For a copy of the W2O COVID-19 Relevance Analysis, click here.
It seems like we’re coming out of the dark. That the curve is largely flattened and we’re now on the road to recovery. Some Governors are easing restrictions to reopen the economy in phases. Yet many of us are not venturing out even with masks.
All this creates tension.
Tension – both of the challenging and productive sort – is defining the differences stakeholders are addressing with regard to government and private sector response initiatives.
At the intersection of how companies are behaving and what stakeholders expect in the midst of COVID, is where Relevance resides. Approximately eight weeks ago, our firm refocused its Relevance Framework and Model to better discern how companies are maintaining a connection to an engagement with key stakeholders amid the COVID-19 pandemic.
The result is a strong covenant of data that shows company responses to COVID-19 and the evolution over time as the pandemic continues to unfold and our knowledge becomes more acute. Among the most interesting findings are the tensions resulting from maintaining relevance:
Relevance Peaked Two Week Ago
The data indicates that relevance peaked two weeks ago and appears to be plateauing as fewer articles are being written on the subject and people are sharing less. We’re finding that relevant companies are embracing the following tensions not as diametrically opposite but something to be balanced.
National vs. Local
Relevant organizations are recognizing and engaging within the tension between national, state, and city-level leadership. They are doing so by providing a point-of-view on the resulting differences and engaging especially employees in a discussion. Trust has shifted away from the federal government and toward state leadership and local media.
Public Health vs. The Economy
Relevant organizations are mindful of the tension between public health and the economy and civil liberties by indicating their policies for returning to work and protecting jobs during this time.
Societal Good vs. Long-Term Business Sustainability
Relevant organizations are stepping up providing goods and services for free or at significantly reduced prices for the common good and, thinking ahead about the long-term sustainability of their operations. These efforts are being down without much fanfare.
New Type of Marketing
Relevant organizations continue to empathize with and support stakeholders more than marketing to them. Some organizations have significantly curtailed or completely suspended advertising. Some have donated their ad space to small businesses. Consumers seem to be indicating that it’s OK to market to them on something outside of the virus. In fact, 90% of ads on Google are non-COVID-19 related and performing well.
The New Normal vs. the Next Normal
COVID-19 has put a magnifying glass on pre-existing macro trends such as organizational digital transformation and innovation. It’s accelerating those macro trends. Organizations that are seeing a relevance bump as a result of accelerated transformation are thinking about how to sustain it post-COVID-19.
It’s taken some time for stakeholders and organizations to embrace these tensions as an ‘AND’ not an ‘OR.’ As we observe that consumers are engaging with less news on COVID-19, it’s ever-more important that companies continue to recognize that:
- Empathy is key
- Actions speak louder than words
- Response initiatives must account for all stakeholders and be long-term-centric
- Transparency is a not optional
- Partnerships drive faster innovation
- Agility is essential
- Stability is expected
Maintaining Relevance in a time of uncertainty is incredibly difficult as stakeholders are more demanding holding organizations, brands, governments, leaders accountable for action. We will continue to refresh the W2O Relevance Index and Model to identify new trends, determine how these trends evolve, and uncover key themes related to moving forward beyond COVID-19.
In the meantime, stay safe and healthy.
Contributions to this content were made by Gary Grates, Chuck Hemann, Stephen Yoon, Marianne Gollub, Katy Hagert, Becky Vonsiatsky, Barbara Pinto, and Justin Harris, of W2O.