When you run a business, you are likely to face ups and downs for sure. No work in this fast-paced world runs smoothly without any trouble. Whether you are an owner of a small business, or a mid-sized business or a giant enterprise, you might have to go through many thicks and thins.
So, if you think that you are stuck in a rut, or feel that your sales are declining, it might be the time for your company to bring about change -a huge one.
In such situations, you should come up with some wise ideas and smart strategies to reposition your brand in the marketplace and figure out how to implement these successfully.
Brand repositioning is important if in case a company faces any kind of decline or decrease in sales over time. You will know when it is time to implement changes, when you suddenly face losses or do not happen to see any hike in profit in the long run. Brand repositioning is certainly not easy and requires a lot of hard work and strategic planning.
What are the Key Factors of Brand Repositioning:
Brand repositioning can be referred to as when a company changes its status and position in the marketplace. The key factors affecting brand repositioning are:
- Changes in the marketing mix.
- Changes in the products of a company.
- Place of location change.
- Increasing or decreasing the prices of the products.
- Changes in the promotion of the brand.
Brand repositioning is basically done to keep up with the needs and demands of the consumers and for overcoming the present hurdles faced by the brand.
In order to successfully implement brand repositioning, you must need to choose a wise strategy as a company owner. All the strategies adopted by you determines where should be the main emphasis of the new campaign. The newly repositioned company might focus on several factors:
- Other businesses.
- The general public, etc.
List Of Various Brand Repositioning Strategies
Determine The Current Status Of Your Company
In order to incorporate brand repositioning strategies, you need to first determine your present status also need to figure out the reasons why you are lagging behind. Once you are well informed about your drawbacks and your shortcomings, it will be easier for you to come up with solutions and you can mitigate those short-comings by implementing a suitable strategy.
You need to look through all your troubles should plan the changes accordingly. Also, it is important for you to target the exact places where you need to implement those changes.
Changing everything about your company will not hold any good, rather it would cause you to spend more than required. So, targeting the exact places for incorporating the strategies is very important for you.
Bring In Transparency:
If you are a business owner, you must know that the most important thing your consumers want from you is transparency. The more transparent your products and services, the more loyal you seem to be with your consumers.
Most of the complaints of the consumers about a business is that they are not being able to get transparent services.
As for Example, KFC recently faced some issues regarding the quality of their food. They were questioned regarding the sources of the meat they are proving in their dishes.
As a step to mitigate this and to restore the trust for their company and brand, they invited some of their customers to visit their kitchen and see all the stuff and their cooking procedure including what ingredients they are using and how they preserve the food.
Renaming And Changing The Focus:
If you see that your current business strategy is not being able to work good for your brand and you are not getting enough attention from the customers, you can try renaming some of your products and can also try shifting your focus to something new from the usual one.
This may create a buzz amongst the consumers and may make them more interested in your products.
Something new is always able to attract more attention.
For Example, Hallmark is now a renowned brand, which has recently started emphasizing on mysteries. It has renamed it from “Hallmark movie channel” to “Hallmark movies and mysteries”. For that matter, they have also seen a great hike in their profit in the last few months.
Changing The Tagline:
When brand repositioning is being talked about, taglines and missions are very important. Your taglines mainly depict your mission. Your mission represents the products.
You reconstruct your taglines in order to turn more heads grab more attention. A catchy tagline representing your mission, goals and agenda is more likely to catch more eyes.
For Example, Loreal is well known leading beauty brand. It is one of the top most beauty brands with a wide range of beauty products. Previously their tagline was “because I am worth it”, and now it is “because you are worth”, which sounds more customer-oriented and catchy.
The latter sounds more interactive and conversational and appeals more to the consumers.
A New Product, Players And Positionings:
While you think of repositioning your brand, you need to keep in mind that the emerging competitions and remarkable threats are always there on the horizon.
For that matter, you need to constantly position your market according to the position of your competitors out there. Location matters when it comes to brand repositioning, as you are likely to face more troubles and fuss where the proximity with your competitors is more.
That is why, you must not over look your rivalry and should bring changes in your brand according to the constant analysis of your competition in the market.
Third-Party Partnerships And Digital Initiation:
When you are not able to see enough hike in your business, it might be time for you to add some digital initiation or you might need to partner with some third party business.
