In the world of digital marketing, there comes a time when your customers quickly start losing interest in your product. So, does that determine the end of the road for your brand? Fortunately, the answer is no. You always have several opportunities to win back your customer base. This is done through repositioning. It involves drastically altering your brand to change the perception of it on the customer’s minds. In this blog, we will tell you everything you need to know about how Brand Positioning works.
When Should you Consider Brand Repositioning?
Target a new audience
If your sales are dropping, you will probably need to target a new audience. You can expand into new markets or introduce new products and assess the audience response. Repositioning may be driven by shifts in the demographics of the target audience. On the other hand, as a brand you may need to reposition to better connect with changing cultural or social norms.
Market changes
New technology, business models or competitors usually shake up the market negatively. During such a time, it is important to stay ahead of the curve by keeping up with the changes. Market research is vital to identify the current state of your market for tangible repositioning. Effective research will give you insight into where new opportunities lie, your target market’s needs and preferences, and the state of your competitors.
Attract younger generations
To stay relevant and evergreen in the market, your brand has to appeal to younger generations. For example, you may need to reposition your marketing strategy from television to social media if you want to reach a younger generation.
What’s the Difference Between Rebranding and Repositioning?
So, is brand repositioning similar to rebranding? While both terms involve modifications, a brand repositioning strategy is more of a strategic enhancement rather than a comprehensive overhaul of your company’s identity. On the other hand, rebranding encompasses a broader effort, which may involve changes to your logo, brand name, core product, and various other elements. The objective of repositioning is to alter your brand’s positions, collaborations, personality, and messaging while preserving all the identifiable components of its identity. In essence, brand repositioning seeks to shift customers’ perception of a product or the brand without implementing drastic changes.
All in all, brand repositioning is a strategic decision that requires careful planning, research, and execution. When successful, it can put your brand on the right track and ensure long-term success in the market.
