ way, opening up specialized locations for product pickup of app-based orders.
Its company message about the service? “Game Changer. Time Saver.”
“These companies that had the digital infrastructure going into the pandemic are going to double down in relation to their footprint,” Britton said. “It’s going to come at the peril of companies that didn’t; it’s only going to accelerate companies such as this.”
Britton noted that the pharmaceutical industry, among many other categories, can benefit from the BOPIS approach as much as food and beverage will.
4. Clear Up Consumer Confusion
The consumer push toward already emerging digital technology has upended other categories, including entertainment. In response to consumer eagerness for on-demand programming, Warner Bros. announced that all their 2021 films slated for theatrical release will also be available on the HBO Max streaming platform.
But as the streaming wars continue, Britton noted that entertainment brand transition efforts into digital — not unlike those in other categories — have had some negative outcomes.
“People don’t know what app what show is on, how to download the app, if they’re paying a subscription, if they’re not, some people get it for free with their cell phone service, and it’s just way too much confusion for the consumer,” Britton said. “They just want to log onto a television and watch what they want to watch.”
He approves of the “vertical distribution strategy” many corporations in the space are adopting, but more innovation is needed to generate a more optimal consumer experience, which is to be prioritized above all else.
5. Market ‘Hope’ and Be Prepared For ‘Excitement’
Much of America is experiencing the cold temperatures and short days of winter — during a pandemic to boot. But the beginning of vaccine distribution assures us that some of the least pleasant conditions we’re living in won’t stick around much longer.
“What consumers really need is hope,” Britton observed. “If I’m a brand right now and I’m communicating with consumers I want to give them hope; I want to give them reason to believe that we will face better days ahead.”
After the temperatures warm, the days get longer, and more people become immune to the coronavirus, consumers will be thrilled to finally prioritize “excitement,” Britton added, over the prevailing need of this past year: “comfort.”
There’s a pent-up demand for social interaction unprecedented in modern times, so, according to Britton, “As soon as consumers have permission to go toward the path of excitement, you’re going to see that happen in a very big way. It’s going to be interesting to see how quickly that happens and what businesses react quickly enough to accept the demand.”
For more insights into what 2021 will mean to consumers and how brands can capitalize on emerging trends, watch the entire webinar at Suzy.com.