Posted on : 2023-11-10 03:49:09
Article : 10th Nov 2023- Good evening Friday Management TASK 267 -Brand Repositioning Renews Company Growth
When you are running a business, you have to face ups and downs and face unexpected. Sometimes it feels like a roller coaster ride. If your business is stagnant or experiencing sales declines, then it might be time to make a change. No matter what kind of business you run, evolution is not an option. Nowadays, it is necessary for brands to adapt quickly to different situations if they are to survive, one of the options would be brand repositioning. Aim of brand repositioning is to adjust the characteristics of a brand to make it more appealing to a specific audience or increase sales. This often means that brand repositioning is less of a comprehensive undertaking than rebranding. It includes updates to your message, your value proposition, and your marketing strategy to keep up with evolving demographics. There’s no single signpost that marks the time for brand repositioning — in fact, it’s often a combination of several critical factors.
When a company changes the status of a brand in the marketplace but maintains its identity at the same time then it is called “brand repositioning”. As part of this process, changes are typically made to the marketing strategy such as product, price, place, or promotion. Repositioning is usually done when a company sees a decrease in sales and they realize it is time to implement some changes and develop. This is a necessity if they are to stay on top of consumer wants and needs in order to keep the brand alive.
• A downward trend in sales
• A shrinking core audience
• Industry shakeups (new technology, new business models, new competitors)
• Product line updates that are out of sync with your old brand promise
• An outdated value proposition for the current culture or market
• Lack of brand appeal to younger generations
The above are examples of brand repositioning catalysts for SMBs and global enterprises alike. For some companies, this is an opportunity to finally get a real foothold in the market and scale up — often in ways that weren’t working (or possible) with your old positioning. For established names, successful brand repositioning can refresh a stale image or renew interest in an historic brand.
A brand repositioning strategy is not a complete remake of company’s identity — it’s a calculated adjustment. You’re aiming to update your brand’s status, associations, personality, or core message while retaining a continuous, recognizable identity. This can offer a new path forward (and upward) when growth has stalled, competitors are taking the lead, or customers aren’t connecting with your company like they used to. In other words, companies reposition to keep up with evolving customer needs.
Coming to brand Rebranding, by contrast, is a more wholesale effort. A rebrand could involve changes to brand name, logo, core product, business model, and more. Everything about brand identity is on the table. Rebranding tends to be reserved for times when companies are failing and need to rediscover their identity. A business rebrands to get a fresh start.
After discussing a introductory periphery of brand repositioning, now in our Monday morning Management Solution for the TASK we shall further discuss with brands as examples to prove the point how the efforts of brand repositioning works. Meanwhile post your experiences 0f brand that you came across did turn out for better with repositioning. Our Solution part will be posted on Monday 13th Nov 2023.
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