Posted on : 2023-11-12 20:30:30
Article : 13TH Nov 2023-Good Morning Monday Management Solution for the TASK 267-If you know what is wrong with your brand, you can identify what needs to be changed.
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. Here’s where brand repositioning comes into play, between the current version and a completely redesigned one. These aren’t just minor changes that won’t affect your brand much. They are significant improvements and adjustments that will get your brand noticed and help it to grow. To make it more explanatory here with we discuss few successful brands, their repositioning activity and results obtained.
BlackBerry- When BlackBerry launched in the 80s, it was a simple two-way pager. In 1999, BlackBerry introduced mobile phones with a keyboard. The ease and speed of typing on the QWERTY keyboard transformed the mobile communications industry. BlackBerry quickly dominated the mobile phone market, allowing users to respond to emails on the go.
Then Apple, Samsung, and LG released touchscreen phones. BlackBerry launched its own touchscreen product but couldn’t keep up with its competitors. Instead of calling it quits, they repositioned themselves.
Today BlackBerry is an industry-leading mobile cybersecurity specialist. They develop smartphone security systems and secure and compliant operating systems for a variety of industries. They remained within the technology industry but serve consumers in a new way.
Google is a shining example of how to expand a business model in a new and emerging market. They began as one of the first global search engines. While a transformative invention in 1998, Google was committed to maintaining a free search engine, leaving them without a revenue stream.
After experimenting with a few revenue streams, they launched AdWords in 2003—and digital marketing was created. The second new invention from Google!
Since then, Google has launched a variety of products that drive revenue. They have also had some failed revenue streams, such as their attempt to enter social media networking with Google+.
To date, AdWords has generated over $21 billion for Google. Other revenue streams include YouTube and Google Workspace tools. While many of Google’s technology and tools are free, such as personal email, Google Maps, and Google My Business, all products are designed to create a cohesive experience that ultimately generates revenue.
Old Spice — Smells Like Grandpa to “Smell Like a Man, Man”
Once upon a time, Old Spice was 70 years old, and so were its biggest fans. The new brand “Axe” had disrupted the men’s body wash market with sleek styling and fresh, energetic advertising. Meanwhile, in the public mindset, Old Spice was just...old.
Younger consumers barely noticed Old Spice before NFL player Isaiah Mustafa told us that “the tickets are now diamonds” and “anything is possible when your man smells like Old Spice and not a lady (I’m on a horse).” If you missed it in 2010, here’s the commercial that relaunched Old Spice’s ship.
Hundreds of commercials and social videos later — including a hilarious real-time feud with Fabio over who would be the next brand spokesperson — Old Spice was once again a red-hot category leader. It only took six months for the ad campaign to boost sales of their body wash by 27%.
Business Insider reported a year after the launch of the “Smell Like a Man, Man” campaign that Old Spice had taught us all a valuable lesson: “A clever ad + smart use of social media can produce a fresh identity, even for a brand that many associate with their grandfather’s deodorant.
End point - It’s not ideal, but it’s a reality—some businesses hit a point of no return. Their core products are no longer relevant, the wave they’re riding has crashed, or their demographic’s needs have shifted. While some businesses throw in the towel, others explore entirely new business models.
Repositioning your brand or exploring a complete business model shift is not something to be taken lightly. It’s most often a last-ditch effort when the alternative is closing your doors. Sometimes, it’s a strategic way to evolve and build upon what you already offer. The key to success is transitioning while you still have enough capital coming in to make a major shift.
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