The core expectation that consumers have of brands in any situation, but particularly in a crisis, is that brands will do what is right for their employees, suppliers, customers, and society at large, without regard for how much it costs, with 90 percent of consumers stating that brands should be willing to suffer substantial financial losses to ensure the well-being and financial security of others. Those brands that do not run the risk of alienating a wide swath of consumers; 71 percent of those surveyed promised that brands and companies that placed their profits before people during the crisis would lose their trust forever.
How companies can help during a crisis:
- Educate the public
- Offer free or lower-priced products
- Shift products and services to what’s needed to assist with the crisis
- Bring people together to help bridge the physical distance imposed by social distancing
Read more at HBR.