How can our Industry make Lemonade from Lemons?
By: Vicki Bohlsen, President
When something unexpected or bad happens, I always say that it’s an opportunity for growth.
“What can I learn from what happened?”
“What do I want to change up because of the experience?”
You get it. Although sometimes I am a slow(er) learner, I understand what I have taken from the negative experience at some point.
So, during the pandemic, what have I learned that I can share with you about our industry and its trends?
1. Corporate social responsibility is more important than ever!
CSR traditionally has focused on companies’ impacts on its stakeholder groups and less on the opportunities that companies have to improve the world’s challenges more generally.
70% think the coronavirus pandemic will force companies to act more responsibly in the long-term (Porter-Novelli 2020) and 81% say trust in a brand to do what’s right is a deal-breaker or deciding factor in their brand buying decision (Edelman 2020). These are some pretty powerful statistics that can’t be ignored.
Although most companies now at least dabble in CSR initiatives, more and more businesses will continue to grow in this area not only by creating better workplace cultures and engagement with our local communities, but by taking strong stands regarding relevant issues of our time.
2. It’s time to shift from “Brand Panic” to “Brand Purpose”
Alcohol producers are making hand sanitizer by the gallons; all sorts of manufacturers are reassigning their work force to make ventilators; and clothing retailers are redirecting production lines to make protective gear.
Wendy’s opted to reallocate $40 million originally intended to launch new breakfast items and support franchisees instead — extending payment terms for brand royalties, deferring base rent payments, and allowing franchisees an additional year in which to complete required store renovations.
Even the smallest of businesses can shift to a more purpose-driven company during the pandemic. I’ve heard stories of restaurants donating food to first responders and marginalized communities; nonprofits shifting their processes by going out and into their communities when the public can’t come to them; and, therapists and doctors continuing to see patients virtually.
A business should look at its purpose (Why are we in business?), its mission (Why do we do this work?) and values (What is important to the way we do the work?) and consider if there is a way to reframe business operations to not only survive, but to get ahead of their competition by using business as a “force for good.”
3. Sponsorship marketing and fundraising is RIPE for opportunity and growth.
With closed businesses and canceled events rampant, we’ve had to get extra creative. Businesses still need to generate revenue, sponsors still want return on investment (ROI) and nonprofits still need to raise funds.
Some of the solutions I have seen or, even, been a part of have been so brilliant that they should be expanded on post-COVID.
For instance, a colleague of mine told me about the Los Angeles Dodgers’ Zoom parties. A mind-boggling 11,000 people attended the first one! Why would they ever stop doing this, COVID or not? Not only is it a way to involve fans from all over the world with an opportunity they otherwise might not have; it’s a great way for sponsors to have brand relevancy despite no live events.
A small local company – Indianapolis Vine Society – that does intimate wine-tasting, relationship-building, get-togethers over good food and great wine, has started hosting Zoom events. This is a great alternative to donor fundraising events that are usually offered live annually and have been put on hold.
Our industry has had to be more creative than usual to add value to our stakeholders. We’ve worked with less, pushed the boundaries, and played with some new thoughts and ideas that are going to make us better, if we choose to look at it that way.
How can your company make lemonade from lemons?