This can bear some amazing results when it comes to gaining immediate customer attention. Apart from that, digital initiation can also work great for your business and can earn it more attention and demand.
For Instance, Amazon is a relatively younger business but it still remains on top when it comes to ranking. They have made the most of digital initiation.
They have recently introduced Alexa and smart speaker, Amazon has managed to bring a revolutionary change in its business and gained a phenomenal hike.
Innovation And Creativity:
Innovation and creativity is always appreciated by all sets of audience. Innovation can be anything. Your mind is always free to come up with new and creative ideas to be incorporated in your business for earning it massive attention.
Sometimes, these innovative ideas can be proved to be a turning point for your business.
You can take the example of various gaming apps like PUBG. It is basically an animated gaming app where you can play with different players online. In this app, they have incorporated the feature to chat with fellow players, which in turn allows the users to each other better.
So, in other words, Call of duty is doing a dual job for its users, apart from the exciting game and interesting animations, the users can also become friends with various new players through that app. This is a strong reason for the immense popularity of the ‘call of duty’ these days in the US market.
Keep Varied And Classified Products:
When it comes to brand repositioning, one of the most effective ideas can be to introduce varied and classified products for the respective consumers.
You can keep a set of flagship products with premium pricing and also a set of mid-range products with economical pricing. This change can appeal to different customers with different budgets and varied requirements.
You can consider Samsung for an example. It has a wide range of series of products. It has the S series, A series, Note series, and the J series. The first three series include premium and e flagship phones, and the J-series has budget-friendly phones which the necessary features. This appeals more to the customers having a wide variety of budget range.
Also, a renowned brand like Samsung has already been able to mark its presence and establish a remarkable brand image in the market. So, people got even more attracted to the business after it introduced the J-series Budget phones.
Try To Follow The Footsteps Of The Premium:
There is a popular saying, “If you cannot beat them, join them.” This saying is indeed true and applies to various fields. There are many well-established and renowned brands out there in the market whose business resonates well with that of yours.
Since they already have marked their presence in the market, there is no harm in following their footsteps and you can implement some alike strategies to your business.
For Example, Apple iPhones. It goes without saying that iPhones are one of the tops known mobile phones and their identity does not need an introduction. So, many other mobile companies have been seen to follow the iPhone in terms of their designs, structure, and style.
This is a known fact that if people cannot afford to buy iPhones, they would at least, they would like to go for something alike which comes at a low price.
Understand The Customers’ Needs And Deliver Them What They Want:
It is always good to think out of the box. But at the same time, it is not necessary that your customers will surely like what you are providing. Each time you introduce something new and innovative, there is always a risk factor related to it.
If you do not see enough response, you need reinvent your ideas and proceed according to what people like.
Here, one of the best examples to be cited here can be Nokia. Previously it introduced windows phones, the Lumia series. It was definitely something new in the market. Initially, it created a buzz, but could eventually do well in the markets in the long run.
It then reinvented their phones and converted them in Android and now they seem to be back on the track.
Try To Cover Nore Areas:
While doing a business, the first and foremost task is to target potential customers and reaching out to them. In order to reach out to potential customers, you need to cover more areas where the majority of your targeted customers are present.
You can extend your areas by doing an effective analysis of the exact places where the potential consumers are present in bulk.
A thorough and detailed analysis of the market will give you a brief idea about how to locate the ready-to-buy customers. The more proximity you provide to your consumers, the more they are likely to choose your business.
Call For Training And Brush Up The Skills Of Your Employees:
When you are the owner of a business or a big organization, you have a wide range of employees having a varied range of skills. But with the fast-paced world, the demands and requirements of the clients are ever-increasing.
As a result, there is a possibility that your company might lag behind in the marketplace because of some short-comings in the skills of your employees. If you also feel that some of your employees need some training to brush up their skills, you may arrange one for them.
The pace of growth of your business majorly depends on the efficiency of the employees working for it and you, as an owner, should take care of it.
To sum up the entire concept of brand repositioning, it can be said that, repositioning is required for a brand or a business when it is not being able to cope with the present market place, if its growth is stagnant or if it is not seeing any significant hike in the long run.
Brand repositioning is all about representing your same old brand in a whole new manner with a whole new approach for further betterment of your business and to attract more traffic.