Brand repositioning: what is it and when to do it
Repositioning a brand is necessary when a company is faced with little to no new market opportunities. The change comes from being dynamic and can happen overnight changed the consumer’s perception about said brand. In today’s article, you will learn more about repositioning a brand as well as knowing when it is ideal to implement it. Check it out!
The importance of repositioning a brand
The brand is an essential asset to the business and its management should always be meticulous. Furthermore, the brand can become a symbol that stakeholders relate to experiences they have (be they good or bad!) and so they can establish a love relationship with it.
That is why it can be so important for the company’s valuation, adding millions or even billions to its worth. In an unfavorable conjuncture, when business is going bad, competitors will either expand their margins or risk losing added value in the eyes of their customers. Smart leadership should foresee a time when the company would become obsolete and then rethink the business and plan a new strategy that involves repositioning the brand.
The right moment to start repositioning the brand
Repositioning the brand is not just about changing the logo, the stationaries or any other visual aspect of communication, like some advertising agencies do. After all, a good-looking brand will not bring results alone. It also not just changing the shop front like many do, because the foundation will still be rotten. It would be like giving an aspirin to a patient in ICU. We know that that alone would not be enough to save them. Repositioning the brand in this case would be like bringing him back to life.
The right moment to start repositioning the brand is when none of the alternatives to save it are working anymore. The company needs to make a decision that will influence its chances of surviving and that will surely clash with the market. Be different or die!
The key factor to reposition a brand, in our understanding, is to be as far away as possible to other concepts services or products that may already exist. It is the principal practiced by the ‘’Blue Ocean Strategy’’, for example. In order for it to work, the joint efforts to reposition the brand must be focused not only on which services or products the business has to offer, but on what the competitors do and what would it take to change the consumers opinion about it.
Planning with a 360° vision
If your business is nor performing and you decide to reposition your brand, be careful! A big move like this should be well considered and planned; otherwise, it could mean disaster. First of all, it is vital that you start researching your business environment, especially the external. Remember that consumer habits also change along the way, due to the dynamic of the market itself. It is very likely that the answer for repositioning the brand may lie within this change, and so all your company needs to do it adapt to these new behaviors.
It is therefore fundamental to have a plan in hands that backs up the strategic decisions for the new business model and brand communications. Including a specialized consultancy in the decision making process can help your company tremendously by creating solutions that will ensure the success of a brand repositioning project.
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