Brand Repositioning makes a lot of difference if employed with a good strategy. It has the potential to bring the business into any organisation which may have gone bankrupt or failed. The famous Starbucks is a good example in this case.
The brand may benefit from rebranding and retouching, as there are times when it is crucially significant to do so in order to regain the lost market. As a brand, you want your brand to be successful and for the customers to become certain of buying from you.
What is Brand Repositioning?
You must be driven to see your brand succeed, and while you may be prepared for a brand repositioning, you may not fully understand what it entails. Brand repositioning, according to Brand Master Academy, is the process a brand goes through to adjust or overhaul its perception in the market to better appeal to its target audience. But the question arises, why? How repositioning a brand would do any good to it? Let’s answer it.
Why is repositioning a brand a boon?
Repositioning, if done correctly can turn out to be fruitful for an organization. It helps to reach new potential customers in the market. A little bit of tweaking in the color and theme can reach out completely to a new audience base.
Repositioning of a brand can add value to your brand name just by improving some steps in the complete process. As an illustration, using plastic-free items for packaging might be a brand-new endeavor that also enhances the brand’s reputation, examining the technical area where a business might purchase new equipment to improve and streamline its operations.
Your brand may distinguish itself from the competition through effective repositioning. Every adjustment may give consumers another reason to adore your brand. For the business, it would provide a new audience base.
Is there any reason why you shouldn’t start a brand repositioning right away? Your thoughts may still be wondering something. The most typical query is explained here.
What makes repositioning successful?
Breaking it into three simple steps
- Pay Attention to Your Customers
Any business should always prioritise listening to its customers as the first step in redefining their brand. The company would be able to create and distribute the greatest goods and services to satisfy the future consumer if it regularly solicited input from the customers by introducing necessary upgrades to the products.
- Introducing Necessary Upgrades to the Products
Collecting feedback and making adjustments to the existing items would earn customers’ confidence and encourage them to purchase and try new products from the company. Customers like businesses which listen to them and act accordingly. The feedback become tactics even for upcoming items, simply by increasing sales. This acts as an excellent method for product repositioning.
- Persuading Customers to Give you Another Opportunity
It takes effort to create trust between the corporation and its customers. But it only takes one minor error to destroy it all. While small errors are to be expected, they are occasionally inevitable. Consequently, your strategy should be to make the move and win back your customers. Brand repositioning, and especially product repositioning, could be quite beneficial, as making the appropriate improvements might send the statement to masses that the organisation strives for excellence in all areas.
You probably find it a little difficult to understand what was just said. By using brand repositioning examples, you may comprehend it more clearly. Here is one of the best-known instances.
Starbucks has to be the best example for brand repositioning. Starbucks found it challenging to scale the level of service to match the growth in the number of their locations in 2008 due to the outlets’ fast development. By experimenting with non-coffee goods, the company has also compromised its reputation as an artisan coffeehouse (like music). The final straw was the Great Recession. As American consumers struggled with their tighter finances, more than 900 Starbucks locations shuttered. Instead, they opted for cheaper options like McDonald’s.
All of these elements contributed to the considerable brand repositioning strategy that was necessary to restore the market dominance of the coffee giant. Starbucks launched “coffee value and values,” the largest marketing campaign in the history of the company, to reaffirm the quality of their goods and convince customers that they were worth the higher price. Ads featured phrases like:
- “Beware a cheaper cup of coffee. It comes with a price.”
- “Starbucks or nothing. Because compromise leaves a really bad aftertaste.”
- “If your coffee isn’t perfect, we’ll make it over. If it’s still not perfect, you must not be in a Starbucks.”
It succeeded. When the company’s revenue reached a record $16 billion in 2014, it was once again profitable. One of the best instances of brand repositioning using the “what’s old is new again” concept is Starbucks. They reduced a convoluted, disjointed, or compromised core message to its essence (a very, really amazing cup of coffee), and in the process, they renewed the brand’s value proposition.
You just saw the benefits of repositioning products or brands in a real case study. As an entrepreneur, if your enterprise is not making profits and growth is stagnant then brand repositioning is the way to go.
Maybe, for now, you are a none, brand repositioning takes you from zero to one.
- Why do brands need repositioning?
Brand repositioning ensures that your brand messaging is consistent with your current offering, differentiators, and market position.
- What does repositioning mean in marketing?
Repositioning in marketing is the process of altering how a product or service is understood or perceived by a target market. Customers’ perceptions of a product’s attributes and their evaluations of it in relation to rival items determine its positioning.
- What makes repositioning successful?
The moment has come to put a plan into action. When the company experiences a stable or rising consumer flow, the brand repositioning has been successful. This indicates that the clientele has accepted the adjustments.
- What are the types of repositioning?
- Same product and target market, change in the image of the product
- Product repositioning
- Intangible repositioning
- Tangible repositioning
- What are some repositioning strategies?
- Audit the Existing Brand
- Confirm Assumptions
- Redefine the Audience
- Redefine the Competition
- Identify Gaps & Define Your Difference
- Write Your Positioning Statement.