Issue 55: Brand Authenticity Is Key to a Pivot
Welcome to Backstory, a weekly newsletter turning global technology shifts into a three-minute read. This week, we’re thinking about pivots and the Covid-19 economic landscape. – Joseph Dana, Senior Editor
THE BIG TAKE
Brand Authenticity is Key to a Pivot
There’s an old saying that major shocks to the economy are like the tide going out to sea. When the tide goes out, you can see which swimmers are wearing a bathing suit. As more companies think about pivoting to meet the demands of the market, the crisis is bringing some facets of brand strategy into sharp focus. Without authenticity and clear thinking on the “why” of a brand, any successful pivot is nearly impossible. In other words, we can see which companies are wearing a bathing suit and which aren’t.
The power of why: Why does a business exist? It’s not about what a company does but why it does it. In this rapidly changing marketplace, companies that are able to work in myriad sectors are better positioned to face challenges. That’s not just because they operate in multiple environments (that does help) but because the power of their brand can carry across multiple revenue streams. Building a business model on the ‘why’ and not the ‘what’ is one of the most vital business secrets of the new global marketplace.
Long-term thinking: According to the IMF, the global recession caused by the Covid-19 pandemic will be one of the world’s worst since the Great Depression. With many countries still under lockdown to fight the virus, we don’t know what the economy will look like when we start opening up again. In this climate of uncertainty, brandauthenticity will be a company’s most valuable weapon. If you are clear on the ‘why’ of your business as opposed to the ‘what’, executing a pivot to unlock new opportunities is far less daunting than market conditions suggest. We will get through this storm and emerge on the other side far stronger and focused than before.
Our brand thinking: Through our design practice, we’ve explored the importance of building a powerful brand narrative, ensuring authentic alignment between brand and business strategy, and deploying the power of brand to motivate a nation. We’ve also regularly written about brands in Backstory, such as this issue on the UAE’s brandingand this one about city branding. Throughout all of our thinking and work on branding, it remains clear that authenticity stems from the why and not the what.
QUOTE OF THE WEEK
"We are what we pretend to be, so we must be careful about what we pretend to be."
Kurt Vonnegut, writer
COVID-19 STORIES
We are passionate about telling human stories. Now more than ever, those stories involve you. Covid19 Stories is a showcase of words, photos, and videos of our global community designed to celebrate shared experiences from this time of isolation. Powered by Empowering through, this exhibition is a dynamic and living testament to the historic moment we’re living through. Visit Covid19 Stories to share your story today.
OUR VIEWS THIS WEEK
Stop worrying about productivity: Another week in the grand experiment of remote work. How are you holding up? Have you maintained productivity levels or do you find those afternoon dips lasting longer and longer? Given the extraordinary events happening all around us, it's critical to focus on mental health during this period. We’ve been thinking about surefire steps you can take to keep your mental health on track. It all starts with unplugging. This week, we took a deep dive into one of the most important tricks of being under lockdown: learning to love boredom. It’s better than you think.
Our new digital home: Since we last built xische.com a few years ago, our company has grown into a collective of multiple firms across several verticals in different countries. Our network of new ventures and partners now extends across time zones and continents. Rooted in our philosophy of hybrid thinking, we engage across eight disciplines to solve modern-day government, business, and social challenges. To properly share our story, we needed a fresh overhaul of our digital home. The result is bold but classic, beautiful but spare, and respectful of the reader. Visit the new xische.com today to see the results. As always, we would love to hear your thoughts and feedback.
A MESSAGE FROM SQUADX
The way we work is changing. Innovators must think outside the box and find solutions to the rapid production cycles of the digital age. Sometimes that means hitting the ground running with an expert team ready to deliver. Augmented, not outsourced, teams share knowledge across the organization, delivering dual benefits of speed and know-how while leadership stays focused on the larger issues at play. Discover what we’re doing at SquadX, a Xische company, to unlock results with the power of teams.
SPOTTED ELSEWHERE
Office sounds: Since we’re all working from home, some of us might be longing for the noise of our offices. It sounds strange but makes sense when you think about it. Our director of strategy, Mary Ames, recently shared her secret for recreating the office atmosphere. Place a Bluetooth speaker in a corner of your office and it will give your space a more full office sound. If that doesn’t work, you could visit this website that recreates the sound of an actual office with up to 10 employees. It’s surprisingly soothing and well worth a visit. There’s even a ping pong match taking place.
Pick up a book: Have you found it difficult to concentrate during these uncertain times? If so, you’re not alone. Just getting by under the weight of this pandemic is a remarkable achievement. But if you can find the time and focus to pick up a book, it might be a surprisingly amazing use of time. In a perfectly pitched piece in The Atlantic, Conner Goodwin argues that “books, precisely because they are so demanding of our attention, might be the best antidote for the psychological toll of a socially distanced life.” If you can, find an hour to pick up a book and we guarantee you’ll feel a whole lot better.