There is no denying that the effects of COVID-19 on the nation and the global economy are going to far exceed what even the most creative minds could have ever expected. A lot of the future remains uncertain and everything from how consumers shop to the items that they buy will shift in an entirely new direction. However, there is one thing that we do know: When this is all over (not if but when) the world is going to be a drastically different place.
Kind of a scary thought, right?
Maybe, but it doesn’t have to be, and here is why.
Reinventing Your Brand Halts the Aging Process
There is one universal truth when it comes to the longevity of a brand, without constant reinvention that brand will become stale and ultimately grow tired and old. Your brand literally ages along with its customers and this is not a good thing. The world’s best brands understand this concept and continually reinvent themselves in order to halt the aging process and continue to attract their target audience through multiple generations.
Think of Pepsi and the multiple iterations of its offerings, advertising and of course logo designs. Pepsi was once famous for its hugely popular Generation NeXt advertising campaign that directly targeted the once young and influential Generation X. Now Pepsi is reinventing itself for the new generation of young people with ads about sustainability, direct to consumer purchasing, and partnerships with Generation Z influencers.
Here in Canada, the super trendy Joey restaurant chain was once called Joey Tomatoes, then Joeys and now simply Joey. They continued to reinvent themselves to stay relevant with a younger generation of consumers, never allowing their customer to age their brand. In fact, every 7 years they renovate their restaurants in order to stay fresh and modern in the eyes of their YUPPY consumers.
And this is important. If your brand remains the same, so will your customers. Your customers will age with your brand which can make it difficult to attract new customers and therefore, more difficult to increase revenues.
Aging Consumers Aren’t Bad – They Just Don’t Spend Money!
If my mom ever reads this she would accuse me of being an ageist when saying that old customers aren’t as valuable as young customers. She is 100% correct about me, I am an ageist but that doesn’t mean I am wrong. In many consumer categories from clothing, to dining, to entertainment etc. the older generations simply don’t spend as much as the younger generations. The reality is that the younger generations who don’t own houses (mortgages), have kids (caregiver costs), own cars (leases and insurance) etc. simply have more disposable income.
There are plenty of industries such as luxury travel and cruise lines (COVID ouch!) that cater to older consumers. I get that. But the fact remains that they too need to constantly reinvent themselves in order to avoid getting trapped with a now even further aged consumer who by in large end up on fixed incomes and who have fewer reasons to go out and spend money.
Reinventing Your Brand is the Ultimate Spring Cleaning
Every spring my wife makes me go through my closet and get rid of the clothes that fall into one of three categories:
- They have holes
- They are outdated
- I haven’t worn them in at least the past 6 months
And then we head either online or to the store to buy new clothes. It is a simple process that I both hate and appreciate. I hate throwing out clothes that I used to love. But I appreciate the experience of reinventing myself (even if only a little) with a whole new wardrobe of spring fashion. And people notice. “Nice shoes” “Great Shirt” “Woah, skinny jeans”. People can sense new and they are attracted to it.
Now imagine if every few years you applied this same concept to your business.
- Holes: Get rid of areas of your business that leak money
- Outdated: Remove products and services that are old-fashioned and/or outdated
- Unused: Find products and services in your business that no one uses anymore and get rid of them
Now that you have freed up valuable space in your business it is time to go browse among the world of new and trendy brands that have popped up all around you. Shop the areas where they are doing really well, buy into the ideas that they are using to revolutionize your industry, and bring back the concepts that best suit your business. Try everything on, mix and match where needed and create a fresh spring look for you, your company, and your brand.
Just like clothes help reinvent who we are and how we present ourselves to the outside world. A brand that updates its products, services, colour schemes, customer service programs, employee training etc. reinvents who they are and how they appear to the outside world. They become new again and that is what attracts attention.
Reinventing Your Brand in the Post-COVID World
There has never been a better time to reinvent your brand than this moment, right here and right now. I am going to be brutally honest and I need you to listen closely because this could be the difference between saving your company or losing it outright.
In the next 2 years, over 20% of small businesses in North America will close their doors forever. Many people believe this is a conservative estimate and the numbers will be much, much higher.
There are a variety of reasons why this will occur, however, the one central catalyst that is the driving force behind these closures and bankruptcies is that most companies are either unable or unwilling to adapt and reinvent themselves.
That’s it.
Here is what we know. In the post-COVID world, consumers will shop more online, spend less time at an office and spend more time working from home, they will travel less overseas, they will cook more, they will be wary of densely crowded spaces and more interested in hobbies and crafts. There will be more entrepreneurs with home-based businesses and fewer people buying cars. Delivery drivers and warehouse workers will comprise much of the job growth over the next few years while small independent restaurants will have to raise prices to make up for growing delivery fees. Mobile phones will be the primary way most people access their friends, news, recipes, shopping, tickets, groceries, transit, weather, games and just about everything they want to do in a day. Paper currency is out and tapping is in. Even schools will be reducing class sizes and moving many programs online. The list goes on but the point is clear. Nothing about our world will be the same.
Knowing what we know you have the opportunity to make a change. The difference between failure, survival and growth in the post-COVID world is that you MUST reposition your company and reinvent your brand. It doesn’t matter what your industry is. You will need a strong online presence, you will need efficient and easy mobile access, you will need a way to connect with customers in a clean and healthy way, and you will need to ensure that your customer service through all channels (personal and digital) is top-notch. From there you will have to differentiate by identifying what your target audience wants, how their needs have changed, and where best to reach them when they are no longer roaming the streets looking for you.
Reinvent. Your business depends on it.
When, Not If, COVID-19 Ends
When this is all over there will be winners and losers. Those who lose will be replaced by new brands that come to take their place with a fresh new concept that speaks better to their target audience. The brands who win will be the ones who reinvented themselves to match the new and quickly evolving wants and needs of their post-COVID customers.
So which one will you be?
We know it is tough to navigate the waters of COVID-19 and how to best reposition and reinvent your brand. We can help. Reach out to us with a brief description of your business and we will run a detailed analysis on your industry and help you find the path to success.
There are few guarantees in life, but the one thing that I can guarantee is that if you remain stagnant in your approach, you will fail. The world is changing and so you need to as well.
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Article Written by:
Dean Horsfield
Founder of Little Bear in the Forest | Digital Marketing Agency
Connect With Dean on LinkedIn 
