This article talks about creative marketing strategy ( “B-R-B” Strategy ) during COVID-19, business strategy, strategic business planning, new marketing strategies and maintaining brand image during the pandemic.
BRB, or be right back, is the infamous acronym online. It is used to indicate that a speaker will return in a moment, having to take a quick break from their regular schedule or conversation. You may ask, and rightly so, how an internet slang in any way is related to a marketing strategy?
What is B-R-B Strategy ?
First, some context. It is obvious that the COVID-19 pandemic has not been kind to any of us. We at Team Luxeveda do not want to inundate you by complaining about how it has dampened the economy or jobs. This is common knowledge and there is no need to explain it further. Our mantra is that this pandemic is not the time for advice, but it is the time to hustle. Instead, we want to share a few examples and ideas that can enable you to keep your business running and generate revenue even when your traditional business model does not suit a COVID-19, or post-COVID-19, world.
Simply put, the BRB strategy is a short-term pivot from your core business activity to focus on the activities that address current market needs. The strategy is not about letting go of core business missions. It is about re-deploying your skill-set and resources to retain business and talent and generate revenue. It is about assessing what you can achieve using the resources you already have, tailoring it to the current market situation and needs.
There are many examples of businesses that have successfully leveraged the BRB strategy to come out as top players and revenue generators during COVID-19 pandemic:
- At the peak of the pandemic, automobile manufacturers began to produce ventilators. Interestingly, ventilators are something that the automobile industry can produce with just their existing infrastructure and skill-set. This had the dual bonus of being viewed as a CSR endeavour along with being a revenue-generating model.
- Amazon continued to operate during the pandemic by supplying customers with fresh vegetables, eggs and other essentials, whereas earlier their core revenue generator had been electronics goods. They adapted to the situation and were able to fulfil a market requirement.
- The Star group of hotels started home-delivery of gourmet meals, and some even offered pick-up-drop-off laundry services for customers.
- We at Luxeveda, though a brand-tech company at our core, leveraged this opportunity and developed a contact tracking app, called Contact Puppy. We created this to enable governments to contact-track and avoid community spread of the virus, while also generating revenue.
- Many clothing and accessory brands across the world, including those in the luxury space, started to manufacture masks and face-protection gear to boost sales and generate revenue during the pandemic.
- Alco-beverage companies started to make hand and surface sanitizers as they already had the technical know-how and suitable infrastructure for the same. By diversifying their business they were able to create two sources of revenue.
While it may be simple to believe these companies did this work out of the goodness of their hearts, it is important to note that every one of them generated revenue and created a new type of business model. One that they can continue to leverage even in a post-COVID world. It is also common knowledge that consumer perception and reputation are very important for long-term success. These businesses have been able to create a positive image of themselves during the pandemic.
To use the BRB strategy, all your business needs to do is break-down your resource base and expertise. Segment it into improved and adaptable skill-sets. Then, find ways to apply them to develop a service or product that fulfils demand in the current times.