2020 is the year that has upset virtually all business trends and has had a profound impact on the use of rebranding as a business strategy to facilitate growth. Some companies have had to hurriedly address the irrelevance of their brands, newly pressured by social movements, while others had to rebrand as they pivoted their business model simply to survive.
Each year at this time, our team compiles observations on the year’s breakthrough moments in rebranding and assembles a few predictions on how the strategy will evolve in the year to come. A year ago, we declared that rebranding — the organizational strategy to re-energize business growth — became fearless in 2019. More companies demonstrated a willingness to dispel the risk and take the plunge to rebrand.
But then came a pandemic, an economic crisis and a social movement toward racial equity. Where companies last year strategically plotted a rebrand to drive growth, the most visible rebrands were shoved by the reality of external forces.
Here’s a look at how the use of rebranding evolved in 2020.