On the 23rd of March 2020, the world faced a sudden economic crisis. While some attributed it to a scary invisible and highly contagious virus, others saw it as the tipping point that brought existing issues to the forefront. Coincidentally, it was also my birthday, a day that prompted reflection on the past and its implications for the future of branding. With optimism and a touch of imagination, I believe that branding can positively influence people's behavior and contribute to a healthy and happy world.

As one ages, the gaps between global economic crises seem to shrink. Reflecting on the 2008-2010 global banking crisis, I hoped things would change for the better. I envisioned economic recovery and prosperity and a reduction in our reliance on financial markets and banks. As a seasoned entrepreneur, I still feel the bitter taste of disappointment when recalling how our financial institutions let us down. However, I understand that it was not individual bankers' fault but the flaws within the capitalist system that gradually eroded collective interests.

This leads me to ponder who will guide us through and solve this pandemic. Will it be the billionaires and corporate CEOs, or will it be the nurses, doctors, cleaners, and all the other ordinary people and small entrepreneurs, including you and me? Perhaps it will require a collective effort involving both.

Before the emergence of COVID-19, signs of change were already apparent. Despite the rapid economic growth in recent years, global marketplaces were undergoing a transformation, shifting from serving solely the interests of shareholders to considering the welfare of all stakeholders. This crisis can potentially accelerate this movement, fostering greater awareness and readiness among companies to take positive action on a significant scale.

Here are some trends and topics worth considering as we strive for a global reset:

1. Globalization and Concentration: The business world has witnessed the rise of dominant players in various sectors, from IT to fossil fuels and packaged foods. These companies wield immense power and recognize the influence of branding. By leveraging their brands' prominence, they propel the world forward at an ever-increasing pace.

2. Climate & Sustainability: In recent years, the world has increasingly realized that a fossil fuel-dependent economy with limitless growth is unsustainable in the long run. The younger generation, led by inspiring individuals like Greta Thunberg, has sparked a movement towards a more sustainable economy. This entails transitioning from fossil fuels, and investing in transforming housing, mobility, and food systems to ensure a more sustainable future.

3. Migration & Human Rights: Widening disparities between countries and regions and between the rich and poor have resulted in unprecedented migration to wealthier Western nations. People are fleeing their homelands for economic, ecological, and personal safety. The plight of migrants, including those imprisoned in refugee camps with appalling conditions, highlights the need for greater compassion and support.

4. Consumerism & Overconsumption: The relentless supply of unnecessary and sometimes harmful products and services has fueled excessive consumerism. Clever marketing taps into people's insatiable desire for more, driving them to borrow and work harder to fulfil their perceived needs. We find ourselves surrounded by advertising, bombarded on the streets, in shops, on television, and across social media platforms. Breaking free from this cycle of overconsumption is essential to promote a more mindful and sustainable lifestyle.

5. Work & Wellbeing: Many people work primarily for financial reasons, lacking job satisfaction and purpose. They find themselves trapped behind screens, performing repetitive and administrative tasks that offer little social interaction, emotional fulfilment, or recognition.

Renaissance in business and branding

Wouldn't it be nice if this crisis could accelerate a global movement to tackle the things above? While billions of people are forced to stay in their houses instead of going to work, they can now slow down and, by doing so, recognise and feel again what is really important in life. 

That the leaders in the C-suites of the corporations start understanding their responsibility is not only to deliver on the numbers (which they won't because a little virus blew their financial KPI's away). A global reset aiming at the health and happiness of many people instead of the lucky few?

This is not completely imaginary, because certain companies were already taking action pre-Corona. With many of the Millenials not longer aspiring a job merely for the money and career. With consumers increasingly making their purchase decisions based on ethical and ecological considerations. With a new generation of shareholders and investors seeking a positive impact. And with a new generation of CEO entering the corporate boardrooms, armed with a new type of MBA from business schools teaching circular economy principles and triple bottom-line responsibility. 

The emergence of purposeful brands

Such companies will need to change their corporate cultures and corresponding branding narrative from more to enough is enough. From sticking to the law to also defining stricter and more ethical principles. From short-term planning to longer time horizons. From enriching the ones owning the capital to also serving society.