The year 2020 started as a year filled with innovative business goals but turned sour for many companies as the coronavirus hit society and its markets hard. Unpredictable crises can quickly crush a company and its brand. During these times, a business leader has to think critically and creatively for the survival of his or her career and organization's reputation. Adam Ferrari founded his own company, Ferrari Energy, to educate landowners on how to manage their acreage best. As a chemical engineer by degree and a petroleum engineer by profession, Ferrari had to learn how to build a brand as a newfound entrepreneur. He continued to develop his business leadership skills by keeping a successful brand while facing COVID-19. From his experience, Ferrari shares four questions business leaders should ask themselves during a crisis to help save their brand.
Question #1: When the market is down, and no one is buying, is profit or brand reputation more critical-: When stocks are in decline, and a crisis is prevalent in society, consumers are more likely to be on the market for free help rather than in search of purchasing products or services. With that in mind, during difficult times, brand reputation should be a priority over company profit. Customers will return to the businesses with whom they felt physical or emotional aid and support from during times of need.
Question #2: What are my current customer's needs that I can serve at this time-: You can build your brand's reputation by identifying your target audience's newfound needs. For example, a significant consumer need that blossomed from the beginning of the coronavirus outbreak was face masks. Clothing companies such as Citizens of Humanity and Off-White pivoted their focus from spring and summer fashion to providing face masks and meeting the high demand.
Question #3: What are my company's central values-: The values that started and formed your company are what you want to base your actions from when engaging your brand with consumers. Reviewing the initial mission your company follows will help in deciding where to serve your customers best during uncertain times. Due to the stay-at-home order issued during the virus' spread, many fitness companies served clients by providing a series of free at-home workouts when going to the gym was temporarily no longer an option.
Question #4: What innovative opportunities can I find-: Lack of innovation at any point in an organization's timeline can lead a brand to extinction. That is why seeking new ideas is a must for business owners, whether a crisis is at large or not. Optimism is a leadership quality that company leaders should practice to assist in finding the positive from the negative, or treasure from trash. Though the pandemic is a devastating time for many, some companies have been able to continually thrive by integrating into markets with a call to answer.
About Adam Ferrari-: Adam Ferrari was educated as a chemical engineer, graduating magna cum laude. He worked in several companies, where he gained experience in both energy and finance before he eventually decided to establish his own mineral acquisition company, Ferrari Energy, in Denver, CO. In efforts to give back to the community, he supports organizations including St. Jude Children's Hospital, Freedom Service Dogs, Denver Rescue Mission, Coats for Colorado, and Next Steps of Chicago.