Running a business in this economy is like a wild roller coaster ride.
You have your ups and downs and must always stay on your toes.
Many businesses face this exact scenario. Their core service or product no longer excites the customers, their sales plummet, and their brand is no longer relevant.
If you’re facing the same scenario, you should consider a fresh approach. You cannot stay reminiscing. Evolution is the need of the hour and not an option.
So, how do you achieve this?
The answer is simple: By repositioning your brand.
Repositioning isn’t just about making minor tweaks to your branding strategy. It involves making significant upgrades and adjustments. These changes, if done right, will help your brand get noticed by the relevant demographics, thus allowing it to grow.
So, what is brand repositioning, what are some famous examples, and why is it so important?
Continue reading to find the answers to these questions.
What is Brand Repositioning?
Simply put, brand repositioning is a process that aims to make the brand look more appealing to the target audience.
Now, this does not mean you remodel your entire company’s identity. That’s rebranding (more on this topic later). Instead, this means making some calculated major amends.
Irrespective of your additions to your brand repositioning strategy, the end goal remains to make your brand relevant and a viable option to your audience.
Brand repositioning is a gift if you’re struggling to keep your brand alive and can offer you a new path forward (or upward, for that matter).
You might also like: How To Conduct a Successful Brand Audit
Difference Between Brand Repositioning and Rebranding
Yes, these two terms are not the same…
Before you decide whether to rebrand or reposition your business, it’s crucial that you thoroughly understand these terms.
Although both terms revolve around changes, a brand repositioning strategy is a calculated process instead of overhauling your brand’s identity.
On the other hand, rebranding is more of a broader effort. It could involve changing your brand name, logo, core product, business model, etc.
Rebranding is often reserved when a brand fails and needs to rediscover its identity (Or to get a fresh start). In comparison, brands consider repositioning to keep up with evolving customer needs.
In rare cases, businesses will also combine the two to portray the business’s renewed identity accurately.
Now that you know the difference between brand repositioning and rebranding, let’s look at when and how you should implement a brand repositioning strategy.
When and How To Implement A Brand Repositioning Strategy
If you recognize these signs, perhaps you should give brand repositioning a shot.
- Your sales are plummeting consistently.
- Your business is overshadowed by the latest technology, business models, or competitors.
- You’ve failed to attract the younger generations.
- Your competitor/s have an advantage over you.
- You’re dying to keep up with the dynamic market needs.
Now that you know when to reposition your brand, you must take it to the next step. And to do that, you’ll need a brand repositioning strategy.
Continue reading as the following steps will explain how you can reposition your brand:
Step 1: Audit Your Brand’s Current Position:
Take a good look at where your brand currently stands. Understand where your brand is failing. Consider your brand’s strengths and weaknesses, opportunities, and threats. Know your target audience. Identify your primary competitors.
Once you’re through these questions, only then will you be able to build a baseline.
Step 2: Re-evaluate Your Objectives
Once you’ve accessed your current situation, it’s time to think of the future. Identify your unique value proposition again to connect with the right audience.
Once done, you need to set goals and envision your brand’s appearance. Establish short and long-term business objectives. It is when you understand your audience that you’ll be able to address their issues.
Step 3: Create A Brand Repositioning Strategy
Having clearly defined your objectives, you can now decide how to reposition your brand. Let the creative juices flow; don’t limit yourself.
Step 4: Conduct A Dry Run
Before giving the green light, ensure your positioning resonates with the target audience. Create prototypes, run beta tests, and get as much feedback as possible.
Then, use this feedback to refine your product/service.
Step 5: Ensure Everyone Is Onboard With The Changes
Notify everyone associated with your brand once your new positioning gets finalized.
This might include providing training and creating a new set of guidelines. These changes will familiarize everyone with how the brand should be portrayed across all customer communications and interactions.
Step 6: Launch!
Once you’ve found the right positioning, it’s time to kick off your marketing efforts.
Step 7: Analyze The Results
This step is where you can make a difference!
Routinely track the changes you’ve made. Don’t expect immediate results but keep an eye on the digits.
Notice what works and what doesn’t. Don’t shy away from making adjustments and refining your approach.
You Might Also Be Interested In: How To Ask The Right Brand Perception Questions?
Brand Repositioning Examples
Brand repositioning is a powerful tool if done right. Let’s look at some brands that have slayed the repositioning game and others that have miserably failed.
Successful Brand Repositioning Example
In 1995, Amazon launched as “Earth’s Biggest Bookstore,” initially selling physical books. However, Amazon decided to take the leap, and today it is worth $1000 billion.
As of now, the company sells everything from groceries to electronics and everything in between.
Brand Repositioning Failure Example
During the 1990s, Kodak attempted to reposition itself as a digital technology company.
However, the company was too focused on its traditional film business and failed to make significant inroads into the digital market.
All this eventually led to Kodak filing for bankruptcy in 2012.
All In All…
Building and developing your brand is a lot of work. And at some point in your brand journey, you will have to change your course due to reasons plenty.
This is why you shouldn’t take it lightly if you decide to reposition your brand.
There’s a lot at stake, including a significant investment of time, money, and efforts of countless people to reestablish your brand in the market.
However, the cost of inefficiently repositioning your brand or choosing to ignore ignoring it is going to be far greater than repositioning your brand.
So, analyze how your brand is performing, reassess your customers’ needs, and repackage your product or service to appeal to your redefined target audience.
Repositioning can only get simpler.
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