Now that the initial impact of the pandemic has passed, business owners are now starting to see the road ahead a bit clearer, and for most, the need for rebranding during the COVID crisis is becoming more evident. Based on recent surveys of business owners, 80% of them said the situation is causing significant adjustment to their strategies, leaving them scrambling to adapt their positioning to the shift of customer needs and demands.
The key that every business owner needs to know to thrive through the pandemic is being proactive about the changes their branding needs and see what these changes will entail over time—and rebranding helps executives stay ahead and continue operations.
With that in mind, here are five notable benefits of branding and rebranding for COVID.
It Helps Businesses Out Long-Term
Immediate crises such as the initial months of the COVID-19 pandemic often inspire reactive but short-term measures, leading to short-lived results. That’s why if you’re looking to help your business survive this ongoing dilemma, it’s time to begin thinking long-term. Rebranding during the pandemic is an excellent long-term investment you can make in your business, helping you build on increasing levels of brand awareness decaying slower over time than short-term solutions.
One of the easiest ways to do this is by hiring a professional brand design studio. They can help you create creative journey results in unique branding campaigns designed to be never forgotten—leaving a lasting impression and driving sales growth.
Understand Consumers Better
Whether the pandemic has left your business struggling, succeeding, or somewhere in the middle, one thing is for sure—your customers’ needs and demands have drastically changed. After all, every last recession realigned customer behavior, forcing your customers to reconsider priorities when it comes to spending their money. However, during the ongoing COVID era, the challenges faced by your customers are profound, and the behavioral shifts they will entail will likely last long.
Luckily, rebranding helps you understand better how your customers’ behavioral changes. This knowledge allows you to get the most out of the crisis at hand and beyond. The most efficient way to understand your customers’ changing needs is to ask them directly.
Offers Better Opportunities
Past recessions have proven that economic downturns are usually the best time to take market share to earn more. For most business owners, their first move during a crisis is slashing their marketing budget, which hurts their bottom line over time. It’s the organizations that double down on branding that thrive during crises, gaining a more prominent share of voice over the competition that’s best positioned to realize long-term profitability.
Plus, multiple new studies suggest that rebranding during economic downturns is ideal for long-term brand value than rebranding during peak growth of the economy.
It Gives Your Business a “Purpose”
When it comes to rebranding during the pandemic, nothing’s more powerful than having a purpose. For most companies, the past year has been marked by uncertainty and turmoil in the economy. As a business leader, you’ve likely gone through salary cuts and layoffs and have a team separated by distance, adjusting to virtual connections. Your employees are probably dealing with anxiety, worrying about what these steps have entailed.
That’s why as part of your rebranding journey, it’s critical to remind your team why they work for your business by reconnecting them to your purpose, which is an integral component of a brand compass. If your company has an articulated purpose, now’s the time to activate it in new and better ways. However, if you’re a new business and have yet to define your “purpose,” now’s the time to figure it out.
Regardless, clarifying your business’s purpose is key to improving team engagement—and when it comes to customers, your purpose is more crucial than ever. Doing this not only gives your team a purpose to continue operations, but it also grabs the attention of potential customers more as it shares values and inspiring stories about your company, showing that everyone has their struggles.
It Tells Your Story and Lets Customers Feel Involved
In any effective rebranding strategy during the pandemic, telling the world about a business’s compelling and relevant changes is crucial, whether it’s a slight tweak to the messaging or complex brand overhaul. That’s because when done right, it can help you guarantee that the new iteration of your brand is relevant to consumers’ shifted needs and demands, efficiently addressing all they require.
Plus, it helps keep customers feel relevant during the crisis, making their lives a bit more bearable—helping you earn their trust and loyalty in return for hearing your company’s story.
As businesses begin to see the near end of the pandemic, there’s a chance more companies will seek rebranding while acknowledging the damage the pandemic has caused, repositioning their brands for the post-pandemic. Not only it prepares your business for the restoration of the global economy—you’ll be enjoying the benefits mentioned, keeping your brand and business alive.