The COVID-19 pandemic has seen many businesses – including some big-name entities – pushed into bankruptcy, as millions more (from high street names to those in the luxury space) have struggled to survive in light of lockdowns, shifting consumer priorities and consumption patterns, and an uncertain economy. As markets slowly begin to reopen across the globe, businesses are now being forced to navigate the challenges of a more discerning consumer base, which means that many companies are looking for ways not only to attract new buyers but to hold on to the ones they already have.
Aside from the obvious hit to sales, the fallout from COVID-19 has highlighted shortcomings in many companies’ strategies, including an over-reliance on brick-and-mortar sales at the expense of fully fleshed-out e-commerce operations, and it has brought to the forefront weaknesses of no small number of brands in integral areas, such as their use of technology. The pandemic has also had an impact on brands, themselves, which are the identifiers that enable consumers to identify the source of a product or service, and the very assets that consumers tend to develop an affinity for.
Historically, consumers have stayed loyal to a brand as a result of the quality or due to an emotional connection. However, in the new market landscape rife with disruptive new-comers, other factors are proving to be increasingly important. Conscious consumers are considering the moral compass of a company, its sense of social responsibility, and the efforts that it is making to have a cleaner environmental footprint, for example, when making purchasing decisions. This shift in the decision-making process means that brands have a fight on their hands in order to retain consumer loyalty and stay ahead of competitors. They have to offer the consumer something more, while simultaneously retaining the original selling points that made the brand attractive to consumers in the first place. At the same time, price also plays a factor, and as a result, even moderately priced goods are being assessed against cheaper alternatives.
The result is such that businesses are not only re-entering a fiercely competitive market in the wake of the pandemic, but they also have to contend with a more sophisticated and judicious consumer than before. While many strategies aimed at addressing the evolving market will be underpinned by marketing and advertising, some businesses may need to go a step further to attract the necessary attention. One of the most obvious ways to do this is by changing or updating their branding.
Read More at https://www.thefashionlaw.com/thinking-about-rebranding-here-are-some-things-to-consider/