Post Coronavirus, Brands Will Need To Work Harder To Retain Customer Loyalty: BCG
While many consumer goods brands have enjoyed bumper sales as a result of the coronavirus pandemic, they will need to innovate and seek out new consumer touchpoints to retain that success as the crisis subsides, a leading industry expert has told ESM.
"Initially, when the crisis hit, you would go into the supermarket and dump into your basket whatever you found – typically, you would take the brands you knew, because you didn't have time to think about it," Boston Consulting Group's Konstantinos Apostolatos, who leads the group's consumer products arm in Europe, Middle East, Africa and South America, told ESM on the sidelines of the Consumer Goods Forum Global Summit.
"As a reminder, big brands have been challenged by smaller brands in recent years, but during COVID, smaller brands had bigger supply issues – so big brands benefited from the crisis initially."
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