75% of Americans have switched brands amid the epidemic, as per a McKinsey report.
Due to COVID-19, many companies like Burger King and Pfizer are rebranding to prepare for the post-pandemic future. Rebranding efforts could be the result of consumers switching brands amid the pandemic due to values, availability, and convenience. Companies looking to rebrand must adjust to new and familiar ideas to ensure the overhaul doesn’t estrange the current consumer base.
Pent-up demand and shifts in customer preferences, amid the pandemic, has opened up rebranding opportunities. Companies must communicate growth and innovation and ensure the rebranding efforts address consumer pain-points, offering relevant solutions authentically and transparently.
Assessing consumers’ sentiments, the market, competitors, and the changing environment can help companies create effective rebranding strategies. Evaluate current mission, vision, and values, set clear objectives, and create rebranding strategies while communicating the same to the consumers.
[4 minute read]